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The GSMA, the global trade body for the mobile industry, and the European Payments Council, which represents 8,000 banks in the European Union and EEA and Switzerland, are to work together to accelerate the deployment of services that enable consumers to pay for goods and services in shops, restaurants and other locations using their mobile phones.

... These services will be facilitated by a Trusted Service Manager’, which will support banks and mobile operators in the distribution, configuration and activation of the bank’s payment application on the UICC within users’ NFC handsets.

The GSMA, through its Pay-Buy-Mobile initiative, and the EPC will focus initially on defining a contractual framework document detailing the minimum set of requirements for a Trusted Service Manager to interface with banks and mobile operators ...

http://www.europeanpaymentscouncil.eu/documents/GSMA-EPC%20press%20releaseV5.pdf