Near field communication (NFC) mobile payment services are on the rise in Hong Kong, and are offered in many retail outlets as a payment method. To facilitate the growth of such technology whilst balancing the security concerns of the public, the Hong Kong Association of Banks, in consultation with the Hong Kong Monetary Authority, issued the Best Practice on NFC Mobile Payments in Hong Kong on 25 November 2013 (Best Practice). This legal update looks at some of the minimum security requirements and other recommendations contained in the Best Practice.
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