Emerging Payment Processing Technology

As technology is ever evolving, so are customer’s shopping habits. Merchants are running circles in efforts to stay up with the latest trends in payment processing software and capabilities in order to keep pace with the changing marketplace. Online and physical point of sale options are getting faster, and looking a lot like social media apps these days.

Photo Payment Security
Online payments are now getting a whole new face – yours, in fact. MasterCard launched “selfie pay” in February, as an upgrade for payment security online. Selfie Pay is offered as an alternative to using a PIN code number, the credit card company’s current security measure.

MasterCard cardholders can download the Identity Check app to a smartphone, tablet, or computer and make mobile or online purchases from that device. If a participating merchant requests identity verification, the user easily holds the device up to their face for a clear shot, blink so that MasterCard knows the customer is not trying to use a fake picture. Customers have the option to use the alternative fingerprint sensor in lieu of the “selfie” option.

EMV Enhancements
Quick Chip may sound like the newest way to enjoy queso, but it is actually a new approach to the EMV credit card technology implemented over the last couple of years. Quick Chip optimizes chip card processing and speeds up checkout times. Visa has announced that it will be free for payment processors, acquiring banks, and other payment networks. The update allows customers to dip their chip card into the terminal and remove it without needing to wait for the transaction to be finalized.

This payment processing streamlines the EMV transactions to improve security, and allow a faster and more efficient checkout process, according to Visa. Merchants need only to update the card terminal or the point of sale payment processing system. The card itself has no changes.

Visa hopes this enhancement will help to alleviate consumers’ complaints that chip card transactions take longer than magnetic strip transactions.

Mobile Wallets
Mobile payments are not a new trend in payment processing; however, a study by Juniper Research says that 1.5 billion mobile “wallets” will be in use globally by 2018. This would include approximately 1 in 5 phones. By having a mobile wallet, consumers no longer need to carry with them credit cards, ID’s, or event tickets. Coupons are now digital, as well as loyalty programs. These can all be merged into one, synchronized space.

Mobile Apps
With online shopping being the norm these days, more and more merchants are creating their own mobile apps. This allows new ease in shopping and payments from anywhere, and encourages shopper loyalty. More than 20 percent of Starbuck’s mobile transactions take place through their app.

Leave a Reply

Your email address will not be published. Required fields are marked *