Meet the CMA 2016 Finalists: Payment Innovation

payment innovationAwarded for innovative schemes and applications, as well as technology. This category looks at disruptive approaches and the smart use of technology in the contactless and mobile payment space. Our finalists in this category are from Poland, Switzerland, China and Israel and demonstrate just how far payments have come in the last few years.

Here are the 2016 finalists in the Payment Innovation category;

  • BANK PEKAO – MULTI-CURRENCY DEBIT CARD (POLAND)
  • SMARTLINK – CONTACTLESS COMPANION PLATFORM (SWITZERLAND)
  • BEIJING MOBILE PAYMENT SOLUTIONS – MOBILE PAYMENT MODULE (CHINA)
  • PAYKEY – SOCIAL NETWORK PAYMENT ENABLEMENT (ISRAEL)

Bank Pekao SA has been in operation for 85 years and is one of the largest financial institutions in Central and Eastern Europe. The bank has launched a card that can be used for multiple accounts in different currencies. The multi-currency debit card (FCY) is an innovative solution for cashless transactions in Poland and abroad. The bank has developed a debit card for its customers that can be used both for a current account in Poland and for accounts in foreign currencies – USD, EUR, GBP, CHF. The innovative part of this card is the transaction settlement system. The card works in a similar way to mobile “roaming” when abroad. Depending on the country in which the client makes a payment, the bank settles the transaction in the currency in which the specific payment has been made. The card owner doesn’t even have to remember to switch the card between different accounts and the bank automatically knows which account should take the appropriate amount.

Smartlink’s CCP is a new approach for contactless services based on open standards, addressing any financial institution and any service provider, to propose a real user-focused experience for both payment and services. Contactless transactional abilities using a wearable is about more than just payment at the Point of Sale: it’s also the ability to transfer money to a keyfob, having a transport ticket on a passive wristband, or having a payment card available from any companion device. This is now feasible using a unique single platform that extends payment and services to new form factors, to address more users in more situations. It is based on the Smartlink Wallet Server, Samsung’s new NFC chipset and an open standard called “CIPURSE”, with the objective of updating everyday objects with payment/service capabilities. It supports payment such as closed/open loop, and peer-to-peer transfers (i.e. from one user’s smartphone digital wallet to another user’s keyfob). It also supports any contactless value-added service such as loyalty, transport ticketing, etc. The open standard approach enables customization of solutions for any service provider, in order to answer the market’s needs with a real user-focused product.

The MPS Mobile Payment Module with integrated payment chip and NFC functions, (from Beijing Mobile Payment Soltuions) allows smart wearables to be payment ready in  a single step. The MPS Mobile Payment Module family is a combination of integrated electronic design, micro-antenna, and smart card technology and provides NFC technology in standard system-in-package modules, with the smallest having dimensions of  only 4mm x 4mm, it  is the smallest secure NFC payment system of the world. The smart card like function with a built-in security controller allows both NFC payment and online payment processes to be added securely and easily for smart wearable devices. Due to the complete system integration with the smart card interface and NFC antenna, the modules can work as a standalone function, only needing the power supply from the device, or as plug-and-play, integrated in any system. Thus it is an ideal solution for smart phones, smart watches, key fobs, bracelets, fitness trackers etc. Many wearable developers want to include payment functions into their devices, but do not have the know-how to develop security products or the space in the design for a full size payment card – this is where the MPS mobile payment module bridges the gap to make a wearable more useful by adding contactless intelligence with security.

PayKey’s first of its kind secured payment keyboard makes everyday banking easier and more efficient than ever before. PayKey’s technology puts banks where their customers are – on social networks (Facebook Messenger, WhatsApp, WeChat Twitter etc.). Users enjoy instantaneous money transfer capabilities while chatting with their friends and family members. As consumers become increasingly comfortable conducting transactions on emerging channels, it is imperative for banks to offer services that cater to the changing tastes. PayKey’s technology is the first to bridge this gap between banking (bank users) and social interactions (social networks). With PayKey, customers enjoy the security of the trusted banks within their favourite applications, making everyday banking easier and more efficient than ever before.

You can find out who the lucky winner for the category will be by attending the awards ceremony that will be held on the 26th April in London. Tickets are still available and can be found by following the link here – but don’t delay as places are limited. We hope to see you there!

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Categories: Contactless & Mobile Awards, Other

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