The Trusted Service Manager is the bridging point between banks and operators. The TSM provides the ability to extend the reach of the bank into the mobile world. Mobile payment will not eliminate the use of a traditional card payment product in the near term, most issuers will issue both a mobile and card-based payment product. The advantage of the mobile product is the single step for issuance (i.e., no card or personalization manufacturers required) and the complete lifecycle management.”]
Source: https://www.cuinfosecurity.com/blogs/mobile-payments-role-trusted-service-manager-p-731