Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Strategic Alliance Brings Cloud-based Mobile Payments to Asia Pacific Region
SimplyTapp, PromptNow and TIS have created the Asian Payments Cloud initiative to bring the first end-to-end, cloud-based payments solution to the banking and financial services community in the APAC region. The offering allows financial institutions and card issuers to provide a better customer experience to their growing customer segment of Android users by enabling them to use their devices for proximity payments and other real-world transactions.
Several major banks in the region have begun carrying out a pilot to begin offering flexible mobile payments to their smartphone customers via the solution’s simple software integration.
Each alliance partner brings specific, complementary expertise to the solution. SimplyTapp’s card virtualization and host-card emulation (HCE) is the underlying technology behind the service. TIS Inc’s financial-grade data centers coupled with PromptNow’s implementation services will allow for simple and secure integration and deployment of the technology.
With this new solution, Android users of participating banks and institutions will have the ability to use their devices to tap-and-pay at POS terminals. SimplyTapp’s technology hosts a virtual payment card on the device, essentially eliminating the need to carry physical cards.
“We believe that HCE and cloud-based mobile payments have the potential to disrupt the current environment,” said Shimmy Thomas, Executive Director at PromptNow. “We are very proud to collaborate with technology and service innovators like SimplyTapp and TIS to deliver this pioneering solution to customers in Asia.”
“This cooperation is well aligned with our company’s vision,” said Masumoto Masahiro, Dy. General Manager, Corporate Planning and Strategy at TIS Inc. “We will leverage our industry-leading IT services and solutions, including financial-grade data center facilities, and with SimplyTapp and PromptNow, bring together our shared values to achieve goals for future growth.”
“This form of mobile payments is the first of its kind in the APAC region,” said Doug Yeager, SimplyTapp CEO. “It has the potential to significantly change the payments landscape for issuers, merchants and consumers alike. SimplyTapp is focused on propelling NFC HCE mobile payments to widespread adoption across the globe, and this partnership demonstrates its commitment to bringing advanced payment solutions to the region.”
“Our bank is focused on innovation and establishing ourselves as a market leader in mobile banking,” said Dr. Koson Sapprasert, SVP and Head of Innovation at Siam Commercial Bank. “We are thrilled to carry out a Host Card Emulation pilot as part of our innovation roadmap to engage with new technologies. This will be undertaken in collaboration with the Asian Payment Cloud initiative, formed by SimplyTapp, PromptNow and TIS.”
Dr. Koson Sapprasert and Doug Yeager will be joining a panel of experts to discuss the future of payments at NextBank Asia on May 27 at 11:30 a.m. local time. The official partnership launch will take place at an invite-only event in Bangkok on May 28.
Source: Global Newswire