TSYS unveils NFC Payment Solution
Total System Services (TSYS), a leading financial services company in the U.S., has introduced a new NFC-based service for its North American clients called the TSYS NFC Payment Solution. The service will be launched with the help of CIBC, another affluent financial services firm serving North America. The new service is designed to make mobile transactions and account logistics more convenient for businesses. TSYS is one of the latest companies showing support for NFC technology in its work to bring the technology into the world of business.
NFC and mobile commerce continue to grow
NFC technology is the crux of mobile commerce. The technology turns smart phones and other mobile devices into mobile payment platforms. This allows these devices to be used to make payments for goods and services in a similar manner to credit cards. Mobile commerce has proven to be a popular idea amongst consumers, but the business world has relatively few options when it comes to NFC-based s
ervices. TSYS hopes to change that through the introduction of its own service.
Service allows businesses to better serve consumers
The NFC Payment Solution allows users to create mobile accounts, identify mobile devices, and generate financial data that will be used with a specific mobile device. The service represents a step forward for TSYS’ “Connected Mobility” campaign, which was announced earlier this year. The campaign aims to provide businesses and financial institutions with a way to better serve consumers who are interested in mobile commerce. Through this campaign, TSYS aims to support the existing NFC-based services that businesses have as well as facilitate the development of new services for consumers.
Lack of NFC-enabled mobile devices may stunt growth of mobile commerce industry
Mobile commerce is proving to be a powerful industry and has shown exceptional growth in its relatively short lifetime. The most significant problem facing the industry, however, is the low availability of NFC-enabled devices. Companies like TSYS have ensured that the mobile commerce infrastructure is prepared to support a large number of consumers, but without NFC-enabled mobile devices, these consumers cannot actually engage in mobile commerce.
NFC technology to be part of new service from Communication Federal Credit Union
With more than 50,000 members across Oklahoma and Kansas, the Communication Federal Credit Union is looking to adopt new technology to provide better service to customers. The organization has announced its partnership with Tyfone, a mobile financial service provider. Through this partnership, the Communication Federal Credit Union will now be able to offer customers new mobile banking solutions that are based on NFC technology. This technology is expected to help streamline banking and provide consumers with a way to make transactions using their mobile devices.
Tyfone platform leverages capabilities of NFC
Tyfone has developed a multi-mode mobile banking service that leverages the strengths of NFC technology. The service includes everything that consumers have come to expect from online banking products, but also acts as a mobile wallet. A mobile wallet is an application that stores a consumer’s financial information for use by a mobile device. This information is used alongside NFC technology to facilitate payments from a mobile device. The Communication Federal Credit Union believes that the Tyfone service will help it deliver new mobile banking technology to consumers.
NFC surrounded by controversy
Though NFC technology has been getting a great deal of attention for its uses in commerce, it has also been shrouded in controversy. Security experts have warned that NFC technology is susceptible to exploitation. Normally, this would not come as a surprise considering most technologies are often targeted by hackers. NFC technology is most commonly used in commerce, however, thus creating a significant problem for consumers and potentially putting their money at risk.
Companies favor infrastructure over security measures
Mobile commerce is an industry that is growing at a rapid pace, but there have yet to be any measures taken to ensure the complete protection of a consumer’s financial information. The companies investing in NFC technology have made efforts to bolster the security of mobile payment platforms, but their efforts have been limited. Many of these companies have chosen instead to embolden the mobile commerce infrastructure in order to allow more consumers to participate in mobile payments.
