The world of mobile commerce is getting really exciting, and we think in 2011 we'll get closer than ever to true mobile commerce finally becoming a reality in the U.S. First Data’s role is huge in making payments on mobile devices come to fruition.
Last September we announced our strategic partnership with SK C&C, a pioneer in mobile commerce technology, to enable financial institutions and merchants to securely and efficiently provision accounts, including credit and debit cards, prepaid and gift cards to the mobile device.
So what are we announcing today? After working for several months with SK C&C, we're announcing that the Trusted Service Manager (TSM) solution is now available for enablement of Near Field Communication (NFC) devices for issuers, merchants and mobile network operators (MNOs) looking to quickly prepare consumers for the fast approaching mobile payment reality, through the most scalable, cost-effective and secure service available today.
What does that mean? Well, we know that more and more NFC-enabled devices are making their way into the marketplace, and we know that consumer adoption of mobile technology is skyrocketing. Taking these factors into account, now is the right time to offer the TSM service and enable the migration of the leather wallet to the virtual or mobile wallet. With the mobile wallet, consumers can use their mobile devices to make payments anytime or exchange value, anywhere. They can also manage a wide range of complex relationships with merchants and financial institutions.
We've waited many years for all the right pieces to fall into place with mobile commerce, and are so thrilled that its tipping point is visible on the horizon.