March 3, 2016

2015 as the year of reshaping the payments industry

Vladimirs Pankratovs

Sales Executive, CIS & Central-Asia, Cards, Tieto

All vacations are over, guests left and we just jumped into the new year, 2016. But before starting a new circle of life, it is worth to look back and see what was done well, what was done badly and what did not work at all. So let´s take a brief look on the payments industry´s trends in 2015.

In this blog post I concentrate on the 3 most common things, which took place last year in the payments industry.

Mobile payments

Last year, without a doubt, can be associated with the year of reshaping the mobile payments industry. The world leading tech giants begun their active deployment of [Brand name] Pay labelled solutions, like Apple Pay, Android Pay and Samsung Pay, into the U.S. and European market. Other payment solutions  like fingerprint, nfc and tokenization also use simillar technologies, but  differ a lot in a way they are used. 

Mobile wallets

Now take out your wallet, open it and count how much cash and all kind of loyalty cards you have there. I bet that the amount of money will not surprise you, but the number of loyalty and bonus cards will, definitely, require some time to go through.

Going from traditional into digital is something related not only to the marketing and business communications, but affects average users by putting even more data into their most reliable and close friend - the smartphone. Last year was big in the mobile wallets market, as it became even more convenient for users to store their credit and debit card information, loyalty card data and personal details to their mobile phones, allowing them to use all  data via internet connection or fancy technology like near-field communications (NFC).

Mobile apps

Today, mobile world is one of the most profitable industries. It earns majority of the money not by inventing new hardware, but by selling millions of mobile applications. Payments industry was, in fact, very active in this field last year and provided the end users applications featuring person-to-person (P2P) payments, all kind of money transfers and mobile bank accesses. This market segment grows rapidly and sometimes seems to provide more services than what consumers can actually use or demand.

What does the word “mobile” mean for you? No matter which industry you work at, or the place you live in, term “mobile” enters your life at some point, making it more fast, convenient and secure. Last year was a big step forward from the perspective of flexibility in the payments industry. Our task is to continue this trend and aim towards new technological horizons, which will enable even more secure and reliable solutions.

New challenges, new perspective, here we come!

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