With new mobile payment technologies like Apple Pay and Host Card Emulation, the way people pay for everyday items are about to rapidly change. People around the world want to make the payment process easier and more secure. Financial institutions in turn seek technologies that make their processes safer and more efficient.
Canada-Based Mobile Payment technology company Carta Worldwide believes it holds the key to the next era of personal payments. Led by tech industry veteran and CEO Brian Semkiw, Carta may become the next big name in the Canadian tech arena.
Since its inception in 2007, Carta has proven that its technologies are well above par. The company always believed that, should it properly utilize new innovations, it could become a frontrunner in the future of the payments industry. As explained by Semkiw in a recent CBJ interview, “Right from the beginning, we had mobile payments in mind. We believed ultimately that payments would be made on mobile phones. Now, the market is starting to accelerate.”
Most financial institutions continue to use ‘legacy’ system software, which was developed prior to the arrival of the internet and does not operate fully insync with online client needs. Carta’s technology was built with the preemptive foresight that the internet, mobile phone, and chip would become integral aspects of the payment industry.
Carta’s platform can be easily transformed to meet the needs of clients. It is also fully compatible with the traditional legacy transaction systems, allowing clients to migrate seamlessly from their existing payment infrastructure.
This predictive planning has proven to be invaluable to financial institutions around the world. Today, Carta Worldwide is the leading provider of processing technology platforms that is capable of enabling global payments. It is a certified processor for both Visa and MasterCard. With programs with large banks in four continents, Carta’s Host Card Emulation and cloudbased secure element platforms are transforming the mobile payment industry globally.
An Unlimited, Untapped Market
Carta’s early planning has allowed it to be a forerunner in the mobile payments technology industry; so much so, that there are few real competitors. The company has introduced revolutionary technologies that are truly changing the way people make purchases. Carta’s that allows the security needed for a contactless mobile payment to exist in the cloud.
Using a system called ‘tokenization,’ in which a singleuse representation of a payment card is created to complete a transaction, thus greatly improving security, Carta makes payments simpler while lowering the opportunity for fraud.
In order to maintain the highest security measures for Canadian clients, Carta stores all highly sensitive information and transaction data within its Prince Edward Island facility. Many other financial institutions ship and process this information in locations across the United States.Carta is currently the only thirdparty process ing company that competes all processing on Canadian soil.
As the mobile payment industry is one of the most recent technological revelations, the market is virtually untapped.
“Our customer is anyone who makes a payment,” says Semkiw, “Theoretically, it’s every person in the world.”
With an unprecedented market opportunity and stateoftheart technology, Carta Worldwide is set to become the next major player in the global enterprise landscape.
Semkiw believes Carta can do more than simply create more convenient mobile payment options, he believes the firm can entirely transform the way the world does banking.
According to Juniper Research, an estimated 800 million people around the world used a smartphone to do banking in 2013; it is expected that this number will rise to 1.75 billion by 2018. Gartner expects mobile payment transactions will reach $507 billion in 2014.
This not only means Carta’s market exists – it is constantly growing. Carta Worldwide holds unlimited growth potential.
This increase in online and mobile banking has also been met with an increase in the number of new financial institutions emerging. These institutions are bringing new methods to the market, and need new technology programs beyond the traditional legacy systems to remain competitive.
“We see ourselves as the most advanced processing program for banks in the world; we’re the first enablers of the new vision of banks,” Semkiw explains.
“In the near future, there will be a different kind of point of sale device… you will be able to perform a pin secure transaction that’s high value on your phone.” With such advanced technology and market size, Carta is situated to become the next great Canadian business success story. As put by Semkiw, “The time is right. We are a unique company with a competitive technology platform. We can achieve any objective.”