Contactless Technology is Changing the Way People Pay
Rapid advancements in contactless technology are driving changes in how people pay for goods and services. Many businesses, like those that you serve, can benefit. As your POS equipment provider we want to ensure that you have insight into trends such as EMV and Mobile Commerce.
EMV: Fraud Protection at the Point of Sale
EMV (Europay, MasterCard and Visa) is a fraud reduction technology that can help protect businesses from counterfeit, lost or stolen payment cards at the point of sale (POS).
EMV cards contain embedded microprocessors or chips that interact with POS devices to ensure the validity of the card and that the proper person is using it.
The data on the chip ensures the card is authentic, and the PIN or signature ensures that the person presenting the card is the rightful cardholder.
Smart card technology adds layers of security against fraud and is virtually impossible to duplicate, making an already safe payment system even more secure.
First introduced in 1996, there are now over a billion EMV-compliant, chip-based cards used at 15.4 million EMV acceptance terminals in over 80 countries. As acceptance of EMV cards continues to grow, it is only a matter of time before smart card technology becomes a widely adopted standard in the United States.
New POS and terminal technology is available for you to market that can allow the businesses you serve to take advantage of EMV benefits, including:
- Increase security and fraud protection
- Improve customer service and potentially faster checkouts
- Drive innovation in emerging consumer technologies (i.e. smart phones)
- Boost loyalty and repeat business (i.e. electronic incentives)
MOBILE COMMERCE
eMarketer estimates that the U.S. mobile web population will grow almost 25% this year as 97.3 million people log on to the Internet from their smartphones at least monthly. Companies such as Google are leveraging the rise in smartphone use to change the way people pay for goods and services. This means that more consumers will begin using their phones as their wallets and merchants must be in a position to meet this payment demand.
Read an example of mobile commerce in action.
Mobile payments will likely emerge as a popular payment method, ultimately reducing consumers’ dependence on physical credit and debit cards, checks, and even cash. Mobile devices are on the forefront of revolutionizing how consumers monitor finances, make purchasing decisions and pay for transactions. Planning for this change will help position your customers for success in mobile commerce.
Business owners will need to update their POS technology to enable mobile payments. The necessary changes could impact your customer’s POS system, terminal, credit card reader and other payment components. Merchants that make the necessary investments will be well positioned to take advantage of the following benefits:
- Improved customer satisfaction by allowing them to pay in their preferred way
- Accept speedier payments from their customers’ smart phones
- Drive traffic to their store or website
- Increase security and fraud protection
- Improved access to new services that allow them to better target and incent their customers based on their buying behavior