Standards Group Formed for Mobile Commerce

Four credit card companies formed a cross-industry group this week to develop secure, user-friendly payment standards for transactions made using cell phones and other mobile devices.

The Mobile Payment Forum was launched by American Express Co., MasterCard International, Visa International and JCB Co. Forum members are expected to include other financial institutions, operators of telecommunication networks, wireless device makers, merchants and software providers.

The group will work on areas such as passwords, encryption methods, cardholder authentication and ways to ensure consumers will be able to make mobile payments regardless of where they are in the world or which devices or payment cards they use.