Mobile Wallet & NFC Paves Way for Cashless and Cardless Transactions in Future

 

     

With more and more transactions taking place via mobile devices, there will be a huge demand for payment facilitation that uses these devices at the point of sale. The mobile wallet concept allows mobile device users, for example, mobilephone users to use their phones as 'wallets' to make payments at stores they visit. Tieto,  the largest Nordic  IT services company, foresees a significant demand for mobile Near Field Communications (NFC) technology which will require organizations in the payment card business to capitalize on new opportunities in the segment, especially the Mobile Wallet. Tieto has recently joined forces with MeaWallet to offer new IT solutions for the financial services industry. The solution includes a Mobile Wallet as well as integration and consultation services. The solution comes withNFC and Over the Air (OTA) technologies which allows all payment card data to be personalized in a secure element and placed in the mobile device that is being used as the 'wallet'.  

 
"This is a milestone for the mobile wallet ecosystem," says Lars Sandtorv, CEO of MeaWallet. "The time is right for bringing the entire contents of your wallet into your smart phone, not in a multitude of apps, but in one secure mobile wallet. The expansion of our portfolio with Tieto's card management system will take our services to the next level. The variety of services could include access cards, coupons, tickets, loyalty cards, ID, for instance," Sandtorv continues.
 
"We are glad to extend our partnership network in the Nordics and welcome MeaWallet among our trusted partners. This partnership allows us to help our Financial Services customers to gain market share and improve customer satisfaction by using the cutting-edge technologies available on the market," says Vahid Zohali, Vice President Banking at Tieto.
 
"With our services, cardholders will have the newest mobile technologies; for banks, this means an excellent customer loyalty and additional service and sales tool. In addition, technologies like the Mobile Wallet will significantly reduce the costs related to cards' lifecycle management as the need to issue and maintain traditional plastic payment cards will decrease," says Mats Wikström, Head of Operation, Banking and Insurance, Tieto Financial Services. 

 

  Source - Tieto (Oct 7, 2013)
 
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Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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