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...first change was the acceleration of EMV migration, which turned into reality with new emerging markets beyond Europe. The second was the strong penetration of Contactless Microprocessor payment Cards in North America, followed by Asia and now Europe. That was a very important breakthrough for our industry in the U.S. market and marked definitive progress along the path to gradually turning a portion of magnetic stripe cards market into higher-value contactless cards. The third and most important development in my eyes was the emergence of new products and services in the field of online banking and mobile contactless payments. That is very important for Gemalto since it demonstrates that in the future we will expand from the traditional Smart Card pure play business to a new Smart Security products and services business. Our Point of Sales terminal business is also evolving toward wireless and personal terminals to leverage the explosive growth of e-commerce. We have also seen the beginning of the consolidation of the smart card industry, with the merger of Axalto and Gemplus into Gemalto, which created a player able to address the technological developments required by this global market such as digital security.We have also a new set of competitors, mainly coming from the Systems Integrator (SI) industry and that are attacking the same market.
C&S: What kind of impact do you expect the EMV standard and SEPA to have?
PhC: SEPA should result in a complete reshaping of the...
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