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NFC Contactless Technology Provides Secure and Resilient Foundation for Mobile Payments

Testifying before Congress on mobile payments today, Smart Card Alliance Executive Director Randy Vanderhoof detailed all the reasons why the future of money is in good hands with NFC mobile contactless payment technology, which builds on a well-established foundation created by the leaders in the financial services and wireless sectors.
Vanderhoof was called to be a witness today at the Committee on Financial Services, Subcommittee on Financial Institutions and Consumer Credit hearing, "The Future of Money: How Mobile Payments Could Change Financial Services."
Vanderhoof focused on the evolution of mobile payments technology and its potential future impact on financial services. His testimony echoed the views of more than 200 Smart Card Alliance member organizations that include major stakeholders in the mobile payments ecosystem including payment brands, financial institutions, mobile payments technology providers, and mobile chip security vendors, all of whom share a vision of making mobile payments safe, flexible and resilient as well as compliant with the appropriate legal, regulatory and security frameworks already serving the public interest.
"The future of money, as this hearing is entitled, is being positively impacted by mobile technology," said Vanderhoof. "The changes in financial services addressed at this hearing are being well managed and securely protected by the smart card elements that integrate NFC technology into mobile devices, and the collective knowledge and resources of the financial and mobile industries."
Vanderhoof's testimony summarized the 20-year collaborative involvement of multiple international standards bodies in applying smart card technology to protect payment accounts and mobile phone subscribers. The culmination of this global effort is that NFC contactless mobile payments technology is grounded in global standards, established certification processes and industry best practices that strongly position NFC to deliver consumer value, protection and reliability.

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