The project is an effort of the Financial Services Technology Consortium (FSTC), an industry group comprising banks, technology vendors, researchers and government organizations, which develops technology standards for the financial services sector.
The goal of the project is to develop standards and processes so that banking customers are able to securely pay a merchant or another bank customer using their phone, no matter what mobile device or carrier they use.
This week the FSTC announced the completion of phases one and two of the project, in which goals for improving mobile payment security were established and technologies were identified. It will now move on to phase three and four, during which standards will be created and roll-out strategies established.
Mobile payment methods are expected to soon become more widespread, allowing consumers to pay businesses, other consumers, or the government from their mobile devices.