A group of US and European technology companies have formed a consortium to develop a single standard to enable secure payments from mobile devices.
However, the PayCircle standard seems to rival a number of industry mobile-commerce initiatives already underway.
It has been set up by big name computing and telecoms suppliers Hewlett Packard (HP), Lucent Technologies, Oracle, Sun Microsystems and Siemens.
"The consortium aims to provide mobile device users worldwide with a standard means of making mobile payments, regardless of the payment systems used by merchants or service providers," the group said in a statement.
The PayCircle members blasted the existing large number of incompatible payment systems as being responsible for hindering the rapid adoption of wireless or m-commerce services.
Its solution is to work to develop open and uniform interfaces based on existing standards, without the need to install any new software.
Despite the plethora of existing industry alliances and groups all promising the same kind of infrastructure standards for m-commerce, analysts welcomed the motives behind the PayCircle group.
Carles Ferreiro, wireless analyst at Frost & Sullivan, explained that the companies involved had strong relationships with enterprise customers and that these enterprises are looking for secure ways to establish secure network connections over wireless. "That is essential for corporate users and m-commerce users at large," he said .
The new group follows similar alliances created over the past few years. In April 2000, the three largest wireless handset manufacturers in the world - Nokia, Motorola and Ericsson - established a similar initiative.
This had followed the formation by 28 security companies of the Radicchio Group to promote public key infrastructure as a technology for secure wireless transactions.
How the PayCircle will differ in its aims and execution from those that have gone before is unclear. But two of its founding members are already working together as members of another wireless security alliance called the Mobey Forum.
The Forum was set up by financial institutions and wireless equipment manufacturers to set global rules for m-commerce. It was founded by Siemens, and HP joined earlier this month.
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