SINGAPORE--(BUSINESS WIRE)--July 21, 2008--The use of contactless smart cards in mass transit and banking applications has grown considerably over the past few years in the Asia Pacific region. Convergence between these two applications can bring greater benefits and efficiencies for issuers as well as consumers.
New analysis from Frost & Sullivan(http://www.smartcards.frost.com), Strategic Assessment of the Asia Pacific Smart Card Mass Transit and Payment Markets, reveals that the time is ripe for issuers in both industries to consider working together with merchant outlets and retailers so that all parties can gain from a multi-application platform.
âContactless smart card technology is able to provide this common platform and can be designed to create a balance between security and commercial application,â notes Frost & Sullivan Industry Analyst Michelle Foong. âThe market in Asia Pacific is ready for this convergence in many countries, and some are already in the process of convergence to reap the benefits of multi-application.â
However, readers and cards used within the mass transit and banking markets may not always be interoperable and based on common protocols. Their backend systems and infrastructure are often not linked, making interoperability a short-term restraint for the market.
âRetailers and merchant outlets need to have a common platform of readers and terminals to accept cards from a variety of issuers, be it from transit agencies or financial institutions,â says Foong. âThis has not happened in most cases and it will take some time before all the readers become interoperable.â
In order to ensure convergence between the two industries, various parties such as transit agencies, financial institutions, merchants, and card issuers need to work together to create a healthy, efficient, and interoperable eco-system. The contactless smart card infrastructure should also be developed further for this to materialize.
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Strategic Assessment of the Asia Pacific Smart Card Mass Transit and Payment Markets is part of the Smart Cards Growth Partnership Services Program, which also includes research services in the following markets: World Smart Card Markets, World Smart Card IC Market and World Contactless Smart Card market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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Strategic Assessment of the Asia Pacific Smart Card Mass Transit and Payment Markets
Frost &SullivanCorporate Communications â Southeast AsiaDonna Jeremiah, +603 6204 5832Fax: +603 6201 firstname.lastname@example.orgCorporate Communications â North AmericaMireya Castilla, 210-247-3830Fax: email@example.comCorporate Communications â EuropeJoanna Lewandowska, +48 22 390 41 firstname.lastname@example.orgCorporate Communications â South AsiaCaroline Lewis, +91.22.4001 3438Fax: +91.22.2832 email@example.comCorporate Communications â Middle EastNimisha Iyer, +91 22 4001 3404Fax: +91 22 2832 firstname.lastname@example.orgCorporate Communications â ChinaAmelia Wong, +86 21 5407 5783 Ext 8669Mobile: +86 email@example.comCorporate Communications â AfricaPatrick Cairns, +27 18 468 firstname.lastname@example.orgCorporate Communications â Latin AmericaJosÃ© MarÃa Jantus, + 54-11-4777- 9951Fax: + email@example.com://www.frost.com
State Keywords: California; TexasIndustry Keywords: Technology; Transport; Security; Public Transport; Professional Services; BankingSource: Frost & Sullivan
Authoritative analysis and perspective for every segment of the payments industry
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