More consumers are using NFC-based mobile wallets for contactless payments, and in the transit space, New York’s MTA and Boston’s MBTA recently announced they would change the way you board a train or bus, allowing phones with NFC capabilities to act as boarding passes.
While the sun may have set on TRUSTECH in Cannes for another year, we’re still feeling bright about the innovative technologies showcased at what was another hugely productive and insightful event. Bringing together experts from payments, smartcard, mobile and security, the event was buzzing with debate and conversation about the future of smart technology.
Missed the event? Here’s a rundown of three big discussion points from the Riviera…
Studies show that consumers want to use their devices to pay for a seamless experience at the point of sale (POS). But with so many different mobile wallet options available, ranging from merchant specific wallets and bank-hosted wallets to “the Pays”, who will win the loyalty of the consumer?
Domestic payment schemes are growing in number and popularity. In an effort to reduce costs, increase market competition and better meet local needs, the market is increasingly looking to domestic networks to offer an alternative to the dominant international players.
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.