The announcement that Sberbank, the largest bank in Russia and Eastern Europe with 100 Million customers, was adopting Host Card Emulation (HCE) mobile payments made many news headlines. It also generated a lot of inquiries as to why Sberbank chose Sequent as the provider of HCE mobile payments technology.
As an analyst asked last week at a briefing call: “So, what is your secret sauce?”
While I can’t tell you the recipe for our secret sauce, I can give 3 reasons why our our HCE and cloud digital issuance solution is different and appealing for top banks like Sberbank:
- Reason number 1 – It’s Comprehensive: Our HCE mobile payment solution is based on our Digital Issuance platform that can do secure element OTA as well as cloud issuance and HCE. A consumer shouldn’t have to worry if his credit or debit card is stored in a secure element or the cloud as long as payments are secure and reliable. At the end of the day, banks, mobile operators and other players don’t want to be restrained by technology but use it to deliver broad based mobile payments to their customers.
- Reason number 2 – It’s Simple: We take care of the user experience, app enablement and card distribution. Our solution comes with easy to use APIs that allow app developers to connect to credit card credentials stored in the cloud or secure element. Banks can enable their existing banking apps for payment and distribute their cards to trusted merchant, other apps while maintaining the control over brand and payment method.
- Reason number 3 – It’s Secure: HCE mobile payments and tokenization standards released by Visa and Mastercard can only show the way. This is one of the main reasons why Sberbank chose to work with us. We handle security of card data through our advanced tokenization scheme, security in the handset memory through our on-device middleware and base our issuance systems on a highly secure, OTA approved, PCI and EMV compliant TSM infrastructure.
Bottom line is that Sberbank shares our vision. We want to make mobile payments simple, open and intuitive for consumers. We want them to securely pay with their phone, using the apps they trust and love, anywhere in the physical environment and not have to worry if cards are stored in the cloud or the SE and if payments are done via NFC with HCE, barcode or other technologies.
With this vision in mind we went back to the technology and built a solution. Actually, maybe there is just one reason they chose us…we thought about their customer first!