The payment space has been an exciting one this year and 2016 promises not to disappoint. One thing we can expect to see in 2016 is a rise in popularity of mobile payments.
As retailers continue to roll out EMV, many are pained with the cost of having to purchase new EMV-supported hardware throughout their organization. As a gal who typically sees the world through a half-FULL glass, I’m here to remind you of the positive side of things! In many cases, updated payment hardware means:
- Prevented Shift in Liability – the most obvious benefit of switching to an EMV compatible device means you put the liability back on the card issuer for fraud resulting from counterfeit cards.
- Reduced Counterfeit Card Fraud – chip card terminals take things to a new level. A unique one-time code is generated behind-the-scenes that is needed for the card to be approved – this feature is virtually impossible to replicate.
- Local Transaction, Fewer Chargebacks – EMV transactions can be approved locally, ensuring the payment is in fact, legitimate. Retailers should see fewer fraud-related chargebacks.
- Better for Business – Investing in security shows your customers you care about their sensitive data. While chip cards and EMV won’t solve every problem, they do go a long way in boosting customers’ confidence in your store.
- Future Proof – Investing in technology brings new features like contactless payments (think ApplePay). This adds an increased level of convenience and speedier checkout lines.
Of the benefits listed above, I am particular interested in what the future has to bring in the area of mobile payments. As a marketing professional in the payment space, I see great opportunity here, but I have yet to see the utilization of mobile payments take off amongst my peers.
Understanding the mobile payment trend is important, especially if you are among the thousands purchasing EMV-capable terminals. The mobile payment space and the consumers’ opinion of it is going to be key in ensuring your retail space is ready for contactless payments at the right time. Being prepared before the technology puts you in front of the bandwagon and not jumping on it at the last minute!