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Mobile Payments Security in Central and Eastern Europe

(Financial Sector)

Impact of Mobile Payments Security on Profits, Reputation and Customer Loyalty

Part 2 of Global Mobile Payments Series from Omlis150420_oml_v0.2p | Public | © Omlis Limited 2015

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ContentsIntroduction 2

The Mobile Use Landscape: Central & Eastern Europe 3 Mobile Payments: An Overview 4

The Mobile Use Landscape: Case Studies 5

Key Mobile Issues for Financial Institutions: Central & Eastern Europe 7 Issue 1: Security 9

Issue 2: Technology 11

Issue 3: Infrastructure 13

Summary and Recommendations 15

About Omlis 17 References 19

Contributors 19

IntroductionAt just 6%, Central & Eastern Europe’s (CEE) contribution

to global revenues generated through mobile payments

may appear insignificant, but there are certainly strong

arguments that this region is making some of the most

practical gains in the global mobile payments market. As

a result, by Q4 2015, the number of mobile payment users

in CEE is forecasted to reach 44.6m with the gross value

of mobile payment transactions in the region set to hit

$42.3bn.1

There is a clear consumer appetite for mobile services in

CEE, with numerous mobile initiatives being executed in

key territories within these regions. These mobile focused

initiatives present immensely profitable opportunities for

financial institutions to take advantage of. The convenience

mobile devices afford consumers in CEE also presents a

compelling proposition for financial institutions. Through

the mobile channel, banks and other financial service

providers have a real opportunity to maximize customer

loyalty, trust and spend at lower costs to themselves and

the consumer. This however, hinges on the ability of these

organizations to provide mobile solutions through which

consumers can securely and conveniently manage their

funds and payments, dispelling negative attitudes towards

conventional banking. Banks that don’t implement a fit-

for-purpose mobile payment strategy will rapidly find

themselves with severe competitive disadvantages.

This being said, a dichotomy still exists. Although the

accelerated progress and adoption of mobile payments

shows no signs of slowing down, there are still large sections

of CEE’s population who use and rely solely on feature

phones. This situation presents a market segment who

are often neglected or forgotten as institutions succumb

to increasing pressures for more innovative products

and services aimed at users with smart devices. The

implementation of these solutions often bypasses those

consumers reliant on older mobile devices and struggle

to access or fully benefit from these newer products and

services. Such oversight is aggressively exploited by new

entrants into the financial services market, specifically

focused on the mobile channel. Alternative money services

such as M-Pesa, who revolutionized mobile money

services in East Africa, are one of an increasing number

of mobile focused financial service providers to engage

this section of CEE’s population and make it increasingly

difficult for banks to attract new customers.

In this paper, Omlis identifies key issues present in CEE’s

financial industry and how an effective mobile payments

strategy can increase consumer confidence and trust

in the mobile channel, provide financial security to the

‘unbanked’ while also catering to the rising level of tech-

savvy, ‘banked’ smartphone users. To understand the

landscape in which the financial industry operates in CEE,

it is important to firstly consider the evolving payment

habits of the region.

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The Mobile Use Landscape:

Central & Eastern Europe

Section Summary: Central & Eastern Europe is a key early adopter market for innovative mobile solutions Poland leads the region in the adoption of cloud-based digital payment solutions Near-field communication (NFC) transactions are becoming increasingly prevalent in the region Smartphone subscriptions are rising and consumers are increasingly using them to transact

The year-on-year increase in consumer demand for mobile

data services in CEE can be attributed to lower priced

handsets, attractive bundle deals and a wider variety of

available content on offer by network operators; a direct

result of increased competition for consumer loyalty. In

Q3 2014, mobile data contributed 40% of T-Mobile’s total

revenues in Croatia, an increase of over 12% from Q1

2012. The Czech Republic and Slovakia experienced 10-

12% increases for T-Mobile data usage in the same period

also. This trend is now becoming comparable to more

developed European states.

Appetite for Mobile:

Consumers in Austria can now access the ‘Quick Mac’ mobile app from McDonald’s. To make an order, customers select what they want directly from the app, enter their payment method and confirm the McDonald’s location they wish to visit. Customers then present their unique code from the app to the cashier and complete their purchase. Currently, Austria is the only country in the trial.

This culture of readiness has led to innovative mobile

solutions becoming the norm enhancing the region’s

growing reputation as an early adopter of mobile focused

solutions. Smartwatch provider LAKS recently enabled

mobile payments through their device at contactless point

of sale terminals in Poland, the Czech Republic, Serbia, and

Austria. Such developments cement the enviable position

of the CEE market as a haven for mobile innovation.

In the East, Poland continues to strengthen its position

as one of Europe’s most innovative payments markets,

with nine Polish banks (including ING Bank l ski,

Raiffeisen Polbank and Bank Millennium) confirming plans

to commercially launch cloud-based mobile payment

services in early 2015, supporting the country’s heavy

investment in digital payment solutions.

Contactless Revolution:

Remarkably, in Slovakia every third payment is contactless, with 23m NFC based transactions in 2013 alone. For a population of 5.4m, this is the highest per capita rate in Europe.2

Innovation is not the only key differentiator in this region.

The sheer volume of transactions is evidence that CEE

region cannot be ignored. Russia boasted the highest

reported amount of mobile payments outside of Africa in

2013, with 24% of the country’s mobile users claiming to

regularly use a mobile device for making payments.3 This

attitude shift has also seen mobile data usage in Russia

overtake conventional desktop computers as of 2014.4

M-Commerce Growing:

In Ukraine and Turkey, over 40% of smartphone owners already have experience with mobile shopping.5

A key factor responsible for shaping the mobile market

in CEE is the financial landscape. In 2013, mobile phone

sales were negatively impacted as a result of the unstable

economic environment in the Czech Republic and other

CEE countries. However, since the recovery, feature

phones have rapidly been replaced with smartphones as

Czech consumers embrace the cost and convenience

benefits of mobile-centric living, positively impacting the

growth of mobile internet and mobile payments adoption

in this region.

It is increasingly evident that consumers in the region

are dependent on their mobiles for all types of financial

transactions. This extends to P2P transfers, travel ticketing

and crucially, banking which has been transformed by the

emergence of mobile solutions.

Mobile Payments: An Overview

3

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The Mobile Use Landscape: Case Studies

The increasingly mobile-centric lifestyle in the region can largely be attributed to successful mobile channel initiatives

within CEE, which has set the standard for other financial institutions across the rest of Europe to emulate. Although the

unbanked population in CEE outnumbers those with access to traditional financial services, innovative financial initiatives

via the mobile channel are proving to be true liberators, providing mobile based solutions to conduct transactions and

manage finances.

Case Study 1: mBank

mBank was birthed after BRE Bank, one of the most established names in Polish banking, shifted their strategic focus to digital channels. mBank built their online infrastructure from the ground up and its independence from outdated legacy systems associated with the traditional banking IT infrastructures of Western European banks allowed for incorporation of feature rich functionality into its banking apps.6 BRE’s online bank experienced rapid growth, becoming the third largest bank in Poland encouraging BRE to rebrand as mBank.

Case Study 3: Transport and Travel Ticketing

It is increasingly evident that the region’s financial institutions

are beginning to recognize the growing demand for mobile

based solutions and the need for a shift in channel strategy

to capitalize on the immense opportunities for growth

through the mobile channel. BRE’s creation of mBank

clearly demonstrates this strategic shift. Unfortunately, this

attitude is not ubiquitous within the CEE financial sector, as

is displayed by the needs which are met by services such

as M-Pesa (see Case Study 2) that allow the unbanked

population to make payments and transfer funds without

the need for a conventional bank account.

To successfully compete, the CEE financial sector must

research and create mobile initiatives that make a real

impact to the daily lives of the region’s mobile users. The

financial sector could benchmark their strategy on the

success experienced by the region’s travel industry which

has moved the majority of services online. Through this

they would be better positioned to cater to the evolving

needs of a demanding consumer base by offering simple,

effective mobile payment options, increasing profits from

existing and new customers.

One of the main industries driving revenue growth in Eastern Europe is travel. The strategic shift to digital channels, combined with an increasingly mobile population has been a key driver behind this success for the region’s travel industry. A large portion of mobile generated revenues stem specifically from online hotel bookings but a key driver for growth is attributed to domestic travel schemes where mobile payments have been integrated into public transport systems.9

Mobile payments in transport ticketing has rapidly become a key contributor to revenues generated in Eastern Europe. Although SMS ticketing is fairly established in this region, most notably in Prague, Bratislava and Bucharest, more advanced NFC schemes have taken hold in recent months, such as the state launched mobile payments plan for transport in Hungary. This scheme delivered by nationally owned company Nemzeti Mobilfizetési will incorporate parking fees, motorway tolls, and public transport.

Case Study 2: M-Pesa

In 2014 M-Pesa - an SMS based P2P transfer scheme which has revolutionized mobile payments in Africa - launched in Romania, targeting around 7m citizens who are currently unbanked.7 Even those who have bank accounts will often withdraw their salaries and then continue to depend on cash transactions.8 The Head of Mobile Payments at Vodafone explained: “We found that only 50% of Romanians have a bank account. For them, an alternative account to make payments would be really useful.”

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Key Mobile Issues for Financial Institutions: Central & Eastern Europe

CEE is an exciting region for mobile commerce activity. The

population is rapidly embracing new payment methods

and waits eagerly for the existing banking infrastructure

to catch up. Through the explosion of mobile device

adoption, financial institutions can now channel their

efforts towards the region’s unbanked consumer base

which were previously out of their immediate reach. The

ability for financial institutions to offer completely secure,

totally convenient and mobile-specific solutions to both

smartphone and feature phone users determines the

extent to which they can effectively leverage the mobile

channel to increase their customer base and achieve their

commercial ambitions.

The increasing demand for mobile data in CEE will naturally

encourage new or enhanced forms of mobile payment in

the region. Business-to-Customer (B2C) mobile payments

in Eastern Europe are predicted to decline, leaving

Peer-to-Peer (P2P) schemes such as M-Pesa and other

mobile payments models including transport ticketing

and travel as core avenues to maximize mobile payments

market opportunities (see Case Studies).10

Many financial

institutions are rapidly finding that they can no longer

rest on their laurels as they battle to win consumer trust

and spend. These institutions are now being challenged

to become highly intuitive and attentive to their macro

environment as they strive not only to maintain, but

ambitiously increase their market share.

Another issue which must be considered by financial

institutions in CEE is the security of their mobile solutions,

in part due to the amount of cybercrime which originates

from the region. Consumers are unsurprisingly still very

cautious about trusting businesses with their sensitive

personal and financial details and require reassurances that

all of their private information is safe from theft and abuse.

The prize of increased brand loyalty, new customers and

profitability awaits those institutions who cost effectively

execute strategies to provide consistent and convenient

mobile payment options with a guarantee of complete

mobile transaction security.

Three key issues hinder the effective implementation

of mobile payment solutions in the region’s financial

institutions: Security, Technology and Infrastructure.

“ Very few regions encapsulate the immense growth of mobile payments like Central & Eastern Europe. This is especially true within the financial sector, with banks in the region unimpeded by outdated legacy systems and better positioned to maximise revenues from the mobile channel.”John Stuart, Chief Commercial Officer at Omlis


Issue 1: Security

Section Summary:

Increased usage of the mobile channel for transactions is drawing the attention of nefarious parties

Central & Eastern Europe is widely acknowledged to be a hub for large-scale, global cybercrime

The region has developed a climate of awareness and innovative cybersecurity Mobile payments security must be designed with mobile in mind as cybercriminals become

more inventive and persistent

Eastern Europe is a renowned source of global cybercrime.

Remote attacks allegedly stemming from the region have

occurred for decades, right up to the Home Depot breach

in 201411

in which aging operating systems were exposed

by skilled hackers. More recently in February 2015, it was

revealed that approximately $1bn had been stolen from

banks in over 30 countries including Russia and Ukraine

by cybercriminals from CEE.12

A significantly high volume of cybercrime also stems from

East Asia, but it is increasingly apparent that the most

notable and successful attacks are conducted from Eastern

Europe13

including the breach of American retailer Target’s

customer card data in 2014. Originally this malicious trend

may have been due to the negative economic impact on

IT jobs during unstable political periods, but these skills

have been transferred over time to a group of talented

“digital natives” who have successfully applied learnt skills

to cybercrime.14

There are some positives to be drawn from this however, as

the region’s centrality to cybercrime has created a climate

of awareness and technical innovation when it comes to

IT security. CEE has rapidly become the focus of some

exciting new security initiatives aimed at eliminating these

increasingly prevalent threats including the ‘cybersecurity

fund’ created by London-based firm C5 Capital in light of

the NSA surveillance controversy.15

This being said, the focus on security needs to be

replicated for mobile devices and services offered within

this channel. As consumers increasingly opt-in to make

payments through their mobile devices, cybercriminals will

also focus on this channel. Financial institutions cannot

rely on trying to shoehorn existing encryption methods to

secure their mobile channel offerings. A complete security

solution for the mobile channel must utilize correctness

by construction (CbyC); designed from the ground up

and developed specifically for mobile devices and mobile

transactions.

“ It is well documented that many large-scale cyber-attacks stem from the CEE region. The growth of the mobile channel is rapidly attracting attention from cybercriminals and as a result, financial institutions must provide complete mobile security solutions designed specifically to cost-effectively secure the complex nature of mobile transactions.”Markus Milsted, founder and CEO of Omlis

Unless the security solution being employed was built

specifically for mobile devices, there is no guarantee of

complete security. Highly skilled cybercriminals have

already found ways around existing defense measures

and this undoubtedly raises great concerns; especially in

a region known as the home of large-scale, sophisticated

cybercrime. Financial institutions who choose to shoehorn

outdated security into their mobile offerings will inevitably

fall victim to data breaches and, as a result, betray

customer trust in their products, services and brand.

How Omlis can Help:

The Omlis core solution is designed specifically for mobile devices and offers absolute security for all consumer data against attacks in any mobile transactional scenario. Reinventing encryption, Omlis’s completely secure solution is designed using the same high-integrity technology as security and safety-critical systems such as air traffic control and nuclear power.

Existing encryption relies on the repeated use of keys which are extremely vulnerable and can therefore be identified and exploited by criminal parties. In reinventing security, the Omlis core

solution employs a unique random key generation technique that does not use a master key and as such prevents hackers from profiling transactions secured through Omlis.

The Omlis core solution tracks and isolates any perceived threat of fraudulent activity, ensuring that there is no escalation and that the user’s data remains completely safe.

Find out more, contact: [email protected]


Issue 2: Technology

Many Central & Eastern European based consumers rely on cash due to a lack of trusted mobile solutions

Feature phone usage is still very widespread, yet often overlooked by smartphone focused financial offerings

Contactless payments are increasingly commonplace; with consumers becoming more receptive to alternative payment methods

Traditional banks are struggling to keep up with evolving trends while also allowing for backwards compatibility

The over-reliance of many CEE countries on predominantly

cash transactions as opposed to modern payment

methods can be largely attributed to a lack of trusted

solutions. Cash-on-delivery still accounts for the majority

of in-country B2C e-commerce purchases in the region,

with credit cards mainly employed to make cross-

border purchases. In Romania, for example, international

transactions accounted for more than half of the credit

card payments made for goods and purchases bought

online in 2013.20

This reliance on cash coupled with a reticence in using

financial institutions to process it, creates issues for those

banks looking to implement innovative solutions to attract

potential consumers. This technological quagmire also

extends to the section of the CEE population who still

use feature phones which is often overlooked by financial

institutions. This oversight presents a great risk to these

institutions, potentially alienating this large portion of the

market by aiming solutions exclusively at those with newer

devices.

It is important to note that although the compound annual

growth rate (CAGR) for mobile data in CEE will reach

around 67.6% between 2013 and 2018, this percentage

isn’t representative of the actual number of smartphones

being used,21

instead illustrating the region’s slow

smartphone adoption. This figure is steadily on the rise

however, with consumers beginning to shift away from

feature phones and towards newer models.22

While the

issue posed by older devices could address itself through

the steady increase in consumer adoption of newer

handsets, financial institutions are currently missing a huge

opportunity to engage an important customer base.

“ Although it may appear a daunting challenge for banks and other financial institutions to roll out a strategy incorporating both smart and legacy devices, especially with growing competition from non-banking organizations entering payments sector, these organizations need to ensure the backwards compatibility of their solutions or risk missing out on a potentially highly lucrative market segment.”John Stuart, Chief Commercial Officer at Omlis

Although it is crucial for the region’s financial institutions

to ensure the continued support of feature phones, the

rapid growth of innovative payment solutions necessitate

that banks must also stay up to date with their more tech

savvy customers to remain relevant. Poland recorded

158.7m contactless transactions in 2013, the Czech

Republic 30.6m, and Slovakia 23.1m which placed them in

first, third and fourth positon in Europe’s 2013 contactless

league table.23

These figures are in line with the rapidly

increasing adoption of NFC within the region and display

an eagerness to adopt new technologies. This bodes

well for the region’s development within the global mobile

payments market.

How Omlis can Help:

Section Summary:

The Omlis core solution is functional on all mobile devices operating on 2, 3 and 4G; increasing market opportunities for institutions without any compromise on security.

Using high integrity mobile payments solutions pioneered by Omlis is an indication of a real commitment to providing

absolutely secure and convenient mobile payment security, incentivising the increased use of mobile devices to as a viable and completely secure payments channel.

Find out more, contact: [email protected]


Issue 3: Infrastructure

Section Summary:

Central & Eastern Europe is increasingly adopting a digital approach to banking Many of the region’s citizens remain unbanked, without access to basic financial services Financial institutions are not mired in outdated systems and as such have a ‘clean slate’ A lack of rigid infrastructure allows the region to adopt new technology easily

The turn of the new millennium saw banks in Eastern

Europe take their cue from the West, adopting a branch

based strategy, ignoring alternative operational models

and solutions that have proved successful in other

emerging global markets.16

The re-focused digital direction

of the CEE banking industry is an indication of lessons

learned from a long period misadventure; with online and

direct banking options now forming the base for innovative

financial products and services.

This shift in attitudes is encouraging and is a very positive

step. The fact remains that a large number of CEE citizens

are effectively unbanked and the lack of access to a full

range of financial and payment options is a barrier for

individuals as well as the wider economy in emerging

nations. As such, financial institutions in the region must

look towards inclusive options which offer the unbanked

easy access to secure banking solutions. This isn’t a

problem without a solution, as in many cases financial

institutions in CEE have the advantage of being able to roll

out new and innovative payments technologies far more

easily by way of a ‘fresh start’.17

Free from the shackles of outdated legacy systems and

infrastructures, Tier 2 and Tier 3 banks in Eastern Europe

are now able to offer innovative, ‘out of the box’18

products

with low implementation costs. As a result, CEE expects

58% of new clients to be acquired via ‘direct channels’ in

2015 as opposed to just 38% in Western Europe whose

banking infrastructure is dependent on outdated legacy

systems which aren’t fit for purpose.19

It is evident that,

although it may seem counter-productive, the lack of rigid

banking infrastructure provides numerous benefits to

customers and financial institutions especially as newer

technologies prove much easier to adopt.

“ Digital payment technologies have the potential to end financial inequality within Central & Eastern Europe by providing the unbanked with much needed financial services. Mobile solutions represent a cost-effective means to integrate otherwise excluded members of society into a structured financial system.”Markus Milsted, founder and CEO of Omlis

To optimize the development of their infrastructure,

financial institutions in the region must shift their gaze to

include the vast unbanked population who present an

immense opportunity for these organizations to increase

their customer base. They must also address the current

ubiquity of feature phones when implementing solutions,

providing a wider range of users with access to mobile

banking solutions that make managing finances both

quick and convenient.

How Omlis can Help:

The Omlis core solution is compatible with any existing IT infrastructure. This is all accomplished without the need for any additional hardware or servers.

With Omlis, any financial institution can now guarantee absolute mobile transaction security developed through a high integrity approach to our highly interoperable and massively scalable

encryption technology. Omlis builds and maintains solid banking infrastructures based on the principles of security and convenience, allowing financial institutions to offer unparalleled benefits and in doing so, increase their market share. Find out more, contact: [email protected]


Summary and Recommendations Institutions must provide clear and innovative incentives

to engage those who are currently unbanked or face the

real risk of losing a potentially lucrative market segment

to services such as M-Pesa. Their mobile money service

which launched in Romania as recently as 2014 is evidence

of the real threat new entrants pose to banks and other

financial institutions in the CEE region.

With its ability to start with a ‘clean slate’ technologically,

the financial industry in CEE is in an enviable position as

it is not hampered by the need to maintain aging legacy

systems. This should not leave banks complacent and

as they consider new, innovative product offerings for

the mobile channel, they must ensure that security is

placed above all else due to region’s high concentration

of cybercriminals.

To address key issues raised in this paper, Omlis makes

the following recommendations:

Security X CEE banks must consistently review the evolving

cyber-threats posed by highly organized, skilled fraudsters and employ reliable security technologies, outsourcing if necessary.

X Financial institutions must not overlook benchmarking as a means to remaining innovative against increasingly sophisticated cybercrime.

X It is not enough to shoehorn an existing online security protocol into a mobile payments solution. For security to be truly effective, it must be designed specifically with mobile in mind.

Technology X It is crucial that financial institutions stay up-to-

date with the evolving technological landscape and increasing customer demand for more convenient methods to make payment but…

X …those banks that discount the importance of customers who still use feature phones are missing out on an immense opportunity to increase their market share and encourage the use of conventional banking within the region.

Infrastructure X CEE’s banking infrastructure is in the enviable

position of not being mired in the bureaucracy built up over the years in Western Europe’s financial industry. To capitalize on this advantage they must look to the success of rival payment platforms such as M-Pesa and adapt to remain competitive.

X It is necessary that CEE’s financial institutions pay attention to the growing trends towards mobile payments and ensure that as the market continues to thrive within the region, they are there to accommodate with robust, secure and mobile-focused solutions.

X A migration towards solid digital platforms will reduce the need for unnecessary human interaction which, in turn will reduce the margin for error in infrastructure development and maintenance.

X Consider outsourcing to specialist industry experts as a cost effective strategy for the implementation and maintenance of banking and payments security infrastructures.

Omlis understands the significant impact security has

to the bottom line of any financial institution. The Omlis

core solution is not only crucial in protecting financial

data, but also in retaining a trustworthy brand. Our core

solution was designed specifically for mobile using the

same high-integrity development process (Correctness by

Construction) as security-critical systems such as air traffic

control and nuclear power.

The benefits offered by Omlis also extend to costs. Omlis

will significantly reduce operating spend with an integrated

solution that easily streamlines existing infrastructure.

Implementing the Omlis core high-integrity encryption

solution positions any organization as a provider of fully

secure mobile transactions and demonstrates a real

commitment to successfully combating the growing threat

of hacking and fraud.

The market potential for mobile banking solutions in CEE

is huge. The readiness of the region’s consumers to adopt

new technologies is growing rapidly. While this is very

positive for banks looking to attract tech-savvy custom, as

we have highlighted, a large section of the population are

still currently excluded.


About Omlis

Omlis is a global mobile payment solutions provider

bringing highly powerful and effective solutions to all mobile

commerce security. We offer a powerful and innovative

secure payments technology specifically designed to

address the major issues that impact on today’s mobile

payments market, most importantly, the massive cost of

fraud.

We strive for a future where anyone, anywhere, can use

their electronic device and safely conduct any commercial

activity with complete and absolute confidence that their

activities are fully secure and uncompromised.

Omlis brings to market the first mobile payment solution

designed, developed, and tested using high integrity

development processes that are typically used for security

critical applications. Consumer information is no longer

vulnerable to attack due to this novel method of encryption.

The Omlis solution, unlike other encryption technologies,

does not have a single point of failure. Traditional systems

generally have a single point of failure where sensitive

information is held - the hosted services that malicious

parties can easily target. A key differentiator is our ability

to distribute the risk by displacing it to the mobile device.

Existing encryption often relies on keys derived from a

single master-key to secure sensitive data, meaning that

as more devices join a network, the risk of these devices

becoming compromised also increases. With the Omlis

solution, the level of risk does not increase due to our

application of single-use encryption keys which remove

the possibility for theft of valuable information as well as

the ability to breach numerous devices through a single-

point-of-attack. Any potential threats to personal data are

swiftly isolated and eliminated, effectively removing the risk

if a consumer’s mobile device is compromised.

Omlis Solution Risk Profile vs Traditional Risk Profile:

Traditional Risk Profile Omlis Risk Profile

Hackers Hackers

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1. Mobile Transaction: Predicted Growth in Mobile Payments in Eastern Europe

2. The Slovak Spectator: Payments Go Mobile

3. Pew Research Center: Emerging Nations Embrace Internet, Mobile Technology

4. East-West Digital News: Mobile Users Become the Majority on the Russian Internet

5. PR Newswire: B2C E-Commerce Market 2014

6. Accenture: mBank Revolutionize the User Experience in Online Banking

7. Reuters: Vodafone Brings Africa’s M-Pesa Mobile Money to Europe

8. VOA News: Africa’s M-Pesa Mobile Payment Method Debuts in Romania

9. Euromonitor International: The New Online Travel Customer

10. Statista: Share of Global B2C E-Commerce Sales in CEE from 2013 to 2018

11. Huffington Post: Home Depot Admits 56m Payment Cards at Risk after Cyber-Attack

12. Kaspersky: Cyber Gang Steals $1bn

13. Trend Micro: Peter the Great vs Sun Tzu

14. RAND Corporation: Markets for Cybercrime Tools and Stolen Data

15. The Financial Times: Europe’s First Cybersecurity Focused Fund to Launch

16. McKinsey & Company: What’s Ahead for Banking in Eastern Europe

17. The European Financial Review: How Would You Like to Pay? A European Analysis

18. Capgemini: Core Banking Transformation – Measuring the Value

19. Roland Berger: The Future of Retail Banking in Europe

20. PR Newswire: Eastern Europe B2C E-Commerce Market 2014

21. GSMA: Mobile Economy - Europe

22. Ericsson: Mobility Report Appendix - Europe

23. Payments Cards & Mobile: Europe Embraces Contactless Purchases in 2013

References

ContributorsThe following individuals contributed to this report:

Helmut Okike

Senior Marketing Executive

John Patterson

Copywriter

Paul Holland

Communications Assistant

John Stuart

Chief Commercial Officer

Markus Milsted

Founder and CEO

Third FloorTyne House

Newcastle upon TyneUnited Kingdom

NE1 3JD

+44 (0) 845 838 [email protected]

© Omlis Limited 2015

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