The Asian Banker

NEC launches Integrated Electronic Money Solution
Mar 11, 2013

Tokyo, March 5th 2013 - NEC Corporation is providing a complete prepaid electronic money (e-money) system that includes system servers, media (cards, smartphones, etc.) and payment terminals. Starting today, NEC’s “Integrated Electronic Money Solution” is available both inside and outside of Japan. 

This new solution consists of three primary elements: (1) “E-money servers” that manage prepaid e-money issuing, transactions, balances, user accounts, settlement, etc. (2) “E-money media,” including cards, mobile phones and smartphone applications for when users make payments (3) “E-money payment terminals” for stores to read information from e-money media.

E-money servers allow NEC to provide these functions as a cloud service, which enables the system to be quickly implemented and maintained at a low cost.

“NEC is an e-money pioneer with advanced technologies that include platforms, cloud computing and smartphones. Its end-to-end solutions enable retailers to quickly and easily expand their e-commerce business,” said Nobuhiro Ide, Assistant General Manager at NEC Corporation. “This solution has already been adopted by one of the world’s best known convenience stores and a leading multiplex cinema operator in India. We aim to continue promoting this business model with retailers all over the world.”

Key features of the “Integrated Electronic Money Solution” include the following:

1) Comprehensive e-money functions linked with a wide range of services
- NEC provides all of the necessary components for a complete e-money service, including servers, media and payment terminals. Customers may also select functions that fit their specific needs.
- In addition to e-money services, NEC’s cloud services also support CRM functions, such as point services or e-money transfer services between individuals using mobile phone SMS. It is also possible to provide new customer services linked with e-money transactions.

2) Low-cost e-money payment terminals
NEC provides e-money payment terminals that support NFC. These terminals can be provided at a low cost since their functions are focused mainly on NFC communications and security functions. These terminals can connect to POS registers or smart devices, such as tablet devices and smartphones, in order to provide payment solutions.

3) Enables NFC smartphones and contactless IC cards to be used as e-money media
This solution allows consumers to make payments by using NFC smartphones as well as contactless IC cards as e-money media. This also enables services and transactions to be processed quickly and conveniently.

Going forward, NEC will continue to develop this new solution and other mobile POS services in order to strengthen the provision and operation of retail services throughout global markets.


Re-disseminated by The Asian Banker

Categories: Technology & Operations
Keywords: NEC

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