NFC Contactless Technology Provides Secure and Resilient Foundation for Mobile Payments
Smart Card Alliance Executive Director Randy Vanderhoof Testifies Before Congress
Princeton Junction, N.J., March 22, 2012–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. The full testimony is available at /activities-congressional-testimony-20120312.
For more information on the Smart Card Alliance and NFC mobile payments, visit the Smart Card Alliance NFC Resources page. Additionally, the Alliance is hosting a conference dedicated to NFC technology this May. The NFC Solutions Summit 2012, held in partnership with the NFC Forum, is May 22–24, 2012 at the Grand Hyatt San Francisco Airport Hotel in Burlingame, California.
About the U.S. House Financial Services Subcommittee on Financial Institutions and Consumer Credit
The U.S. House Financial Services Subcommittee on Financial Institutions and Consumer Credit is a subcommittee of the House Committee on Financial Services. The subcommittee oversees all financial regulators, such as the Federal Deposit Insurance Corporation and the Federal Reserve, all matters pertaining to consumer credit including the Consumer Credit Protection Act and access to financial services, as well as the safety and soundness of the banking system.
About the Smart Card Alliance
The Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology.
Through specific projects such as education programs, market research, advocacy, industry relations and open forums, the Alliance keeps its members connected to industry leaders and innovative thought. The Alliance is the single industry voice for smart cards, leading industry discussion on the impact and value of smart cards in the U.S. and Latin America. For more information please visit http://www.securetechalliance.org.