Euronet Worldwide Announces Second Quarter 2011 Earnings Release Date and Conference Call Details

July 13, 2011 11:54 AM Eastern Daylight Time

LEAWOOD, Kan.--(BUSINESS WIRE)--Euronet Worldwide, Inc. ("Euronet" or the “Company”) (NASDAQ: EEFT) announced today it will release second quarter 2011 earnings results prior to the market opening on Wednesday, July 27, 2011. Euronet will hold a conference call the same day at 9:00 a.m. Eastern Time to discuss the results.

The conference call will be accessible via webcast by following the link posted on www.euronetworldwide.com or http://ir.euronetworldwide.com. Participants should go to the website at least 5 minutes prior to the scheduled start time of the event to register. A slideshow will be included in the webcast. The conference call will also be available by telephone by dialing 877-303-6313 (USA) or +1-631-813-4734 (non-USA).

A webcast replay will be available beginning approximately one hour after the event at www.euronetworldwide.com or http://ir.euronetworldwide.com. An audio replay of the event will also be available by dialing 855-859-2056 (USA) or +1-404-537-3406 (non-USA). The replay passcode is 83170251. The call and webcast replays will be available for one month and one year, respectively.

About Euronet Worldwide, Inc.

Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, consumer money transfer and bill payment services, and electronic distribution for prepaid mobile airtime and other prepaid products. Euronet operates and processes transactions from 50 countries.

Euronet's global payment network is extensive — including 11,055 ATMs, approximately 53,000 EFT point-of-sale (POS) terminals and a growing portfolio of outsourced debit and credit card services which are under management in 33 countries; card software solutions; a prepaid processing network of approximately 562,000 point-of-sale (POS) terminals at approximately 278,000 retailer locations in 29 countries; and a consumer-to-consumer money transfer network of approximately 107,000 locations serving 132 countries. With corporate headquarters in Leawood, Kansas, USA, and 43 worldwide offices, Euronet serves clients in approximately 150 countries. For more information, please visit the Company's website at www.euronetworldwide.com.

Contacts

Euronet Worldwide, Inc.
John X. Livers, 913-327-4200
jlivers@eeft.com

Rhomobile Named in eWeek’s Top 10 List of Promising Mobile IT Startups to Watch

July 13, 2011 08:00 AM Eastern Daylight Time 

Company Selected Based on OnMobile’s top 100 emerging mobile companies

SANTA CLARA, Calif.--(BUSINESS WIRE)--Rhomobile, the leader in tools for enterprise smartphone applications, has been selected by eWeek as one of the ten most promising mobile IT startups to watch. These ten companies were derived from the AlwaysOn Networks' OnMobile 2011 list of top 100 emerging mobile companies. To see the complete list of eWeek’s Top 10 Promising Mobile IT Startups to Watch, click here.

“Being named a top mobile startup is a huge honor”

“Being named a top mobile startup is a huge honor,” said Adam Blum, CEO, Rhomobile. “eWeek is known for identifying the best and the brightest and this list validates us as one of the most important startups. Our market traction is validating the Enterprise need to mobilize their applications once across multiple smartphone platforms while integrating easily with their existing data sources. We’re proud of our growth, and pleased to be recognized for it.”

Rhomobile provides a complete set of products for building, integrating, and managing an enterprise’s mobile apps and data. Just this year, Rhomobile announced Rhodes 3.0, the first application development framework for developers to create smartphone applications for Windows Phone 7 supporting Near Field Communications (NFC). The company launched in 2008.

The AlwaysOn Networks’ OnMobile 2011 list presents the top emerging mobile companies that are creating new business opportunities in the high-growth mobile markets based on research by VCs, analysts, and AlwaysOn staff members. The two-day executive event featured high-level debates on what's hot in the emerging mobile market and how these innovations are disrupting the way companies and consumers work, play, advertise and connect.

Also included on eWeek’s 10 promising mobile IT startups to watch list: New York-based startup FourSquare, Palo Alto-based startup Flipboard, as well as San Francisco’s Square among others.

Interactive media:

Click here to visit the Rhomobile website

Click here to follow Rhomobile on Twitter

Click here to see the complete list of eWeek’s Top 10 Promising IT Startups

About Rhomobile

Rhomobile Inc. offers the most modern and powerful enterprise mobility suite on the market today. At the foundation of their complete mobility solution is Rhodes, the world’s leading open source framework for enterprise mobility. Founded in 2008, the company’s award winning software has thousands of active developers and is ideal for independent software vendors, system integrators and enterprises of all sizes. Rhomobile offers a comprehensive, modern, highly adaptable, and low cost solution for today's smartphone app developer. Rhomobile, headquartered in San Jose, CA, is a privately held company with backing from vSpring Capital. For more information, please visit www.Rhomobile.com.

Rhomobile and Rhodes are registered trademarks of Rhomobile, Inc. All other registered or unregistered trademarks are the sole property of their respective owners.

Oberthur Technologies’ NFC SIM Card, First to Receive the Common Criteria EAL4+ Certification

Image via Wikipedia

July 13, 2011 04:45 AM Eastern Daylight Time

- The first NFC SIM card with the same security level as most advanced payment and identity cards -

NANTERRE, France--(BUSINESS WIRE)--After being the first player in the industry to receive the Common Criteria certification for an Open Java platform in 2002, Oberthur Technologies, a world leader in the field of secure technologies, is proud to announce that its NFC FlyBuy card, an open Java USIM, is the first NFC & Global Platform v2.2 in the market to receive the very demanding and internationally renowned Common Criteria EAL4+ certification.
This certification has been obtained in conformity with the security requirements of USIM Protection Profile.

“The arrival of NFC represents a quantum leap in the development of our industry. This requires the ability to download secure applications into the phone which is what we offer today by bringing the highest level of security into an open and interoperable SIM platform”

With this success, Oberthur Technologies offers to MNO the ability to issue NFC SIM cards with a level of security equivalent to most advanced payment and identity cards. The open Java Defensive¹ architecture allows mobile operators to add a wide range of contactless services remotely, after field deployment of these NFC SIM cards.

“With this major achievement, Oberthur Technologies proves once again its leadership in the fields of NFC and security”, commented Xavier Drilhon, Managing Director of the Card Systems Division at Oberthur Technologies. “The arrival of NFC represents a quantum leap in the development of our industry. This requires the ability to download secure applications into the phone which is what we offer today by bringing the highest level of security into an open and interoperable SIM platform”.

This certification was granted to Oberthur Technologies by the Agence Nationale de la Sécurité des Systèmes d’Information (ANSSI) with the highest level of attack resistance, and it testifies to product quality and compliance with security requirements. It shows Oberthur Technologies’ commitment to providing customers with secure products that meet the industry's most rigorous standards, setting the ground to deploy secure contactless services, such as payment, e-ticketing, mobile authentication, etc.

“We are glad to have supported the Common Criteria certification of Oberthur Technologies’ open Java USIM and flash memory platform. The certification process has proven to be very efficient, demonstrating the certification bodies’ ability to adapt to telecommunications demand.The availability of high security certified SIM Cards is a prerequisite to contactless services massive deployment”, said the ANSSI.

¹ Ability to protect data applications in case of malware

About Oberthur Technologies

Oberthur Technologies is a world leader in the field of secure technologies: systems development, solutions and services for smart cards (payment cards, SIM cards, access cards, NFC…) and for secure identity documents, traditional and electronic (identity card, passport, health care card), production of banknotes, cheques and other fiduciary documents, intelligent systems to secure cash-in-transit and ATM. Oberthur Technologies has 6,800 employees through 40 countries and 65 sites. The Group posted 2010 sales of €979M.
Website www.oberthur.com

Contacts

PRESS
Corporate:
Charlotte LAFONT-MACHIN
Telephone: +33 1 55 46 71 23
Email: c.lafont-machin@oberthur.com
or
Card Systems Division:
Stéphanie CAU
Telephone: +33 1 47 85 58 06
Email: s.cau@oberthur.com

Bank of America Releases First Corporate Social Responsibility Report

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July 13, 2011 09:00 AM Eastern Daylight Time 

Outlines Company’s Global Social, Environmental and Economic Initiatives

CHARLOTTE, N.C.--(BUSINESS WIRE)--Bank of America today released its first Corporate Social Responsibility (CSR) Report, which outlines activities undertaken in 2010. The report highlights the company’s efforts to promote fairness and transparency in its products and services; lending and investing activities in low-income and underserved communities; community-focused philanthropic investments; and company and customer-focused environmental initiatives.

“The progress reflected in our new CSR Report demonstrates our commitment to creating opportunities that help the economy move forward through responsible business practices, lending, investing and charitable giving”

“Bank of America is committed to making opportunities possible for customers and clients by responding to their financial needs, helping drive economic growth and supporting the communities where we do business,” said Brian Moynihan, chief executive officer of Bank of America. “This report provides an overview of important company initiatives and helps illustrate the progress we’ve made.”

An executive summary and the full report are available online at www.bankofamerica.com/opportunity.

“Bank of America has supported communities across the country through its charitable giving, community development lending and investing in underserved neighborhoods, and environmental initiatives for many years,” said Janet Murguia, president and CEO, National Council of La Raza. “The bank is responding to the current housing and economic issues affecting communities around the globe, including enhancing programs to help consumers make educated financial decisions and supporting legislative reform to better protect consumers.”

Specific social, environmental, and economic initiatives highlighted in the Bank of America 2010 CSR Report impact all of the bank’s stakeholders:

Bank of America updated its core values and reaffirmed business decisions and practices that demonstrate a commitment to shareholders, customers and clients, including:

• Extending Clarity Commitment^® statements to small business credit card accounts and Bank of America Home Loans customers, developing “Investor Education” factsheets for wealth management customers that describe investment solutions in plain language, eliminating overdraft fees for everyday debit card transactions at point-of-sale and modifying more than 285,000 mortgage loans for distressed homeowners.
• Building a fortress balance sheet by strengthening liquidity, credit reserve positions, asset quality and overall capital levels.
• Continuing to work through issues from the purchase of Countrywide in order to realize the full benefits of acquisitions for customers, employees, shareholders and communities.
• Providing capital, expertise and products to manage the transition to a low-carbon economy. Since 2007, the company has invested $11.6 billion in solar and environmental projects as part of a larger $20 billion, 10-year Environmental Business Initiative.

Bank of America continued its commitment to the health and well-being of communities, including:

• Providing $200 million in philanthropic giving despite the challenging economic times, making the bank the second largest cash giver in the U.S.
• Providing over $1 billion in loans and investment to more than 120 community development financial institutions, and investing more than $48 billion in credit to nonprofit, government and anchor institutions.
• Providing $168.5 billion in community development lending and investments in 2010, the second year of a 10-year, $1.5 trillion community development goal.
• Launching the Bank of America Merrill Lynch Art Conservation Program, a unique initiative that funds the conservation of essential works of art that are significant to the cultural heritage of a country or important to the history of art.

Bank of America embraces diversity and the philanthropic interests of its employees by:

• Continuing its leadership in promoting volunteerism and service, with employees donating more than one million hours of volunteer service in 2010. In 2011, this goal has been increased to 1.5 million hours.
• Providing more than $12.6 billion in loans to veterans and continuing its commitment to the customer and employee diversity and inclusion initiatives that have earned the company public recognition from G.I. Jobs, the Securities Industry and Financial Markets Association, Human Rights Campaign, Black Enterprise and many others.

“The progress reflected in our new CSR Report demonstrates our commitment to creating opportunities that help the economy move forward through responsible business practices, lending, investing and charitable giving," added Anne Finucane, Bank of America’s global strategy and marketing officer.

Finucane and Andrew Plepler, global corporate social responsibility and consumer policy executive for Bank of America, discuss the company’s CSR efforts atwww.bankofamerica.com/opportunity.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

www.bankofamerica.com

Javelin Study Finds Consumers Saved $4.3 Billion in Late Fees Using Expedited Bill Payment Services

Study Reveals Expedited Bill Payments is Untapped Opportunity for Banks, and It Compares Available Options Including PreCash Billocity

HOUSTON, July 12, 2011 /PRNewswire-USNewswire/ -- With less money in their pocket because of the country's constrained economy, more Americans used expedited bill pay services in 2010, saving $4.3 billion in late fees. Javelin Strategy & ResearchExpedited Payments: Consolidator Originated Routing Solutions May 2011 study shows that two-fifths of Americans used an expedited payment service to pay a bill and avoid late fees but that expedited payments services are currently not available through most banks and other financial institutions.

As banks look for consumer friendly ways to generate revenue in the wake of the Durbin Amendment, the CARD Act and overdraft reform, expedited payments pose a significant opportunity. The study evaluated four different routing options currently available for expedited payments, overnight check, money transfer services, direct biller connection and virtual card technology like PreCash's Billocity, in terms of the strength of their ability to meet both consumer and billers' needs. While consumer demand for online and mobile expedited payments is rapidly growing, Javelin found banks are under utilizing this service. Only seven of the nation's top 40 banks or 20% offer expedited payments to their customers.

Javelin data showed 58% of consumers who never made an expedited bill payment at their bank's website—but have made an expedited payment at a biller site in the past 12 months—indicated they would like to use a bank site to make an expedited payment in the future.  "This tells us the expedited payment market is relatively untapped by banks and that banks should begin offering the service," said Beth Robertson, Director of Payments at Javelin.

"What makes the PreCash Billocity Expedited Bill Payment Service unique compared to other expedited options is that it not only guarantees expedited payment to the biller, but it also creates a source of revenue for banks and financial institutions that is currently an expense," said Steve Taylor, Chief Executive Officer of PreCash. "Billocity helps consumers avoid late fees, service disruptions and negative credit ratings and allows banks, payment processors and payment consolidators to offer consumers a faster payment for free."

According to Javelin, demand for expedited bill payment services is growing and consumers are expected to reap $6.3 billion in savings by 2015. A 2009, National Foundation for Credit Counseling survey found 58 million U.S. adults pay their bills late, and consumers spent a staggering $20 billion in credit card bill late fees in 2009. Even though providers of expedited payments charge a premium, Javelin found the average cost of these payments was between $6.16 and $10.29 compared to the $20 to $50 or more in late fees that two-thirds of consumers paid in 2010.

"A consumer using Billocity to pay a bill provides his financial institution or bill consolidator cash or a checking account number to pay the bill via the Internet, phone or walk-in option," adds Taylor. "The front end is typically via the consumer's bank account or other familiar bill pay channel. After receiving this information from the bank or bill consolidator, Billocity applies the funds to a virtual Visa or MasterCard account and sends the biller the payment electronically. It integrates easily into virtually any existing payment channel."

The study is available at www.precash.com/billocity_javelin.

About PreCash, Inc.

PreCash is a leader in payments services and processing. Whether helping cash-paying and underserved people access mainstream financial services, helping financial institutions deliver their customers faster transactions, or helping partners generate revenue and build stronger bonds with consumers, PreCash improves lives and business through payments. PreCash offers bill payment processing solutions, prepaid Visa® and MasterCard® products and programs, and walk-in payments for service providers, financial services companies, consumers, the mobile industry, retailers and more. The company serves more than 3 million consumers and touched more than 2 billion dollars in payments in 2010. Its products are serviced in more than 100,000 retail locations nationwide. Founded in 1998, PreCash is headquartered in Houston, Texas, with additional offices in Portland, Oregon. For more information, visit www.precash.com.  

Mitek Systems Shares Approved for NASDAQ Capital Market Listing

Trading scheduled to commence on Thursday, July 14, 2011, under symbol 'MITK'

SAN DIEGO, July 12, 2011 /PRNewswire/ -- Mitek Systems, Inc. (OTC: MITK.OB;www.miteksystems.com), the leader in mobile-imaging applications using smartphone cameras for check deposits, bill payments and ACH enrollments, today announced that that it has been approved for the listing of its shares on the NASDAQ Capital Market.

(Logo:  http://photos.prnewswire.com/prnh/20100224/MITEKLOGO)

The company expects to commence trading on the NASDAQ Capital Market on Thursday, July 14, 2011, under the ticker symbol "MITK."  Prior to the listing change to NASDAQ, the company's common stock will continue to trade on the OTC Bulletin Board under the current ticker symbol "MITK.OB."

The company's patented flagship mobile-banking product, Mobile Deposit®, enables users to deposit checks securely and accurately simply by snapping photos of the paper documents with their camera-equipped smartphones, eliminating visits to bank branches or ATMs.  Mobile Deposit has been or is in the process of being deployed by six of the top 10 retail banks in the United States, and by dozens of other banks, credit unions, brokerage firms and payment facilitators.

"We are pleased to announce Mitek's listing on the NASDAQ Capital Market," said James B. DeBello, President and CEO of Mitek Systems. "We believe the move to NASDAQ greatly increases the visibility of our shares in the market and reflects the company's strong growth in mobile payments."

About Mitek Systems

For more than 20 years, Mitek Systems (NASDAQ: MITK) has provided financial institutions with advanced imaging and analytics software to authenticate and extract data from imaged checks and other financial documents.  Mitek's patented technology has created the Gold Standard for Mobile Check Deposit and is currently used by leading financial organizations in the United States to process more than 10 billion items per year.  

Today, Mitek is applying its patented technology and extensive expertise in image correction, optical character recognition and intelligent data extraction to mobile devices.  Using Mitek Mobile Apps, smartphone users can now deposit checks, pay bills, save receipts and fax documents while on the road or sitting at a desk -- eliminating trips to the bank, Post Office and file cabinet.  Simply take a picture of the document and Mitek does the rest -- correcting image distortion, extracting relevant data, routing images to their desired location, and processing transactions through users' financial institutions.  

For more information about Mitek Systems, contact the company at 858-503-7810 or visit www.miteksystems.com.

Contact:
Bud Leedom
Finance Director
858.503.7810 x309

SOURCE Mitek Systems, Inc.

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• Mitek Moves to Nasdaq (xconomy.com)
• Fueled by Mobile Transaction Technology, Mitek Systems Raises $15M for Nasdaq Move (xconomy.com)
• Mobile Check Deposit Cited as No. 1 Mobile Feature for Motivating Consumers to Switch Primary Banks, According to New Independent Research Study (prnewswire.com)

Mobile Payments Seen as 'Mainstream' for Consumers Within Four Years, KPMG Survey

KPMG sees Cross-industry Partnerships as a Key to Success; Mobile Payments Adoption Faster than Anticipated

As companies race to take advantage of the mass adoption of smartphones and rapid development of new technologies to offer mobile payment services, executives believe the use of a mobile phone or a device to make payments or conduct banking transactions will require four years to become widely accepted by consumers, according to global survey of business executives by KPMG International.

The 2011 KPMG Mobile Payments Outlook, the KPMG survey of nearly 1,000 executives in primarily the financial services, technology, telecommunications, and retail industries globally found that 83 percent of the respondents believe that mobile payments will be mainstream within four years, compared to only nine percent who see them as mainstream today.  In fact, 46 percent believe mobile payments will be mainstream within two years.

“We believe that exploding smartphone growth and myriad opportunities will grow mobile payments at a much faster rate than our respondents anticipate,” said Gary Matuszak, KPMG Global Chair of the Technology, Communication and Entertainment practice. “A wide variety of payments is ready for adoption, as several key players already provide or are rolling out mobile payments, and interest among consumers in utilizing mobile payments is growing, in line with the industry’s readiness to deploy them.”

Seventy-two percent of the executives said that mobile payments are now or will be reasonably important in the future, with specialist online systems building on its leading position as a payment method, and m-banking and near field communication (NFC) gaining significantly greater traction than today. Fifty-eight percent said they have a mobile payments strategy in place.

“While there is consensus about the significant value of this opportunity among executives across geographies and industries, the type and size of opportunity varies between developed and developing countries depending on depth and reach of the financial infrastructure  in place. We believe that those firms willing to engage in cross-industry partnerships and ‘ co-opetition’ are more likely to succeed and dominate the market due to the complex set of business relationships required to deliver mobile payments to a mass market,” said Mr. Matuszak.

Driving Customer Adoption and Addressing Concerns

While the majority of the business leaders surveyed believe consumers are currently concerned about security and privacy when using mobile devices, they believe other factors are more compelling attributes of a successful mobile payment strategy. Specifically, 81 percent believe convenience/accessibility is the highest attribute, followed by simplicity/ease of use, at 73 percent, security, at 57 percent, and low cost, at 43 percent.

At the same time, business leaders, globally, view security as the main challenge to developing mobile payments strategies. Technology and adoption of the technology is a distant second, followed by privacy.

“The business leaders understand that when it comes to consumers choosing a provider based on security, reputation can make the difference, and any damage to a business’ brand can prove costly, even to the extent of being a showstopper,” said Sanjaya Krishna, KPMG U.S. Digital Services Leader in the TCE practice. “As a result, leading businesses are adopting multiple approaches to alleviate customers’ privacy and security concerns.”

“One surprising result of our survey is the absence of divergent views across both industries and geographies, which speaks to the consensus that mobile payment is regarded as an opportunity for players across the value chain of commerce,” Mr. Matuszak said.

Race to Lead the Mobile Payments Market

With the mobile payments industry poised to make a major leap in the coming years, several players are expected to play significant roles, though two groups of financial institutions are the current front-runners, say respondents. Banks, which scored the highest in level of importance in the value chain, and credit card companies will have the most important roles, according to business leaders globally. They placed telecommunications companies third, ahead of specialist online payment players (e.g. PayPal, Boku, Obopay), online service provider giants (e.g. Google, Facebook, Amazon), retailers and technology companies. Among U.S. respondents, online service provider giants placed third, followed by specialist online payment players and telecommunications companies, which were rated of equal importance, retailers and technology companies.

Mobile Payment Methods

Each of these companies’ success can be tied to the prospects for the five current payment methods which are battling for a share of the market. The KPMG survey respondents, globally, see specialist online systems leading the pack, due to the fact that this method already has significantly greater penetration than alternatives, and its penetration is expected to increase. Respondents said that specialist online systems have the greatest prospect for success, followed by mobile banking, NFC, carrier billing and the “mobile wallet.”

“While KPMG believes that these forms of mobile payment will all gain some traction, our view is that M-Wallet is one of the most exciting and promising payment opportunities. M-Wallet provides the momentum to move beyond payments to participate in the entire chain of mobile commerce, from consideration and brand awareness to purchase after-sales loyalty and care,” said Tudor Aw, Technology Sector Head, KPMG Europe.

M-wallet – uses mobile device as a wallet with account and transaction information stored on the devices’ SIM card.

M-banking – direct access to bank services and information via the mobile device.

NFC – short-range (millimeters) wireless communication technology that enables exchange between devices, such as between a cell phone and a point-of-sale device at a checkout counter.

Specialist Online systems – online payment processing systems such as Google checkout and PayPal.

Carrier billing – purchases are charged to the mobile phone bill.

Related articles

• Gartner Analyst Skeptical about Mobile Payments (nfcdata.com)
• Security a top concern among Americans weighing mobile payment (nfcdata.com)
• 2Blog4 Alert for "Mobile Payments" (epaymentnews.2blog4.com)

Banks in Race to Monetize Mobile Payments Space: KPMG Report

NEW YORK, July 13, 2011 /PRNewswire/ -- Faced with growing competitive threats from non-traditional sources, such as alternative payment providers, banks around the world have aggressively swung their attention to emerging mobile platforms to defend their payments revenues, according to a new report from KPMG International.  

Adding to the urgency, according to a KPMG survey conducted as part of the report titled Monetizing Mobile: How Banks Are Preserving Their Place in the Payment Value Chain, 84 percent of banking and financial services (FS) executives said mobile payments will have significant importance to their business within the next one to four years.  Furthermore, 73 percent suggested that mobile payments would be mainstream within the next four years.

"Leading banks are working feverishly to stay ahead of their peers and the new players in this space by developing mobile payments solutions, getting actively involved with standards setting, and partnering with other players in the mobile payments value chain such as merchants and mobile network operators," said Carl Carande, national account leader of KPMG LLP's Banking and Finance practice.  "It remains to be seen whether the banking industry establishes enough of a foothold in the mobile payments space and maintains its share of payments revenue."

New Competitors Vie for Market Share

The KPMG report cited the potential of mobile network operators working with device manufacturers to develop a system independent of the traditional payment infrastructure. Others, however, foretold of an even more serious threat in the form of new market entrants, such as specialist online payment players and online service provider giants.

Nevertheless, banks are still perceived to have an edge, according to executives from the technology, telecommunications and retail sectors who also participated in the survey.  These executives overwhelmingly agreed that banks will likely continue to play an important role in the evolving mobile payments value chain.

Significant Challenges Ahead

According to the KPMG survey, respondents highlighted a number of significant and evolving challenges that are hampering the adoption of mobile payments. More than 70 percent of banking and FS executives cited security concerns as their biggest challenge, an issue that has only been accentuated by a spate of recent high-profile online security breaches.

"We believe that if banks can roll out a safe, easy to use and ubiquitously accepted system, consumers will very quickly adopt mobile payment solutions as they have other mobile services," said Mitch Siegel, a KPMG LLP Financial Services practice principal focused on payment advisory services and co-author of the report.  "But adoption will also be driven by demand as consumers increasingly look to use their mobile devices to accomplish everyday tasks such as buying their lunch or paying for a taxi."

The survey also revealed that a lack of technology standards and infrastructure are also posing major barriers to the wide-spread roll-out of mobile payments. And while very few respondents to the survey were willing to categorically endorse any single payment technology, most pointed to the emergence of Near Field Communication (NFC) as the technology with the most promise and ease-of-use for customers.

Corporate Mobile Payment Services

According to the KPMG report, commercial banks also are showing a growing interest in utilizing mobile platforms as a key differentiator and potential revenue generator.  

"Many innovative banks are finding that they can actually drive revenues from their mobile offerings by bundling enhanced corporate services, such as cash management tools and key back-office functionality for their corporate clients," added Siegel.  "Mobile payment solutions can help these clients by speeding up and automating authorization procedures related to reviewing and approving payments."

About the Report

In compiling the report, KPMG surveyed executives and mobile channel leaders at more than 145 retail and commercial banks, payment processors, acquirers, card services providers, retailers and payment technology vendors, and also conducted in-depth interviews in the first quarter of 2011.

About KPMG LLP

KPMG LLP, the audit, tax and advisory firm (www.us.kpmg.com), is the U.S. member firm of KPMG International Cooperative ("KPMG International").  KPMG International's member firms have 138,000 professionals, including more than 7,900 partners, in 150 countries.

NFC Payments: Tapping the Future

NEW YORK, July 12, 2011 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

NFC Payments: Tapping the Future

Introduction

NFC Payments Tapping the Future provides an overview of the current state of the global Near Fields Communications payments sector. This includes detailed customer segmentation of likely adopters of NFC, an assessment of some of the key opportunities and threats facing the future of this new payments technology, and key takeaways for issuers who want to harness the potential of NFC.

Features and benefits

Understand what NFC can mean for your business by learning about how it works and its potential applications.

Plan your strategy effectively by learning about key target demographics and who NFC is most likely to appeal to.

Cut through the hype and assess what the latest developments from major players means for your company in the short, medium and long term.

Build your business case by understanding the key hurdles and obstacles that stand in the way of full NFC implementation.

Highlights

The global Near Field Communications market is finally seeing significant commercial launches of hardware and services after years of trials and speculation. However even with significant players such as Google, Apple, Nokia, Orange, and others becoming involved, these launches are more of an evolutionary step than a revolution.

According to Datamonitor's NFC Adoption model only 1.8% of consumers globally are likely to immediately adopt NFC payments once it is released. However a further 12.2% and 31.7% show a medium to low likelihood of immediate of adoption. This suggests that with the right incentives and marketing, the longer term opportunity remains significant.

NFC must overcome significant barriers with issuers, consumers and merchants. In the case of issuers and merchants the business case remains unclear, and investment in services or acceptance hardware will remain subdued as a result. Consumers will require incentives to shift them from existing payment tools.

Your key questions answered

What is the business case for NFC and mobile contactless? How do players involved plan on making money?

What is happening now in NFC? Is it really a revolution in payments?

Who is launching NFC services? What do their models and strategies mean for the payments industry?

Who is likely to be interested in NFC? is NFC suitable for all consumers?

What impact will the hardware have on the NFC market? Is the technology ready?

Executive Summary

An NFC ecosystem is finally emerging

Introduction

Five key findings for the payments industry

NFC is only one of several forms of mobile payment

The NFC ecosystem is being shaped by hardware and services launches from major players

Mobile wallets are emerging as a key battleground in NFC payments

Understanding the NFC consumer

Datamonitor's NFC Adoption Model sizes the target market for NFC

Early adopters of NFC will come from the banked and older age groupings

The initial opportunity in NFC payments lies in meeting the needs of highly likely adopters

The three key obstacles that NFC must overcome

The business case for issuers is weak

The consumer proposition needs to be strengthened

Merchants are skeptical and this is limiting growth in contactless acceptance

OVERVIEW

Catalyst

Summary

AN NFC ECOSYSTEM IS FINALLY EMERGING

Introduction

This report is an objective analysis of the opportunities for NFC in mid-2011

NFC is only one of several forms of mobile payment

NFC sits alongside P2P and m-commerce as a key form of mobile payment

NFC standards are still evolving but the NFC Forum is playing a leading role

NFC technology can be used for more than just payments

The NFC ecosystem is being shaped by hardware and services launches from major players

Commercially available NFC handsets are now in the market

NFC's growth will be driven by the wider use of smartphones, but will take time to reach critical mass

Smartphones are growing as a share of the market

All of the major handset manufacturers have announced NFC models

While the availability of handsets is expanding, developers are still working out what to do with NFC

An NFC version of popular game Angry Birds will act as a showcase for the technology to Nokia customers

Google is opening up some modes to app developers, but not card emulation

Couponing is emerging as a major driver of future NFC use

Mobile wallets are emerging as a key battleground in NFC payments

Mobile operators have made the first moves in developing mobile wallets

UNDERSTANDING THE NFC CONSUMER

Datamonitor's NFC Adoption Model sizes the target market for NFC

The NFC Adoption Model identifies three target consumer groupings for NFC based on current behavior

Early adopters of NFC will come from the banked, and older age groupings

Less than 2% of consumers are highly likely to adopt NFC payments immediately

The number of consumers with a high likelihood of adoption is limited in all countries

The initial opportunity in NFC payments lies in meeting the needs of highly likely adopters

Highly likely NFC adopters are over the age of 25

Likely NFC adopters hold secure employment and make more money

THE THREE KEY OBSTACLES THAT NFC MUST OVERCOME

Introduction

The business case for card issuers is weak

The secure element remains up for grabs and is central to the future NFC business model

This complexity has also led to a growing role for third-party trusted service managers

The business case is mainly focused outside of both merchants and issuers

The consumer proposition needs to be strengthened

NFC will need to be easier, cheaper, faster, and more convenient than existing payment tools

Mobile wallets are the likely driver of NFC convenience

The consumer proposition will need to include incentives

Consumer interest in NFC has not been proven in trials

Japanese uptake of NFC has been weak, and the market is now driving growth through incentives

Many merchants are skeptical and this is limiting growth in contactless acceptance

Most consumers are still not using contactless

Contactless acceptance infrastructure growth is restricted by hardware lifecycles and merchant concerns on interchange

APPENDIX

Additional data

Near field communication (NFC) adoption by country

NFC adoption by demographic status

Consumer use and attitudes to contactless cards

Definitions

Credit card

Debit card

European Payments Council (EPC)

ePurse/eWallet

Interchange

Merchant service charge (MSC)

Mobile network operator (MNO)

Mobile payments

Person-to-person (P2P) payments

Point-of-sale (POS) terminal

Prepaid card

Stored value card

Trusted service manager (TSM)

Methodology

Further reading

Selected bibliography

Ask the analyst

Datamonitor consulting

Disclaimer

To order this report:

Mobile Telephony Industry: NFC Payments: Tapping the Future

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Nicolas Bombourg

Reportlinker

Email: nbo@reportlinker.com

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