Latest comparison paper depicts an NFC ‘moment in time’, contrasting Apple Pay, Samsung Pay, HCE, Google Wallet and SIM-based mobile payment deployment options
26 May 2015 – The explosion in near field communication (NFC) mobile payments has gifted banks and financial institutions with a variety of deployment options and, at the same time, made the task of selecting the right route to market more complicated than ever. For this reason, Mobey Forum’s latest white paper, ‘NFC Mobile Payments: An Industry Snapshot’, launched today, aims to provide a one-stop-guide to assist the banking industry in contrasting the options currently available.
“There is now no question over whether it is time for banks to establish their position in the game,” comments Zaf Kazmi, Co-chair of the HCE Working Group, Mobey Forum, and Head of Mobile Payments & Mobile Commerce, CaixaBank. “The fight is on for the attention and loyalty of their customers, and some of the most powerful and wealthy organisations in the world are now in the ring. The big challenge facing banks is how to formulate a go-to-market strategy given the range of deployment options now available, each with their own intricacies, benefits and limitations. Our paper aims to contrast these different options in a bid to bring some clarity to this process.”
Kristian T Sørensen, Co-chair of the HCE Workgroup, Mobey Forum and Senior Manager, Corporate Strategy at Nets, adds: “To defend their ground and stay on top, banks need to be loyal to their own customer base and be guided by an objective to offer the best service possible. If they remain true to these values and actively demonstrate them in the mobile solutions they bring to market, their customers will respond accordingly. What is crucial, however, is that banks do their upmost to stay at the front end of the customer experience, otherwise brand recognition, customer loyalty and profits will move elsewhere.”
NFC Mobile Payments: An Industry Snapshot analyses the impact of the secure element, the role of third parties, the current acceptance status, the devices supported and the business models available relative to a variety of deployment options, including SIM-based, Apple Pay, Samsung Pay, HCE and Google Wallet. The document is not an exhaustive account of the entire ecosystem; it instead acts as a reference point to aid comparison between the major solutions and models available at the time of publication.
“Given the momentum now evident in the global NFC market, it seems hardly possible that only 18 months have passed since ‘the death of NFC’ was being debated,” adds Sirpa Nordlund, Executive Director, Mobey Forum. “The entire ecosystem has changed in a very short space of time. Google may have kicked off the revolution with its host card emulation (HCE) announcement back in 2013, but we need to give Apple the credit for creating consumer desire and galvanising the wider industry.
“Ultimately, it is for each bank to draw its own conclusions and formulate its own strategy, but by continuing to stall on mobile NFC deployment, banks are playing a dangerous game. The big players are moving and, for the most part, banks are lagging behind. We’ve said it before, but this message has never had more weight: the time for talk is done. In fact, the time for action may already be passing us by.”
Thought leaders from more than 30 member companies contributed to the development of the paper as part of the association’s HCE Workgroup.
The paper is available for download free of charge from https://mobeyforum.org/whitepaper/nfc-mobile-payments-an-industry-snapshot/.
Interested to learn more? Mobey Forum’s 2015 Mobey Day conference is taking place on 14-15 October and will address disintermediation of the traditional banking industry. Further information is available at www.mobeyday.com.
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About Mobey Forum
Mobey Forum is the global industry association empowering banks and other financial institutions to lead in the future of mobile financial services.
Mobey Forum connects industry thought leaders to identify commercial drivers for the development of better mobile commerce. Mobey Forum’s members collaborate to analyse business strategies and technologies to create innovative, interoperable and competitive financial services.
Mobey Forum’s annual Mobey Day event takes place in Barcelona, Spain from 14-15 October. It is created, planned and executed by mobile financial industry practitioners and is open to all players in the mobile financial services industry. www.mobeyday.com