evolving tactic

Today, the future is more than cards. Instead, it’s likely to be other programmable instruments like virtual cards, hand-held computers, watches or household accessories that might complement a microprocessor. No matter how it sounds, all services will become more personalized, more detailed and less intrusive. The company that remains focused on building brand identity and fostering strong relationships with customers will win the big game. It will be the world’s leading knowledge management company where the best companies will turn to find a distinct competitive advantage.

The plastic “portal in your pocket” will become the gateway for consumers to consolidate the business of their daily lives: credit accounts, checking accounts, payroll, securities, utilities, insurance, health benefits, retirement savings and more. TSYS has assumed a leadership position by joining Global Platform to influence and direct smart card standards.The “smart” card—already widely used in Europe—will bind many of today’s disparate industries. And it’s another tool to drive all electronic transactions through the gates of TSYS.

While the smart card harvest is ripening in domestic markets, we are establishing a full-service debit product that will form a foundation on which future PIN-based services will flourish by providing the service to banks, credit unions and nonbank institutions. Consumers prefer this service that’s faster, more efficient and more secure than cash. Merchant entities can use the account-level details to obtain powerful marketing information for attracting and retaining consumer households, persuading consumers to use their cards over competitors’.

By applying emerging technologies like the stored-value card to the magstripe medium, we are giving institutions new marketing tools and new revenue channels.With or without a banking relationship, we are providing consumers security, convenience and credibility in the marketplace. Stored-value applications already comprise a multibillion-dollar market. Stored-value advantages have drawn the attention of other industries like medical and insurance.

The technology transition is driven by international businesses, foreign governments and large corporate entities, including the U.S. government.Those organizations need a means to protect the large-dollar sums carried in a single transaction—through the Internet or elsewhere—and the chip card represents the highest magnitude of security available today. The European Union requires chip card capabilities for certification, as will MasterCard,Visa and the U.S. GSA.