TSYS has announced the publication of a new white paper titled “How European Issuers Can Thrive in an Ecosystem Defined by Tokenisation-Enabled NFC Payments.”
The white paper explains that the recent growth and rising popularity of m-payment services and mobile wallet apps have led to significant opportunities for the financial industry to leverage m-payments.
Consumers can benefit from the convenience and advanced security features of m-payment technologies, while merchants and issuers can potentially see higher-value card transactions, faster checkout and reduced fraud.
A recent Harris Interactive study found that six out of ten consumers believe smartphone payments will eventually replace both payment cards and cash. Payments facilitated by mobile devices reached €196 billion globally in 2013 (£154.10 billion), and the study projected that they would more than triple to €604 billion (£472.79 billion) by 2017.
“The growth prospects for m-payments are now better than ever following recent announcements and new offerings from major players in the tech industry,” said Richard G Brown, executive architect for Banking Innovation, IBM and co-author of the report.
“Another positive indicator for m-payments’ rise in Europe is the success of existing mobile payment programs,” said John Goodale, group executive, product and market development, TSYS International. “The proliferation of alternative payment services in Europe in recent years suggests a growing consumer interest in and demand for such alternatives.”
This report looks at the current state of in-store m-payments in the UK and other key European markets, and how certain important market factors — such as enhanced security — can propel m-payment adoption. It also explores the burgeoning opportunity for in-app mobile commerce.
The report highlights key actions European card issuers can take now to gain a competitive advantage with regard to m-payments. Issuers are encouraged to determine their m-wallet strategy — whether to build their own or support other pre-existing offerings and then developing “top-of-wallet” strategies. In many instances, the short-term answer will be to do both.
The report is available on-line at: http://www.tsys.com/Tokenisation.
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