Payments are always a hot topic, especially trends in mobile payments. So, we wanted to share some highlights from an article published by RSPA (Retail Solutions Providers Association), written by Mark Bunney, Sales & Marketing Leader at Ingenico:
- With the idea of safe in-person interactions in mind, businesses are turning to mobile solutions and other innovations to complete transactions and drive new personal engagement models between consumers and employees.
- What has been exciting to see is how rapidly the market and merchants have adapted in recent months to new mobile payment options. Without the pandemic, it may have taken years to generate the changes that have occurred over the past few months.
- Consumers Embrace New Services and Payment Options - In addition to increased usage of mobile payments both online and in-store, we saw new use cases driven by the pandemic. One example is curbside pick-up, which has provided a safer shopping or eating experience by enabling the transaction to be completed at the car or at the front door versus in the store or restaurant. As we start dining in restaurants again, mobile will continue to be at the heart of the experience. This includes consumer ordering and table reservations as well as new use cases, such as scanning a QR code to review a menu or to pay at the table. The U.S. has not adopted pay-at-the-table as much as other countries around the world, but now that consumers want an easier and safer payments experience, whether paying contactless using a mobile payment solution brought to the table or paying online or via a QR code – the opportunities and innovations are just the beginning.
- Mobile Payments are Not Standing Still - New industry standards are coming to the market to improve and broaden the experience and use cases to support mobile payments for any sized retailer – ranging from a Tier 1 merchant to a micro merchant. Two emerging PCI mobile payments standards to keep an eye on are PIN on Mobile and Tap on Phone. Of course, naming conventions can always add confusion, so below are additional definitions of the solutions based on PCI Security Council standards.
- PIN on Mobile – otherwise known as software-based PIN Entry on COTS (commercial off-the-shelf) solutions or SPoC
- Tap on Phone – otherwise known as contactless payments on COTS (commercial off-the-shelf) solution or CPoC
To read the full article - click here.
For answers to questions about how these technologies can help your business, give us a call: