Tag: nfc mobile payments

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.

At the moment, this tech is still in its pilot phase but the hope is to be able to roll it out in the future.

The Land Transport Authority (LTA), in partnership with EZ-Link and the Infocomm Development Authority of Singapore (IDA) have recently brought a trial using NFC technology transit fare to a close and are moving on with a pilot project.

This will allow transit riders to be able to use their smartphones to pay to get from point A to point B.

Compatible mobile devices with NFC technology embedded will be able to use the contactless payment readers on the MRT, LRT and public buses. This type of fare will also be available at any of the over 30,000 EZ-Link acceptance points such as at food and beverage and retail outlets in addition to many taxis. The use of an NFC SIM makes it possible to transform a cell phone into a kind of mobile device-based EZ-Link card. That allows them to use the smartphone in the same way that riders previously used their plastic cards.

The NFC technology based option also allows for additional features regarding their transit use.

For instance, through the associated app, transit riders can also check their EZ-Link balance, view their transaction history and refill the amount they have in their account for paying their fares.

According to Chew Men Leong, LTA chief exec, “This is a milestone in the use of NFC technology in public transit in Singapore,” adding that, “We have been testing various innovative fare payment systems, and bringing these NFC SIMs and mobile phone models into the public transit ticketing environment to bring greater convenience to commuters through new and convenient ways to pay for travel.”

The trial for the use of this mobile ticketing service initially came to a close in February. That testing involved the use of the service by more than 1,000 users through 15 different NFC enabled mobile devices fitted with the near field communication SIM. All told, they registered more than 30,000 transactions with these devices and the app and a pilot is now starting in order to begin the roll out in the future.