Gemalto’s TSM operates with all secure elements; so it is agnostic to microSDs, UICCs, etc. The TSM model was created to help securely bridge the service providers and the mobile network operators for securely distributing and managing contactless services for their customers. The key functions of any TSM are to guarantee end-to-end security, whether for mobile payments, activating new services, or updating the user interface. By 2012, just 5 companies playing this role will share 80% of the NFC mobile transactions’ market.”]
Source: https://www.cuinfosecurity.com/blogs/trusting-your-trusted-service-manager-p-825