RIM Receives Approval from Visa for Mobile Payment Solution
RIM Receives Approval from Visa for Mobile Payment Solution - Yahoo! Finance
WATERLOO, ONTARIO--(Marketwire - Jan. 16, 2013) - Research In Motion (RIM) (RIMM)(RIM.TO) today announced that its Secure Element Manager (SEM) solution for NFC (Near Field Communication) mobile payments has been approved by Visa. RIM's SEM is the backend solution for carriers that can securely manage credentials on SIM (subscriber identity module) cards installed in all types of NFC-capable mobile devices.
"The approval from Visa of RIM's SEM solution is an important step in that it will enable carriers to support Visa issuing banks and financial institutions," said Frank Maduri, Senior Director, NFC Services and TSM Product Management at RIM. "We now offer carriers a robust solution with around-the-clock global support that works on any NFC-capable device, and meets the stringent technology and usability guidelines for Visa."
"RIM's success in gaining Visa's formal approval as secure element manager is a crucial step in expanding RIM's role as a key security partner for mobile payment solutions around the globe," said Andy Castonguay, Principal Analyst, at Informa Telecoms & Media. "RIM's secure network operations center provides a unique combination of global geographic reach, and has established trusted relationships with hundreds of carriers around the world with an unparalleled reputation for security, which sets RIM apart as an SEM partner in the growing mobile payments space."
Today's announcement from RIM builds on the recent deployment of mobile payments in Canada by EnStream, a joint venture of Bell, Rogers and TELUS, which uses RIM's SEM solution.
About Research In Motion
Research In Motion (RIM), a global leader in wireless innovation, revolutionized the mobile industry with the introduction of the BlackBerry® solution in 1999. Today, BlackBerry® products and services are used by millions of customers around the world to stay connected to the people and content that matter most throughout their day. Founded in 1984 and based in Waterloo, Ontario, RIM operates offices in North America, Europe, Asia Pacific and Latin America. RIM is listed on the NASDAQ Stock Market (RIMM) and the Toronto Stock Exchange (RIM.TO). For more information, visit: RIM Company - Learn about Research In Motion or Cell Phones, Smartphones & Mobile Phones from BlackBerry.com.
- 01-16-13, 02:43 PM #11
What's Secure Element Manager (SEM) in lay-person's language?
Will we still require special NFC enabled SIM Card? CIBC/Rogers require you to buy NFC enabled SIM Card even if your phone has NFC built-in.
By the way, all those analysts who were worried (or scare mongering) that RIM is going to lose service-revenue are YET to realize that this ('payment processing') business could net HUGE amount of service revenue. May easily offset (or even eclipse) RIM's existing service revenue. Imagine, RIM getting a cent or two for every payment made via BB NFC. It'd quickly add up!
- 01-16-13, 02:47 PM #12
- CrackBerry Master
01-16-13, 02:49 PM #13
- 1,264 Posts
There is a greater chance that carriers may push other vendors to use RIM's solution because carriers want a pie of next big thing that is bound to happen - mobile currency, reason being it is not just the securing the data at rest but securing data in the transit using RIM's NOC spanned across all over the world. Potential use cases could be money transfer, purchases, currency conversions - think of a Paypal on steroids. It is matter of time other providers like Mastercard, Discover and Amex will certify the Blackberry NFC solution. It's what you call leapfrogging..
- 01-16-13, 02:49 PM #14
- 01-16-13, 08:03 PM #15
iphone does not support NFC. The next ones that are released will have it, according to articles that I have read about it. RIM is ahead of them on that, and I am sure on many other features this Z10 is going to be packed with
- 01-16-13, 08:12 PM #16
- CrackBerry Abuser
01-16-13, 10:17 PM #20
- 114 Posts
The secure element is a chip (actual hardware) embedded in the SIM card. Carriers will charge you the same that they charge for a regular SIM; nothing, because they want you to use your phone for everything (it's good for business). RIM has created a network that augments carrier's network and probably turns the message from phone<>bank into an ultra secure, encrypted and fast BBM. Quite frankly, this Visa announcement has been expected as you can already use visa and MC passpass and paywave with the Rogers/CIBC NFC program that you were talking about. It's only a matter of time before the other major credit card companies make it official.
For those interested, I wrote a comprehensive article on RIM's mobile payment opportunity, have a read. Mobile Payments: The Coming Growth Engine For Wireless Carriers - Seeking Alpha
- 01-17-13, 04:18 AM #21
Honestly, I think the big here, beyond these petty/pointless conversations about apps/ecosystems we have is RIM is going to push a globalization of a lot of our daily activities making the world a seemless community. Globalization is likely inevitable anyways. I really hope an actual competitor arises because I'm an opponent of monopolies.
In other countries you can pay for the train or a cab with the same proximity sensitive card. You may even be able to purchase food. This is not really that ground breaking but it sets the table for adding this ability to our phones. There is no company better suited for this than RIM with their security and privacy focus along with their ever expanding global network (although this really goes against and I'd assume is to the miscontent of googles data-mining model). RIM is really making all the other companies look inept at forseeing what the future holds as they push innovation. I'm really hoping someone else steps up to the challenge because I don't want to have only RIM to choose from.
I feel it would be fair for other contenders to face the same ignorant, illogicaly negative, doom-and-glum garbage from the media but I hope and feel when the next wave of competitors come to completely disrupt the teetering duopoly they will be given more of a chance. I've already seen articles were Tizen apparently and amazingly faces zero of the hurdles BB10 will/has.
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