|[December 10, 2013]
Compass Plus Survey Reveals That Mobile and NFC Advocates are Not Unified
NOTTINGHAM, United Kingdom --(Business Wire)--
A survey conducted by Compass (News - Alert) Plus, an international provider of retail
banking and electronic payments software to processors and financial
institutions, has revealed that though popularity for the mobile channel
continues to grow, support for NFC is in decline. The annual survey,
which was carried out at the international CARTES Secure Connexions
Event 2013 in Paris, took in the views of more than 70 respondents
representing financial institutions, mobile operators, payment
processors and other industry professions.
The survey saw the mobile channel not only feature as presenting the
biggest opportunity for payment and card providers in 2014, but also as
one of the biggest challenges in terms of security. Although mobile did
not feature in the top five in the 2012 survey, over half of respondents
cited it as the biggest opportunity, whilst support for NFC technology
decreased by 50 percent. EMV in the United States was highlighted in the
top five for a second year running as loyalty, applications and
globalization were replaced with security, transport and usability.
Payment fraud continues as a serious issue and respondents feel that
card not present fraud has increased as a threat to overtake Internet
banking hacking - a third of those surveyed cited card not present fraud
as the biggest threat compared to less than a quarter of responents
last year. Internet banking hacking and phishing were joint second with
24 percent. An interesting difference to the 2012 survey was that after
seeing a 7 percent year-on-year rise in 2012, the threat of card
skimming has seen a 15 percent decrease in 2013.
In 2011, industry expectations for the timings of the mass adoption of
both mobile payments and NFC and contactless technology were estimated
at between one and three years. In 2013, the predictions are the same,
showing initial expectations to be overambitious. By taking into account
the results of the 2011 survey, mobile payments and NFC and contactless
technology should already have reached mass adoption or should be very
close, however over a third of respondents still see mass adoption as
more than three years away.
"It is interesting to track the views of industry professionals over
time to see how opinions change," said Maria Nottingham, executive
vice president of Compass Plus Group. "With the increasing adoption
of the mobile device as a banking channel, it is not surprising that the
payments and card markets feel that it is an opportunity for growth.
However, as with any new technology, the challenge is to offer new
innovative services quickly without an adverse customer experience."
For the latest full results of the study please visit http://compassplus.com/images/marketing/cartes_survey_results_2013.pdf.
About Compass Plus:
Compass Plus provides comprehensive, integrated and flexible payment and
retail banking software that helps payment service providers and
financial institutions meet rapidly changing market demands. Its diverse
customer base spans retail banks, processing centres, national switches
and personalization centres in dozens of countries across Europe, Asia,
Africa, the Middle East, North and South America. With almost 20 years
experience, Compass Plus helps build and manage payment systems that
generate new revenues and improve profits for its customers.
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