Morpho (Safran) is highlighting the major trends driving change in the payments industry. In a new post on the company’s website, Morpho VP Philippe Bertiaux points to three major transitions underway: The shift to EMV cards, the shift to contactless payments, and the shift to mobile transactions.
The first matter is one that is well underway around the world, with Morpho supporting clients in the US, India, and Latin America in their transition to EMV. But the latter trends are just getting started, and to help things along, Morpho has partnered with Visa to develop and showcase new contactless payment concepts such as its Scan & Pay system, which uses biometrics to confirm transactions. Meanwhile, it has also developed its own mobile authentication system based on facial recognition, which could offer mPayment applications; and its acquisition of mPayment startup AirTag toward the end of last year has helped the company to develop its Host Card Emulation solution, a platform which could enable a number of financial institutions to build their own mPayment solutions.
And that’s the direction in which Morpho is now aiming: As Bertiaux puts it, “We see ourselves as a partner for banks and other financial institutions in the move to the digital world, enabling our customers to put in place valuable payment solutions using mobile phones.” Indeed, and with disruptive platforms such as PayPal and Apple Pay starting to shake up traditional payments, banks may need this kind of expertise. As Morpho Mobile Payment Business Unit General Manager Jérémie Leroyer concludes, “Banks need to move with major technological evolutions and take advantage of the new opportunities coming with this innovation to stay competitive and avoid any threats.”