Cloud Based Payments: the future of Mobile Payments?

22nd June 2016

NFC payment focus has been growing driven by smartphone adoption, the rollout of contactless POS terminals and the increasing use of mobile apps for consumer convenience and consumer engagement.

Apple Pay, Samsung Pay and Android Pay (the ‘OEM Pays’) have launched with international marketing campaigns bringing their brands to public attention – but where does this leave card issuers?

Proxama and Thales e-Security recently delivered an online webinar which explored the rapidly evolving mobile payment environment and, in particular, how Cloud Based Payments (CBP) allows card issuers to independently introduce NFC mobile payments and retain control of cost and the consumer experience.

In the webinar, Rob Macmillan, VP Marketing at Proxama and Simon Keates, Business Development Manager at Thales e-Security, explore the background to the OEM Pays, including the need for Tokenisation, and contrast this with Cloud Based Payments (CBP).

While the OEM Pay launches have raised public awareness of mobile payments and endorsed the industry technology of contactless EMV transactions, the branding and control of the consumer experience has moved away from the card issuers into the control of OEM wallet.

CBP allows issuers to add NFC payment to their existing or new mobile banking app or wallet – retaining their branding, features and control of the consumer experience. CBP also provides card issuers with a choice for Tokenisation which can be in-house, third party or network scheme.

With a growing number of high profile implementations and with the potential to support convergence between in-store, on-line and in-app purchases, CBP should be a key element of issuer mobile payment strategy.

To understand more of the background and choices for card issuers view the webinar here.