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Published on : Feb 16, 2016

The mobile payments market across the globe has witnessed rapid growth with users preferring micropayments over the usage of checks, debit/ credit cards, cash, and bank transactions. The key services in the global mobile payments market include smartphone apps, short messaging services, near field communication, and payment wallets developed by some of the technology giants such as Ericsson and Google. The key factor driving the growth of the global mobile payments market is the technology progress across the developing countries, especially within the unbanked communities. However, the constant need to verify and register over multiple networks is expected to irk the end-users.

Service Providers Looking Out for Partnerships to Tap Unexplored Segments

A partnership between digital payments services provider Nets Group and Carta Worlwide has enabled over 200 banks across Northern Europe to deploy token-based secure mobile payment services to their customers. Carta’s Token Processing Appliance is a turnkey tokenization platform that supports both secure element-based NFC payments as well as cloud-based HCE. With the Token Processing Appliance (TPA), the process     of supporting mobile payment solutions has been simplified. The bank customers will gain advantage from a certified set of hardware and software modules within the TPA. The partnership model allows Nets to be the key provider of secure transactions while supporting the need for innovative solutions for the future of mobile payments.  

FreeCharge, the mobile wallet provider, has joined hands with mPOS company ePaisa to offer its services to Indian retailers. Users paying through the FreeCharge wallet will be able to avail additional discounts and cashbacks. The partnership will be followed by the introduction of FreeCharge across 216 Indian McDonald’s restaurants.