Billed as the world’s largest payment and financial services event, Money 20/20 kicks off in Las Vegas on October 23rd. The Rambus team will be at booth 2525 in the Venetian Hotel, discussing all things mobile payments and tokenization, including newly announced products to simplify the deployment of NFC services
“Mobile payments are revolutionizing the purchasing experience, both in-store and in-app,” said Rambus’ Andre Stoorvogel. “As has become the hallmark of Money 20/20, we predict multiple announcements promising to make paying with your mobile device even more streamlined and rewarding.”
“Over the past year, tokenization has further strengthened its position as the de facto method for securing mobile payments, underpinning platforms such as Android Pay,” he explained. “The complexity of integrating tokenization into secure mobile products, however, is growing as the number of payment schemes, ‘OEM Pay’ solutions and mobile wallets within the ecosystem increase. A key discussion in Las Vegas, therefore, will be how best to connect with the various players quickly and easily.”
As Stoorvogel notes, many banks are utilizing cloud-based solutions to simplify the rollout of near field communication (NFC) services.
“Striking a balance between risk and usability is key to ensuring user adoption, so we can expect lots of talk about the hardware and software components that can be deployed to provide additional security to cloud-based payments,” he added.
In terms of Blockchain, Stoorvogel says industry players will likely discuss governance, regulation and strategic partnerships – all of which are crucial to ensuring the technology is translated into practical, deployable solutions.
Regarding managing mobile payments information, Stoorvogel points out that advances in artificial intelligence and machine learning means data has never been more powerful.
“The problem for banks is that the mobile payments revolution has made it harder and harder to control their own data,” he stated. “As the financial services market becomes increasingly fragmented, banks are at risk of losing out on the valuable information that enables them to adapt and innovate. The ways in which banks can react to this evolving landscape and keep their data in-house, such as developing their own mobile wallet, will therefore be a key talking point at the event.”