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Mobile Payments Security: European Overview
(Financial Sector)
Impact of Mobile Payments Security on Profits, Reputation and Customer Loyalty
Part 3 of Global Mobile Payments Series from Omlis150609_oml_v1p | Public | © Omlis Limited 2015
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ContentsIntroduction 2
Western Europe 3Country Profiles 5
Central & Eastern Europe 9Country Profiles 11
Key Issues & Solutions 13Security 14
Infrastructure 14
Cost 15
Technology 16
About Omlis 17
References 19
Contributors 19
IntroductionIn this overview, Omlis have compiled findings from their
two previous white papers to provide further insights
on the impact of mobile payments security on Europe’s
financial institutions.
Banking infrastructure in Western Europe, while highly
developed, has become mired in outdated legacy systems
and as such has proved slow in adapting to meet evolving
needs of a technologically advanced and increasingly
complex payments ecosystem. Almost the opposite is
true for Central & Eastern Europe (CEE) where much of
the population remain unbanked; a direct impact on the
wider population due to the absence of robust banking
systems. However, there are positives to not being
shackled to legacy systems; financial institutions in CEE
are able to leverage this ‘fresh start’ to rapidly adopt new
banking technologies and solutions with lower operating
costs in comparison to their Western counterparts. This
has the potential to enable financial inclusion to previously
excluded mobile phone subscribers in CEE, providing a
new channel through which to offer financial services.
While banks in CEE benefit from their ‘clean slate’ through
the ability to rapidly implement new solutions, they still face
key challenges. This opportunity to engage the unbanked
cannot be ignored but, this being said, many consumers
in the region are still heavily reliant on feature phones
and as a result, are currently overlooked by banks eager
to exploit the growing smartphone market. The ubiquity
of smartphones in Western Europe affords its financial
institutions the ability to engage consumers through
their mobile device, providing a new and direct channel
for offering innovative products and services; especially
through mobile driven applications. Although smartphone
penetration in CEE is steadily increasing, for the most part,
the region’s financial institutions lack a readily available
market of smart device users which Western banks have
access to.
Alternative financial services (e.g. M-Pesa’s 2014 launch
in Romania) have begun to bridge the gap between the
banked and those who remain unbanked or have no access
to smart devices in CEE. For the most part, the region’s
financial institutions are egregiously overlooking this
market segment and are undeniably losing opportunities
to acquire new customers and additional revenues. The
threat of disruptive newcomers also affects banks in
Western Europe especially as the criteria for receipt of
a banking license becomes less stringent. This growing
trend is opening up the floor to digital only services (e.g.
Atom Bank, ING Bank and KNAB) who could be better
placed to provide cheaper, direct and more streamlined
banking products and services to consumers.
Both regions enjoy relatively high levels of mobile payments
adoption; whether it be through the purchase of goods,
the transfer of funds or one of Europe’s many transport
ticketing initiatives (e.g. Nemzeti Mobilfizetési in Hungary).
This similarity also extends to how these transactions
are secured. While financial institutions are aware of the
importance of security; many are failing to adequately
protect their mobile offering from nefarious activity.
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Mobile Connections
(We Are Social 2015)
Smartphone User Penetration
Mobile Internet Usage(% of users with 3G or 4G connections)
Bank Account Penetration
Data Breaches
66.2% 57.3%
85%53%
(We Are Social 2015)
(eMarketer 2013)
(World Bank 2014)
(Gemalto 2014)
Key: n - Western Europe n - Central & Eastern Europe
521m
583m
190 reported data breaches in 2014 (Europe)
117 of these were targeted at
the UK
Denmark Romania
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3
The NetherlandsThe Netherlands is home to some notable direct banks including KNAB and ING. It has also seen success through banking based e-commerce schemes such as iDeal, which processed over 140m transactions in 2014.
Key Trends• High smartphone penetration• Mobile banking
Bank Account Penetration
98.7%
Online Banking Penetration
83%
Smartphone Penetration
65%
SpainSpain’s hugely successful BBVA wallet currently has over 250,000 subscribers and is estimated to reach 500,000 by the end of 2015.3 This growth has been bolstered by BBVA and similar wallet offerings no longer reliant on partnerships with telcos especially with increasingly popular initiatives such as Host Card Emulation (HCE). The growing demand for mobile solutions was a key driver in CaixaBank and Santander introducing a mobile shopping app called Yaap Shopping in conjunction with Telefonica.4
Key Trends• Alternative payment schemes• Wallet solutions
Bank Account Penetration
93.3%
Online Banking Penetration
37%
Smartphone Penetration
72%
ItalyAn apprehensive reception to EMV solutions in the Italian economy has led to a surge in prepaid cards. Between 2013 and 2018, prepaid card ownership will increase by a further 17.4%.5 This reluctance does not extend to mobile transfers as Italian payment processer SIA aims to give nearly two-thirds of Italy’s population the ability to make real-time peer-to-peer (P2P) payments using a mobile phone by summer 2015.6
Key Trends• Prepaid cards• P2P schemes
Bank Account Penetration
71%
Online Banking Penetration
26%
Smartphone Penetration
53%
FranceFrance is one of a select group of countries where mobile banking became more popular than online banking in 2013 and 2014.1 Capitalizing on the increasingly digital focus of banking, AXA Banque recently released an internet only banking service known as Soon which provides consumers with a simple interface and an engaging platform to manage money.2
Key Trends• Mobile banking• Smartphones displacing laptops
Bank Account Penetration
97%
Online Banking Penetration
58%
Smartphone Penetration
49%
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Western EuropeSection Summary:
Western Europeans are rapidly turning to mobile-centric solutions for day-to-day tasks and activities An established banking infrastructure provides the majority of consumers with access to financial services Despite the number of mobile transactions rising, there are very strong concerns about mobile payment security The legacy systems used to secure customer data and transactions are now decades old
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Country Profiles
The UK is home to the most mature m-commerce market
in Europe with a fifth of all online spend in 2014 conducted
via the mobile channel. The British public are projected
to spend £14.95bn via mobile devices in 2015, equating
to a huge 77.8% increase on 2014 which is evidence of
consumer willingness to adopt new payment methods.7
This positive attitude towards mobile payments extends to
how consumers in the UK choose to engage with financial
institutions. Online banking is particularly prevalent, with
the majority of large financial institutions offering some
form of transactional or organizational mobile app.
This success is not without its drawbacks. The UK’s leading
position as a thriving banking hub has also made it the
second highest country for banking Trojan attacks in the
world.8 117 data breaches were recorded across the UK
during 2014; this is exceptionally high when compared to
France who placed third across the globe for most banking
Trojan attacks with only nine breach incidences recorded.
This could be an indication the UK’s susceptibility to attack
due to subpar security or conversely demonstrates the fact
that UK based financial institutions are more rigorous in
the identification and reporting of breaches in comparison
to other Western European countries. Whatever the
case may be, ever increasing attacks on aging banking
infrastructures combined with growing customer mistrust,
leaves UK banks in desperate need of mobile-focused
banking solutions which can ensure the trust and loyalty of
customers through the provision of complete transaction
security.
The United Kingdom
With an internet penetration of 86.78%, Germany has the
most individual internet users of any European country
(excluding Scandinavia).9 E-commerce penetration
currently stands at 77.3%, making Germany the third most
active country worldwide in terms of online purchases.10
Their comfort with e-commerce has also facilitated their
willingness to adopt new and more convenient payment
methods. Germany now enjoys a rapidly growing mobile
payments market and, as of 2015, one in three Germans
said that they would prefer to use mobile payments as
opposed to cash.11
This may be a step in the right direction, but historically
Germany has always been apprehensive when presented
with the idea of removing cash from transactional scenarios.
Many believe that the German way of life would simply
be unmanageable without access to cash (especially
when visiting small businesses). These concerns are
compounded by mistrust regarding the security measures
which are currently in place for mobile payments solutions,
especially since 2014’s infamous spate of high profile data
breaches.
These security concerns extend to online banking in
Germany, which is unsurprising as it is in the top five
countries with the most banking Trojan attacks in the
world, alongside the UK and USA.12
The emergence
of Germany as a key Trojan attack territory is certainly
unwelcome news for their banking customers especially
with end users being the weakest link in the security chain.
Germany
How Omlis can Help:
Omlis provides financial institutions with cost effective and completely secure encryption technology constructed through a high integrity process,
eliminating threats via the mobile channel and is interoperable with any existing banking architecture.
How Omlis can Help:
Omlis secures against these persistent threats by providing high integrity encryption technology that are specifically
designed to completely secure the mobile channel while being compatible with any existing banking architecture.
Population:
64,097,085 68%
Smartphone
Penetration
Bank Account
Penetration
97.2% 57%
Online Banking
PenetrationPopulation:
80,621,788 55%
Smartphone
Penetration
Bank Account
Penetration
98.1% 49%
Online Banking
Penetration
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Norway
Scandinavia
Denmark
Scandinavia stands out because as a region, it probably
displays the highest internet penetration is the world;
with Iceland leading the way at 96.5%.13
All of the Nordic
countries boast internet coverage that is well above that
of UK and Germany. This reflects the general levels of
prosperity and living standards in the region, and this
willingness to embrace technology has seen Scandinavia
become the home of renowned mobile payment brands
such as Klarna and iZettle.
How Omlis can Help:
The forward thinking approach of financial institutions in Scandinavia should be celebrated but in the same breath, also warrants caution. Convenient mobile payment methods may be popular within the region but without a security solution designed specifically for mobile offerings, the risk of fraud will accelerate in line with the growing popularity of the mobile channel.
Success can breed complacency and financial institutions in this region must remain proactive against cybercrime. With a solution designed specifically for mobile devices, Omlis supports the proliferation of mobile payment options across the region.
Population:
26,000,000 (including Sweden, Norway, Denmark,
Finland, Iceland)
Norway has one of the highest smartphone penetration
rates in the world (68%) and as a result of this familiarity
with the mobile channel, continues to enjoy increased
use of banking apps. SpareBank 1, a Norwegian financial
service provider conducted a study in 2014 which found
that 60% of all traffic came from mobile and tablet
devices.14
As is the case across Western Europe, Norway
is gradually turning away from online banking, embracing
the convenience of mobile financial solutions.
In late 2014, four major Danish telco service providers sold
their mobile payments service (Paii) to a rival bank-backed
company. The telcos: TDC, Telenor, Telia and Three
Denmark have sold their interest to Swipp, a competitor
in the mobile payments sector which is owned by Danish
banks including Nordea and Nykredit.15
This acquisition of
an established mobile payment solution is a strong indicator
of areas for business growth and competitive advantage
which can only be good news for their customers.
Finland Sweden
Experts from the Bank of Finland have suggested that
cash could be completely phased out by 2030.16
This
forward thinking attitude has also seen Finland’s largest
financial services group adopt Host Card Emulation (HCE)
to their popular mobile wallet app as of 2015.17
Serious
about security as well as innovation, Finnish technology
firm Uniqul are launching a pilot of facial recognition based
point of sale solutions for cafes in early 2015.18
It is evident
that Finland envisages a future of secure, convenient
mobile payments.
In Sweden there are steps being taken to secure mobile
payment methods, with the Data Inspection Board ordering
Danske Bank, Nordea and Handelsbanken to increase
security on their banking apps.19
This legislation comes
into effect in 2015 and as well as making transactions
safer, it also provides customers with a more streamlined
service. This balance between convenience and security
displays why the Nordics are viewed as frontrunners in the
digital era.
68%
Smartphone
Penetration
Bank Account
Penetration
84% 89%
Online Banking
Penetration
68.9%
Smartphone
Penetration
Bank Account
Penetration
99.7% 84%
Online Banking
Penetration
60.4%
Smartphone
Penetration
Bank Account
Penetration
99.7% 86%
Online Banking
Penetration
63.2%
Smartphone
Penetration
Bank Account
Penetration
99% 82%
Online Banking
Penetration
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SlovakiaSlovakia has a growing reputation as the contactless capital of Europe, having already been recognized by VISA Europe for its contributions in the field. Tatra Banka in particular are worthy of special mention as pioneers in contactless technology.21 High card penetration rates of 102% and a consumer base with an appetite for new payment methods highlights Slovakia’s potential as a high growth market.22
Key Trends• Contactless payments• Willingness to adopt new technology
Bank Account Penetration
79.6%
Online Banking Penetration
41%
Smartphone Penetration
50%
BulgariaBulgaria has seen some interesting approaches taken towards financial services such as DSK Bank’s 2013 offering, Gameo,23 which attempted to introduce gamification into the personal banking. This innovative attitude towards payments extends to NFC as First Investment Bank AD is set to launch MEA Wallet which will allow merchants who accept MasterCard PayPass and Visa payWave to offer NFC as a payment option.24
Key Trends• Innovative banking solutions• NFC
Bank Account Penetration
52.8%
Online Banking Penetration
5%
Smartphone Penetration
33%
Czech RepublicWhile it has been established that the Czech Republic is a leader in Near-Field Communication (NFC) adoption across Europe; QR codes appear to be the driving force behind mobile payments. The Czech Banking Association has worked with T-Mobile and Vodafone to standardize QR codes found on utility bills so that the bill-payer can make immediate payments via their smartphone. Komercni Banka and Raiffeisenbank are both on board, offering customers more choice in how they manage their personal finances.20
Key Trends• Bill payments• QR codes• NFC and contactless
Bank Account Penetration
80.7%
Online Banking Penetration
46%
Smartphone Penetration
50%
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Central & Eastern Europe
Section Summary:
Central & Eastern Europe is a popular region for mobile payments innovation A lack of rigid banking infrastructure allows fast, cost-effective implementation of
new solutions Many residents of Central & Eastern Europe remain unbanked Despite technological advances in the region, feature phones are still widespread
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36%
Smartphone
Penetration
Bank Account
Penetration
72.7% 30%
Online Banking
Penetration
Country Profiles
Poland is a clear frontrunner for contactless payments in
Europe and as a result of accelerated consumer adoption in
this territory, mobile banking is rapidly gaining momentum
in consumer uptake of such services. This readiness to
embrace new transactional methods represents a huge
opportunity for innovative solutions to become massively
competitive within the region. Poland has already become
a leader in cloud-based mobile payments in a market lead
by VISA.25
As technology presents consumers with new, more
convenient options therefore influencing more mobile
centric consumer habits, cybercriminals will also flock
towards these new targets and with Poland’s shift towards
NFC and mobile payment solutions; the country’s financial
institutions must adopt fit-for-purpose security solutions to
guarantee the security of their tech savvy consumer base.
Poland
With a smartphone penetration rate of just over 30%, like
many CEE countries, most Romanians are still massively
reliant on legacy phones. The lack of financial services
presented an opportunity for new market entrants.
M-Pesa, an alternative financial service provider and
pioneers of mobile wallet solutions across East Africa,
have taken advantage of a potentially lucrative opportunity,
executing aggressive customer acquisition campaigns
across Romania.26
With only 4% of Romanians (the lowest
in Europe) having access to online banking, financial
institutions must take notice of M-Pesa and similar service
providers who are have proved successful in acquiring
new customers from the unbanked Romanian population.
With such a large user population, the complete security
of transactions via legacy devices is just as important as it
would be for any other mobile device for services such as
P2P payments and mobile ticketing. Financial institutions
that adopt a fit-for-purpose mobile payments security
solution they will be better placed to offer more secure
transactions for their customers while attracting new
customers from existing and new competitors including
the likes of M-Pesa.
Romania
How Omlis can Help:
Omlis’ high integrity approach to payments security supports a wide range of transactional scenarios, including Point of Sale (POS), Mobile Point of Sale (mPOS), Electronic Point of Sale (ePOS), App to
App (A2A), App to Bill (A2B), and App to Proxy (A2P) transactions meaning that however customers decide to transact, we are able to effectively and completely secure their data.
How Omlis can Help:
Omlis completely secures mobile transactions across any network, including 2G, 3G, or 4G. Adopting the Omlis high integrity encryption solution demonstrates a commitment to the security of customer data and allows financial institutions to attract a market segment which is currently being drawn towards alternative financial services.
Population:
19,963,581
The Hungarian banking industry is dominated by OTP
Bank who have adopted a very proactive approach mobile
payments, becoming the country’s driving force in area of
cashless payment solutions. In 2014 OTP Bank launched
its own digital wallet, OTPay in cooperation with Cellum
and MasterCard. OTPay is widely accepted as a payment
method in Hungary, and is the first digital wallet in Europe
to integrate MasterPass, MasterCard’s global payment
platform.27
Despite these positive steps by financial institutions
such as OTP Bank, as is displayed by the relatively
low smartphone penetration; legacy phones are still
widespread in the country. As with Romania, this leads to
a section of the population being disregarded by banks in
favor of smartphone users.
Hungary
Population:
9,897,247
How Omlis can Help:
The rising adoption of mobile payment solutions in Hungary, make it necessary for the country’s financial institutions to implement fit-for-purpose security. The Omlis high integrity encryption technology provides completely secure transfers. The Omlis solution is compatible any network, including 2G, 3G, or 4G which allows financial institutions to appeal to a wider market segment.
Population:
38,570,825 41%
Smartphone
Penetration
Bank Account
Penetration
70.2% 33%
Online Banking
Penetration
34%
Smartphone
Penetration
Bank Account
Penetration
44.6% 4%
Online Banking
Penetration
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Key Issues & Solutions
Security Fit-for-purpose security protocols are essential if mobile
banking solutions are to be fully embraced across
Europe. CEE has the infamous distinction of being a
hub for cybercrime with many of the most successful,
disruptive data breaches originating from the region.
This necessitates extra vigilance and absolutely secure
solutions that effectively protect mobile transactions.
Criminality is not the only threat to customer data as
demonstrated by Western European financial institutions’
reliance on systems which are decades old to process
transactions and secure confidential information in the
present mobile driven era.
The current use of subpar, inadequate encryption
methods and processes to secure mobile payments poses
a massive security risk across Europe. Many of these
encryption methods and processes were designed with
computers in mind and have been shoehorned into the
mobile channel, thus exposing consumers to the real risk
of fraud. This is compounded by the potential for human
error which is one of the main causes of data breaches.
Financial institutions in Europe must address these issues
with a security solution developed specifically for the
mobile channel. In Western Europe this can be achieved
by integrating scalable security solutions to existing
architecture and in CEE, by building solid infrastructures
through the prioritization of security.
The high integrity approach to mobile payments security
is redefining mobile payments security specifically for
the mobile era while simultaneously reducing the margin
for human error by providing a solid digital platform,
eliminating the need for unnecessary human interaction
which, in turn will streamline infrastructure development
and maintenance.
Infrastructure While Western Europe has a firmly established banking
infrastructure and a population who have easy access
to financial services, the legacy systems in place are
massively outdated and in some cases are decades
old. Currently, financial institutions are loath to overhaul
these tried and tested systems as they have become
complacent, sticking to ‘what has worked before’. Some
of these systems have been in use before the existence
of the internet and are not fit to secure the complexities of
new and constantly evolving mobile specific technologies.
The reality is; after years of add-ons and patches these
systems have become cumbersome, costly and insecure.
The opposite is true of CEE’s banking structure which lacks
a solid infrastructure. This ‘clean slate’ has been used to
their advantage as they are able to implement new systems
and solutions quicker, and with minimal cost. The other,
less positive side to this underdeveloped financial sector
is the amount of people who remain unbanked due to
unfamiliarity or mistrust in organized banking which poses
a serious problem for the region’s financial institutions.
The answer to these disparate issues is to secure and
streamline the solutions on offer. To meet the requirements
of an increasingly mobile-centric market, financial
institutions across Europe must respond to failings in their
infrastructure whether it be archaic or underdeveloped.
For consumers to place their trust in traditional banking
establishments they must be provided with convenient,
secure methods to transact and manage their funds.
The Omlis mobile payment security solution was built
specifically for securing mobile transactions and fully
supports existing banking technology infrastructure,
streamlining processes and protecting against breaches
using high integrity approach to encryption. In the absence
of established systems and services, the Omlis core
encryption solution is massively scalable, streamlining
operations without the risk of human error.
Financial institutions in both CEE and Western Europe
still experience challenges which are hindering the
implementation of mobile channel solutions. These
challenges range from the consumer attitude towards
banks following the recent economic crisis to the fear of
data breaches spurred on by 2014’s ‘year of the hack’.
Omlis have identified what we believe to be the four
major challenges that currently stifle consumer adoption
of mobile banking solutions across Europe. These are
Security, Infrastructure, Cost and Technology.
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The high costs of maintaining the legacy systems
which form the backbone of Western Europe’s financial
institutions has proved a constant pain point for the region’s
banking professionals with over half of them agreeing that
the amount spent on maintaining core banking systems
is disproportionately high. Despite knowledge that an
unavoidable technology overhaul would prove a more
cost effective long-term technology strategy, a large
majority of Western Europe’s financial institutions opt for
‘quick fixes’, with short-term strategies that are void of
longer term visions and as such exposing their ‘patched’
solutions to the rapidly increasing and ever-evolving threat
of cybercrime, especially via the mobile channel.
A lack of these legacy systems in CEE allows faster and
cheaper adoption of new banking solutions, eliminating
the challenge of huge financial investment in maintaining
outdated banking technologies and systems faced by
financial institutions in the West. While there is an issue
within the region due to the high unbanked population,
financial institutions are experiencing a new freedom
expressed by their ability to provide cheaper more
innovative banking products and services compared to
their Western European counterparts.
Pioneering the high integrity approach to mobile payments
security, Omlis affords financial institutions across Europe
the ability to streamline existing processes, reducing
operational costs while allowing for the effective execution
of mobile payment strategies that encourage maximum
consumer adoption.
CostDespite making huge strides towards the adoption of
innovative mobile solutions, there are still a significant
amount of CEE residents who rely on feature phones.
Currently, this market is egregiously overlooked by many
of the region’s financial institutions, reducing their potential
market share by only focusing on providing solutions to
smartphone users. Banks must make an effort to provide
solutions for all generations of device from 2G onwards
or lose risking custom to an influx of alternative financial
services such as M-Pesa.
In Western Europe, smartphones have achieved an
established level of ubiquity with subscribers using them
for everything from browsing the web to managing funds.
The main issue faced by Western Europe’s financial
institutions is the lack of confidence in current security
measures due to the increasingly tech savvy population’s
reaction to 2014’s ‘year of the hack’. While many of the
region’s smartphone users couldn’t do without their
mobile devices, mobile offerings from financial institutions
(although use of banking apps is widespread) are still
viewed with skepticism and a level of mistrust.
Across the entirety Europe, it is crucial for financial
institutions to realize the potential of the technology at their
disposal. Whether customers own smartphones, tablets
or feature phones – banks must have a plan in place to
ensure that they can support these current and potential
customers through a well-constructed, secure and
convenient financial journey.
The Omlis high integrity approach to securing mobile
payments is fully compatible with devices from 2G
onwards and provides completely secure transactions
without compromising on user experience.
Technology
How Omlis can Help:
Omlis understands the significant impact security has to the bottom line of any financial institution. The Omlis high integrity encryption technology is not only crucial in protecting financial data, but also in retaining a trustworthy brand. Our core encryption is designed specifically for the mobile channel using the same high-integrity development process (Correctness by Construction) as security-critical systems such as air traffic control and nuclear power. The benefits offered by Omlis also extend to costs. By reinventing encryption, Omlis’ high integrity technologies facilitate leaner operating efficiencies by delivering rapidly integrated solutions that are easily
interoperable within any existing banking infrastructure.
The Omlis core solution, unlike other encryption technologies, does not have a single point of failure. Traditional systems generally have a single point of failure where sensitive information is held - the hosted services that malicious parties can easily target. A key differentiator is our ability to distribute the risk by displacing it to the mobile device. The more mobile devices that join a payment network, the smaller the risk without any compromise on the integrity and resiliency of the Omlis encryption system on the mobile device.
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About Omlis
Omlis is a global mobile payment solutions provider
bringing highly powerful and effective solutions to all mobile
commerce security. We secure the mobile channel with
a powerful and innovative mobile payments technology
which was designed specifically for mobile devices.
Omlis has developed an encryption architecture that
secures transactions directly within the mobile channel.
The enabling technology uses unique device authentication
and data storage techniques designed specifically for
digital payments, providing complete protection for
consumer payment data.
We strive for a future where anyone, anywhere, can use
their electronic device and safely conduct any commercial
activity with complete and absolute confidence that their
activities are fully secure and uncompromised.
If you would like to learn more about what Omlis can offer,
please contact us.
The Omlis solution, unlike other encryption technologies,
does not have a single point of failure. Traditional systems
generally have a single point of failure where sensitive
information is held - the hosted services that malicious
parties can easily target. A key differentiator is our ability
to distribute the risk by displacing it to the mobile device.
Existing encryption often relies on keys derived from a
single master-key to secure sensitive data, meaning that
as more devices join a network, the risk of these devices
becoming compromised also increases. With the Omlis
solution, the level of risk does not increase due to our
application of single-use encryption keys which remove
the possibility for theft of valuable information as well as
the ability to breach numerous devices through a single-
point-of-attack. Any potential threats to personal data are
swiftly isolated and eliminated, effectively removing the risk
if a consumer’s mobile device is compromised.
Omlis Solution Risk Profile vs Traditional Risk Profile:
Traditional Risk Profile Omlis Risk Profile
Hackers Hackers
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19 150609_oml_gmp_eu_overview_v1p | Public | © Omlis Limited 2015
1. Bain & Co: Mobile Banking Expands Omni-Channel Loyalty
2. The Financial Brand: It’s Time to Reinvent Mobile Banking
3. BBVA: BBVA Wallet Reaches 250,000 Users
4. Monitise: Yaap Shopping Gives Retail an M-Commerce Twist in Spain
5. The European Financial Review: How Would You Like to Pay? A European Analysis
6. Banking Technology: SIA to Shake Up ‘Fossilized’ P2P Payments in a Jiffy
7. Internet Retailing: UK Leads the M-Retail Revolution
8. Symatec: The State of Financial Trojans 2014
9. Internet Live Stats: Internet Users by Country (2014)
10. The Paypers: Cross-Border E-Commerce – Germany
11. BayPay: One in Three Germans Ready to Use Mobile Payments
12. Symatec: The State of Financial Trojans 2014
13. The World Bank: Global Internet Data
14. Econsultancy: Digital Banking Insight – Norway
15. Mobile Payments Insider: Danish Operators Sell Mobile Payments Solution
16. Payment Week: Bank of Finland – ‘Cash May No Longer Be Needed After 15 Years’
17. NFC World: Finnish Banks Add HCE Payments to Mobile Wallet
18. Planet Biometrics: Finnish Firm to Trial Facial Recognition
19. Mapa Research: Security Enhancements Prioritized in Sweden
20. GSMA: Mobile Money for the Unbanked
21. Tatra Banka: Visa – ‘Slovakia Innovates in Contactless Mobile Payments’
22. KBN: The Mobile Payment Market in Slovakia
23. Misys: Bulgaria’s Largest Retail Bank Pioneers Gamification
24. Telecompaper: First Investment Bank to Launch M-Payments with MeaWallet
25. Visa Europe: Poland Becoming a Leader in Cloud-Based Mobile Payments
26. Vodafone: M-Pesa Comes to Europe for the First Time
27. Mobile ID World: OTPay Brings Physical M-Commerce to Hungary
ReferencesStatistics on Smartphone Penetration, Bank Account Penetration, Online Banking Penetration and Population gathered from:
Statista and WorldBank (2014)
ContributorsThe following individuals contributed to this report:
Helmut Okike
Senior Marketing Executive
John Patterson
Copywriter
Paul Holland
Communications Assistant
John Stuart
Chief Commercial Officer
Markus Milsted
Founder and CEO
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OmlisThird FloorTyne House
Newcastle upon TyneUnited Kingdom
NE1 3JD
+44 (0) 845 838 [email protected]
© Omlis Limited 2015