From Smart Cards to Mobile Payment: User Experience is Vital, Says Frost & SullivanFrost & Sullivan’s Webinar: Smart Cards in the Financial Services - From Chip Bank Cards to Mobile Payments, Available on Demand
By: Frost & Sullivan In Frost & Sullivan recent webinar entitled “Smart Cards in the Financial Services - From Chip Bank Cards to Mobile Payments” Mario Fernandez, Research Analyst for Smart Cards group, has looked into the smart card solutions dedicated for the payment industry and discussed the major trends on the market. The complimentary recording is available on request. “At the moment Europe is a leader in the EMV adoption: approximately 70% of European cards are EMV. Nevertheless, smart card vendors and software service providers still have business opportunities in Southern and Eastern Europe, as several banks have not migrated to EMV yet,” says Mario Fernandez. “We also believe that, in Asia Pacific and Latin America, high growth rates of EMV chip cards will continue during the next two years.” The magnetic stripe technology is already in its mature phase and however, it is too early to announce its decline, magnetic stripe will disappear in the long term. The financial industry has started adopting contactless cards, with various banks using this technology as a way to differentiate their offer. This part of the market is still in an early growth point. “User experience, security and costs are the main factors when deciding what technology to choose. Participants in the financial market are trying to define the appropriate offer given the banking service coverage, demands for security, as well as level of infrastructure from a merchant standpoint and the customers’ readiness to use new technologies,” The NFC technology is going to be commercially deployed next year or in the beginning of 2013, as market participants have successfully addressed the majority of challenges. Early adopters will benefit by gaining experience, innovative reputation, and generating new revenue streams. “Collaboration is the key success factor on this market,” advices Mario Fernandez. “Companies implementing NFC should adopt open standards and constantly communicate with relevant stakeholders. Moreover, customer experience is vital. Market players should involve their time, money and efforts to convince end users of the NFC benefits.” If you would like to learn more about Smart Cards Market and/or to receive a complimentary webinar presentation and a link to the recording, please email Joanna Lewandowska, Corporate Communications, at Joanna.lewandowska@ About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com. Contact: Joanna Lewandowska Corporate Communications – Europe P: +48 22 390 41 46 E: joanna.lewandowska@ http://www.frost.com # # # Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com. End
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