CardWeb.com’s CardData Reports today features the”How European Issuers Can Thrive in an Ecosystem Defined by Tokenization-Enabled TNFC Payments” white paper from TSYS.
TSYS has published a new white paper titled “How European Issuers Can Thrive in an Ecosystem Defined by Tokenization-Enabled TNFC 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.
This report looks at the current state of in-store m-payments in the U.K. 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