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e-Publication

30 January 2012

Mobey Forum states business case for NFC mobile payments

 

Mobey Forum has released a white paper entitled 'Business Models for NFC Payments', which highlights what needs to happen to make NFC contact-less mobile payments at the POS a mass-market reality. As NFC technology continues to gain momentum, the study demonstrates how stakeholders can assess different implementation options, define the business case and roles that will meet their requirements and establish a clear go-to-market strategy with essential partnerships.
Mobey Forum aims ultimately to speed up the development and use of NFC technology for payments, and the white paper analyses the current ecosystem and showcases different types of technology and deployment strategies, explaining how these can be assessed to identify the implementation model that best aligns with a stakeholder's commercial needs.
Jordi Guaus, chair of the Mobey Forum Business Workgroup and head of mobile payments at Spanish bank La Caixa, said: "The study acknowledges that customer demand for NFC services will grow substantially in the near term, presenting businesses with profitable opportunities. The marketplace, however, still has a lot to do to ensure NFC payment reaches its potential. There are many implementation models to choose from requiring payment service providers and other stakeholders to make significant business decisions today about an emerging ecosystem that is evolving rapidly."
Guaus states that from a business standpoint, the convergence of many different markets to deliver NFC payments, and the complexity of these new commercial relationships, has created a barrier to widespread deployment. He adds: "During our work we established that it is possible to define the business case for any implementation model by examining factors such as revenues and expenditures, costs relating to issuing processes and lifecycle management, and recognising other key benefits such as customer retention. This will speed-up and inspire confidence in the decision-making process."
One of the key factors is where the mobile contactless payment application (MCPA), which resides in the secure element (SE), should be stored in the mobile handset.