April 2, 2015
Mozido, the Austin-based global mobile commerce solutions provider, is building on its mobile payments platform through a strategic investment in HCE (host card emulation) technology pioneer, SimplyTapp. The investment gives Mozido access to SimplyTapp’s patented HCE technology platform, enabling cloud-based credentials management capabilities for secure NFC-based mobile payments.
Mozido will leverage SimplyTapp's open card issuance platform to allow merchants to support NFC for more efficient and secure transactions within the merchants’ branded mobile application environments. The investment comes on the heels of Mozido’s majority acquisition of CorFire, a prominent player in Trusted Service Management (TSM) services and tokenization. The strength of Mozido’s Mobile Transaction Ecosystem Architecture Framework (MoTEAF) platform as a service for mobile payments, consumer engagement, and financial inclusion, combined with the specialized capabilities from CorFire’s NFC tokenization and SimplyTapp’s HCE technology, positions Mozido as the leading player in both cloud-based and hardware-based secure elements, and thus NFC-based mobile payments overall.
By combining Mozido’s payment platform with SimplyTapp’s fundamental HCE technology and CorFire’s NFC payments, Mozido will provide a plug-and-play capability for banks and other clients to extend their current mobile applications. This will allow their consumers with NFC mobile phones to pay at any NFC-enabled merchant. Mozido has consistently led the industry in the deployment and integration of mobile payments and consumer engagement programs.
This investment expands Mozido’s platform and allows its customers to more effectively leverage mobile payments within their consumers’ mobile experience, including stored-value, private-label and network branded cards, with a single tap at existing NFC payment terminals. A merchants’ mobile loyalty and engagement application, powered through MoTEAF, can deliver tokenized offers and customer payments for a seamless mobile loyalty and payments application that is interoperable with any payments method.
The mobile payments industry is in the midst of a transformation. With secure element-based NFC mobile payments struggling, the industry is leaning heavily towards a future of more open, HCE oriented mobile payment transactions. Doug Yeager, co-founder and CEO of SimplyTapp, said in an official press release: HCE is the core enabling technology for how mobile payments will work going forward. By partnering and combining our solution with those of Mozido and CorFire, merchants as well as banks can truly benefit from a platform that allows them to innovate and enhance their customer experience.