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The payments industry was defined in an era before the internet, smartphones, the app store and the cloud. To date the most completely defined approach to mobile payments has been that issuers, card schemes and acquirers play a familiar role despite ceding some control and power to new entrants such as Trusted Service Managers (TSMs), Mobile Network Operators (MNOs) and even handset manufacturers.
However, players such as PayPal, Google, Apple and a host of innovative start-ups like Square, are not necessarily dependent on the concept of a secure element – their trust lies in the cloud and the phone simply provides connectivity.
Which model will see the successful mass adoption of mobile payments – the secure element model or the cloud-oriented approach – and what are the opportunities to gain market share?
Download our white paper for in-depth information about the approaches for the successful mass adoption of mobile payments among issuers, card schemes, acquirers, merchants and consumers and whether the arrival of emerging mobile technologies will act as a revolutionary or evolutionary force.