The Time to ‘Trust’ Mobile Payments is Here

The Time to Trust Mobile Payments is Here 300x216 The Time to Trust Mobile Payments is HereAccording to the findings of a new report summary provided to MMW this week, the global market for trusted service management (TSM) has not quite lived up to expectations with the low level of near field communication (NFC) commercial deployments in the transportation sector.

But – and this is a big but – the banking and finance sectors “are making up for this with the launch of mobile payment solutions that require the support of TSM platforms.”

In fact, these verticals are expected to implement pilot and even concrete TSM projects in 2014 and account for 80.1 percent of the total number of TSM projects by 2015, new analysis from Frost & Sullivan reads.

The prominent research firm expects market revenues to increase from €166.2 million in 2014 to €326.5 million in 2015.

“TSM is crucial for certain NFC-using businesses, which require a high level of security due to the type of information transferred during the execution of applications,” says Jean-Noël Georges, Frost & Sullivan Information & Communication Technologies Global Programme Director.  “Although applications related to music or games do not require TSM for technical security, players in the entertainment industry adopt these solutions to act as business enablers and handle digital rights management for related applications.”

All told, there remains ample optimism that NFC will ultimately grow to enjoy the degree of consumer trust now afforded to mobile payments giants like Square and PayAnywhere.

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