When two powerful and established industries, in this case mobile and finance and mobile financial services, start working together, they may see the world from different perspectives and don’t necessarily understand each others’ jargon. This simple fact may cause misunderstandings and obstacles in the path to successful creation of a new industry.
Mobey Forum has gathered the key terms from financial and telecom industries and aims to harmonize the understanding of these terms, educating the financial industry of the telecoms terms, the telecoms industry of the financial terms and defining the new terms that fall in-between.
It is essential for the development of this industry that the relevant terms have the same meaning for everyone. This document aims to provide the mobile financial
services (MFS) industry – its managers, practitioners, the media and consumers – a centralised resource that defines and explains terms relevant to the sector. This is by
no means a final or comprehensive list, but rather a living document, where new terms may be added and existing definitions modified as the MFS industry develops and adopts new terminology.
Mobey Forum’s paper “Mobile Financial Terms” has been produced by Mobey Forum’s members. In a bid to elevate the accuracy and quality of the descriptions offered in the paper, Mobey Forum has engaged with a variety of independent associations in order to obtain their review and input on terms relating to their specialist fields. These associations include, but are not limited to, the European Payments Council, GlobalPlatform, GSMA, NFC Forum and the Smart Card Alliance.