150623_OML_GMP_European_Overview_v1.0

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developed, has become mired in outdated legacy systems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

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


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


93.3%


37%


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


71%


26%


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


97%


58%


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


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

9

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


79.6%


41%


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


52.8%


5%


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


80.7%


46%


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


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


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.


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.


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

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

OmlisThird FloorTyne House

Newcastle upon TyneUnited Kingdom

NE1 3JD

+44 (0) 845 838 [email protected]

© Omlis Limited 2015

150623_OML_GMP_European_Overview_v1.0

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