Overcoming the crisis

Our secure transactions industry, which only represents a couple billion Dollars (or Euros), is not accounted for separately. However, we do believe our small branch of the global IT industry will be less affected than others. Starting from the end user level, even in crisis times, no one will stop making phone calls, no one will stop needing a ticket for public transport, no one will stop needing an ID card, or a passport, and no one is going to turn back his credit card. The secure transactions industry is, for a large part, a consumables market, where after the project is launched, card issuers can hardly stop purchasing SIM cards, payment cards or ID cards if they want to be able to provide service to their end users.

However, the crisis does affect us as new developments, new investments from mobile network operators, financial institutions, mass transit operators, or governments may be delayed. And we all know that a delayed project always has a risk for being delayed indefinitely, and to end up being canceled altogether. In a crisis period, the best answer the secure transactions industry can have is to remain always more innovative. If we’re able to demonstrate issuers that developing new applications will help them develop their business, increase their market share, or increase their profits, then we will raise their interest, and trigger investments in our industry.

For each technology development we need to keep in mind the business model, and to be able to demonstrate a certain and fast return on investment for our customers. New developments in our industry, such as NFC, are at risk if we’re not able to provide our customers with a clear vision of their return on investment, based on a transparent and healthy for all business model. We will only succeed with our technology developments if we make our customers succeed in their own business.

Thierry Spanjaard

Chief Editor

Smart Insights