Aconite team to lead new digital payments division at Proxama
26 February 2015 | 2296 views | 0
Proxama PLC (PROX.L), the global mobile marketing, loyalty and payments company today unveils details of its new end-to-end mobile proximity marketing and payments proposition following the acquisition of Aconite Technology last year.
Proxama’s new Digital Payments Division will be led by the team from Aconite as the combination of the two companies brings a true end-to-end model to the payments market for the first time. It will enable card issuers and financial institutions to implement services such as tokenisation and mobile Near Field Communication (NFC) payments in this new domain quickly and easily; supporting everything from handset app support, through to risk and credential management as well as handling back-end processing of mobile transactions.
According to Juniper Research there will be 516 million mobile users of NFC services by the end of 2019, up from 101 million in 2014. With this proposition, customers can maximise the opportunity by transitioning from a traditional card issuing model to full in-house support for tokenization and mobile payments without any major internal changes. For card issuers with magnetic stripe cards, this proposition also provides a secure and low cost route to migrate to EMV chip-and-PIN cards and provide a platform for contactless mobile NFC payment systems like Apple Pay.
The fusion of Aconite’s heritage and expertise in card payments and token management with Proxama’s portfolio of consumer-facing and handset-based proximity marketing and payment technologies, also provides support for customers seeking to deploy innovative value added services to gain a competitive edge. According to Forrester Research, mobile payment services like the mobile wallet need to be able to add value before, during and after the transaction. By enhancing the end user experience with services that redeem offers and loyalty vouchers, customers can generate new and recurring business for merchants while increasing the volume of payment transactions.
Neil Garner, Founder, Proxama said: “We are re-defining what mobile proximity commerce means by encompassing all the elements of the consumer-merchant dynamic; from when a consumer enters a store to choosing their goods and the final point of transaction.
“The impact of services such as Apple Pay has transformed NFC and it is clear that the appetite for mobile contactless payments will continue to grow. To stay relevant and evolve with the market, companies need to ensure they have the right services in place to meet this demand. Our proposition isn't a one off solution that satisfies today's market needs but a one-stop-shop that identifies and addresses tomorrow's market demand for mobile contactless payments.”
Mike Woods, CEO of Digital Payments Division, Proxama said: Both companies have deep rooted experience in providing solutions in their respective domains; Aconite in EMV migration enablement, and Proxama in providing innovative mobile solutions in payments and in customer engagement.
“The combination of both our services will extend our customers’ existing systems by adding the necessary capabilities to stay relevant. Our technology is proven, secure and deployable in industry-standard environments, and by being brand and network-agnostic, it alleviates the challenge that card issuers and processors currently have when it comes to costs, product diversity and time-to-market. This proposition will provide our customers with everything they need, to do what they are used to doing on card, onto mobile.”
Proxama acquired Aconite Technology in December 2014 following a history that dates back to 2008. The two companies first collaborated to demonstrate how to remotely manage NFC mobile phone applications. Both companies have a strong business pipeline in the European and U.S. markets where the demand for the companies’ international expertise in the NFC and mobile payments industries continues to grow.