Sunday, September 21, 2014

Asia-The New Frontier for Contactless Payments

Asia is pivotal to the future of mobile contactless payments. The region has the numbers, and the markets are mostly EMV compliant or in the process. Some have moved further down the path of contactless than many others across the rest of the world. Veterans of the payments space will recollect the early pioneers of mobile payments came from this region. There is a quiet confidence in innovation centered around consumer aspirations, cashless evolution and new strategic paths. 

NFC via HCE is important for the future of cashless Asia. This region consists largely of dense urban ecosystems where footfalls are high, queues are long, security is highly desired and the need to keep moving is critical. Contactless modes allow ease of payments(tap, no signature below a limit), a strong sense of security (I don’t hand over my card) and speed of throughput (smaller queues at checkout).
Host Card Emulation enables contactless transactions across devices and carrier networks, allowing issuers to take control of the payment process and brand, and invest in growing their market. It enables banks to shift issuance towards real time, virtual and customized offerings without spending a fortune. Customers and banks are able to interact to control spend and credit exposure. Transforming transactions for the mass affluent by offering them the security of a physical tap via mobile with the scale and ease of a digital backend is the core appeal of HCE.  SimplyTapp brought HCE to the world in 2012 and has since worked with key stakeholders to make it universally available. For issuers in emerging and mature Asia, SimplyTapp offers a highly flexible, lean and cost-effective solution that can launch services in a few weeks. Beyond the solution, we have committed ourselves to helping issuers, networks and regulators build innovation frameworks to take digital transactions to the masses. At the 5th Asian Smart Card Conference in Bangkok, we look forward to enriching conversations that help move mobile contactless transactions in this region to the next level. Talk to us. We are committed to Asia. 

-Kaustuv Ghosh runs the Asia business for SimplyTapp. He is based in Singapore and is available at Reach out to Kaustuv or to to discuss how SimplyTapp can help you launch mobile contactless payments rapidly and cost effectively. 


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