This year’s Mobile World Congress has proven to be another success as it gathered thousands of industry players from around the world.
André Stoorvogel, Head of Marketing at Bell ID, identified several mobile payments trends from the event and their possible implication in the industry.
Mobile payments announcements dominated the 2016 MWC with big revelations from industry giants such as MasterCard. The payment giant confirmed the imminent launch of ‘Selfie Pay’ across the US, Canada and parts of Europe following a successful trial in the Netherlands. This biometric authentication system for mobile payments includes fingerprint recognition for further security.
For banks looking for other means to integrate with Android Pay, Bell ID announced that its token service provider (TSP) software can now be used to enable NFC payments functionality on Android devices.
Virtual reality and tokenization also made headlines at the event, with Giesecke and Devrient’s integration of its cloud-based payments platform with the MasterCard Digital Enablement Service (MDES).
Interac, the primary debit payment network in Canada, was a major game changer with its newly launched Token Service Provider, providing issuers with the choice to integrate with any payment scheme, thus allowing them to adapt to the complex dynamics of the market.
MWC also provided a glimpse of how Internet of Things (IoT) technology and payments will blur the line in the years to come, with Visa’s announcement of its expansion of the Visa Ready program to include various manufacturers.
Security was a main focus at the event, especially in the IoT Sector, with Rambus expanding its technology to support in-field provisioning—providing additional layer of security in the cloud.
Stoorvogel commented, “As we enter the IoT era, this flexibility will be key to supporting the growing requirements of trusted applications, including secure mobile banking, identity and entertainment.”
Unlike the previous editions of the MWC, this year’s event was not big with tablets and smartwatches announcements. Demand for tablets has decreased with the ever expanding smartphones screens, and its future remains to be seen. Smartphones, meanwhile, are just resting with developers and manufacturers honing their offerings, Stoorvogel said.
The 2016 Mobile World Congress definitely manifested the changing face of mobile as it becomes an increasingly broad concept. Stoorvogel said this increased diversity will greatly impact the way people pay through mobile devices.
