The payment industry is in constant evolution, and acquisitions and partnerships in 2014 consolidated the strategies of many companies. Furthermore, new entrants appeared in this ecosystem to propose alternative approaches, to facilitate payment integration on Web sites, or to propose original business models.
The most important announcement this year is the Host Card Emulation (HCE) alternative that is supported by major financial institutions. This cloud-based technology drastically changed the way mobile payment is processed. However, one of the negative impacts of this solution is a security level that is lower than Near Field Communication (NFC) technology. Frost & Sullivan thinks that HCE is not a threat to NFC, but that it is another solution to be experienced by service providers as it offers alternative answers regarding the consumer management and it facilitates and reduces the deployment phase.
This innovative solution is not, at the moment, entirely documented and specifications are not totally published. Furthermore, the specifications are not furnishing all answers to existing question and use cases.
The payment ecosystem was particularly targeted this year by a different type of attacks. All payment processes were targeted. Many security and data breaches were exploited by a fraudster for the purpose of collecting sensitive information. This is a global threat and no country could argue that it is immune to this type of attack. Only global security initiatives and common rules can have a positive impact in dissuading potential fraudsters.
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