The Members Group announced it will present a free one-hour webinar, "Mobile Payments: Momentum from Apple Pay," on Tuesday, Oct. 7, at 1 p.m. CT.
Apple Pay, a digital wallet powered by near field communication, has prompted many credit unions to contemplate whether they should take a bite out of the mobile payments tree.
More than half of financial institutions plan to enable their cards for tokenization by the end of 2015, TMG said. It sourced a recent survey, conducted with a select group of 68 clients, and also noted that 38% already have a mobile payments strategy in place.
"TMG has been preparing for the day payments would be made using NFC and tokenization," said Shazia Manus, CEO of the Des Moines, Iowa-based payments processor, in a press release. "With the introduction of Apple Pay, that day has arrived. What some may see as a disruptor to the payments industry, TMG views as validation of the path our experts have been traveling."
"Although the announcement of Apple Pay has created quite a bit of buzz about the new future of payments, EMV, NFC and tokenization have been part of TMG's strategic product roadmap for the past 18 months," Manus continued. "What EMV promises to do for card-present fraud, tokenization promises to do for card-not-present fraud."
TMG recently enabled a streamlined process for its clients to migrate to EMV and that it plans to do the same with tokenization, the company said.
Hosted by TMG Senior Product Manager Brian Day, the webinar will provide insight on how NFC, biometrics and tokenization – three technologies exploited by Apple Pay – will impact payment card issuers and the larger payments industry, the company said.
Day has played an integral role in TMG's mobile and wearables strategies, which aim to position TMG clients for continued success as the payments industry evolves, the company said.
During the webinar, Day will share the results of his research into digital payments technology and talk about the expected impact of several different types of solutions, including Apple Pay, the company said.
He also plans to explore how these solutions may impact community financial institutions' digital banking, delivery channel and marketing/branding strategies, according to the press release.
For more information or a link to online registration for the webinar, send an email to Brian Day at [email protected].
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