Standards. They form a huge part of what FIME does, and in the world of payments, they’re far from new. Yet, despite a lot being achieved in the last few decades, there is still work to be done to realize true standardization and, more crucially, interoperability.
While 96 percent of the top 200 U.S. merchants are now accepting EMV chip payments according to the U.S. Payments Forum, other merchant segments still have a lot of work to do to start accepting chip cards. In particular, fuel and convenience stores have many unique considerations for implementing chip at the fuel pump to reduce counterfeit card fraud.
In October 2017, FIME appointed Lionel Grosclaude as CEO. In this exclusive interview, Lionel gives us an insight into what attracted him to the company, his thoughts on FIME’s position in the market and his vision for the future.
Domestic payment schemes across the globe have enjoyed a resurgence in recent years. Indeed, the dominant position of UnionPay in China, the rapid growth of RuPay in India and the launch of new initiatives such as Troy in Turkey show that demand for domestic schemes is back on the up.
The ‘traditional’ payment terminal market is a thing of the past. Following periods of rapid advancement and expansion, the dynamics of the point of sale (POS) market are shifting dramatically. And this change is not looking to plateau anytime soon.
The use of near field communication (NFC) is growing in the U.S., particularly through mobile payments. With this growth, it is more important than ever to ensure we’re protecting users’ sensitive data.
Mobile point-of-sale (mPOS) is revolutionizing the way merchants large and small accept payments, and it’s taking over the POS market—projections say nearly half of all POS terminals are expected to be mobile by 2019.
Apple held its annual Worldwide Developer’s Conference last month, and among the big announcements like re-vamping the operating system, they also announced that for the first time they’re opening the iOS framework to allow third-party app developers to access its NFC chip, the communications technology behind Apple Pay.
Earlier this year, we explored the broad impact of India’s demonetization policy, which saw the removal of 86% of the country’s currency from circulation overnight.
As India’s digital drive continues in parallel with the ongoing EMV®* migration process, the payment terminal market in particular is experiencing a period of unprecedented growth.
A period of rapid evolution has transformed the payment terminal market. For new disruptors and more traditional players, the path to market is increasingly difficult.
With new technologies, widening international opportunities, security risks and updated certification processes, it can be overwhelming to navigate these complexities.