Gemalto and Worldline have teamed to launch a new payment solution to tap into the NFC market

Gemalto, a leading digital security firm, and Worldline, a transaction processing company, have announced the launch of a new mobile payments solution designed to tap into the growing NFC market. The number of NFC-enabled mobile devices has grown significantly over the past few years. With more consumers having access to these devices, new opportunities have emerged in the mobile commerce space. Gemalto and Worldline aim to tap into these new opportunities to find greater degrees of success with their mobile initiatives.

New platform will make use of tokenization technology to make transactions more secure

Worldline will be providing its tokenization service for the new payment solution. Tokenization involves replacing consumer financial information with digital tokens, which can be used to authenticate transactions. These digital tokens are unique every time they are generated, making consumer transactions more secure. Wordline will also be providing identity verification and other such services that will ensure that consumers are protected when they make use of the mobile payments solution.

Study predicts that digital transaction volume with reach $3.6 trillion this year

Juniper Research released study recently showing that the annual transaction volume of online, mobile, and contactless payments will reach $3.6 trillion by the end of this year. This is a 20% increase over the transaction volume that was reported in 2015. New payment services, such as those being launched by Gemalto and Worldline, have increased exposure to mobile payments, which consumers are finding to be quite convenient in their daily shopping habits.

Demand for mobile commerce support is placing pressure on banks

The new payment solution is focused on banks, which have been facing a major increase in the demand for mobile commerce support. These banks want to serve their customers in a more effective way, and with so many becoming reliant on mobile technology, banks are feeling pressure to adapt. These banks currently have a wide variety of mobile payments services that they can support, but they must ensure that these platforms are secure in order to meet the needs of consumers.

The company has been looking into expanding its manufacturing efforts into the country.

A delegation of representatives from Huawei have now met with Ravi Shankar Prasad, India’s Telecom Minister, as the company has been thinking of expanding their manufacturing of mobile phones from China into India.

The company is looking for ways to continue its mobile device production with additional advantages.

At the moment, Huawei is looking over certain potential business models for manufacturing the mobile phones in India, while they also consider certain potential tax incentives for making the move. The delegation was led by the CEO in India, Jay Chen. They met with the Telecom Minister in order to discuss the intentions of the company for making their way into India for the purpose of manufacturing. Prasad explained that “We had a very elaborate talk and they have said that till now they have invested $2 billion in India in the last 16 years.”

The company already has a facility in the country and are already selling mobile phones in India.

Prasad stated that “They have a facility in Sriperumbudur… they are selling one million phones in India… if you are selling one million phones, you better start manufacturing here and they have promised me, they will explore the possibility.” He also pointed out that Huawei is in discussions with Foxconn for the moment, on a contract basis. The minister stated that India welcomed the business.

At the moment, the Indian offices from Huawei are serving forty different mobile networks around the globe. That said, the decision to begin the manufacturing of the mobile devices in India is not yet a done-deal.

When asked about the intentions of the company for manufacturing mobile phones in India, one of the delegation members underscored the fact that it still depends on a number of different factors. Among those factors includes business volumes and Huawei has yet to complete its evaluation of the figures within that category, including various business models, policies and regulations within the country and tax incentives. At the moment, the company manufactures network equipment in India not consumer devices.