The world of payment is changing rapidly, especially as the digital society is revolutionizing it. We asked Philippe Bertiaux, Vice President & General Manager Payment and Jérémie Leroyer, General Manager Mobile Payment Business Unit at Morpho, to explain the main trends in the payment market and what banks and financial institutions need to consider for a successful move into the digital world.
What do you see as the main developments in the payment market?
Philippe Bertiaux: “Today we see three major trends in the payment market. The most visible solution for digital payment until now has evolved around the bank card. After decades of magstripe cards, there is a worldwide trend of switching to smart cards, typically known as EMV (Europay MasterCard Visa) cards. This new standard will provide a much higher level of security. Morpho is a key player in the ongoing global EMV migration, in Europe, the United States, India and Latin and Central America. In Europe for example, smart cards have been in use for payment for years, with Morpho’s support. Thanks to a strong customer base in the United States, Morpho is also supporting EMV migration there. As India is now launching its smart card program, Morpho, with several implementations in the country, is ready to provide its expertise. Latin America has been a Morpho stronghold for years, and the company is now bringing its expertise to all financial institutions to complete the switch to smart cards.