Retail Payment Predictions for 2013
December 19, 2012 | No Comments | Featured
Lisa Anderson
Director, Product Management
Voltage Security
Here’s a prediction: enforcement of EMV standards will shift even more fraudulent transactions and security breaches to e-commerce. EMV is designed to add an additional layer of security to prevent fraudulent card-present transactions by embedding a chip in the card and requiring a PIN to authorize transaction. With these new security measures, it’s hard to use stolen credit cards on POS terminals – you’d need to either know the PIN or hack the terminal at time of swipe. As of today, e-commerce doesn’t support EMV and it doesn’t seem like it’s happening any time soon. Existing security vulnerabilities that haven’t been resolved mean that breaches will continue to happen, making e-commerce the easier target for siphoning credit card numbers as well as using them to make fraudulent transactions and for card testing.
VP of Mobile and Business Development
Ingenico
We see three major points of focus across the retail payments landscape in the U.S.:
1. Security and evolving payment methods – ensuring a payment solution conforms to the latest Payment Card Industry (PCI) standards and includes a plan to support the upcoming EMV requirements for Chip and PIN or Chip and Signature acceptance.
2. A single solution across multiple form factors – the next generation payment solution will operate on various cross-channel platforms, including traditional stationary in-lane, portable throughout store, consumer phone, out of store both e-commerce and m-commerce.
3. Integration of the point of sale with the point of service – across the multiple form factors, payment solutions will continue to integrate across point of service and marketing systems, including:
- Advertising
- Loyalty
- Couponing
- CRM
- Surveys
Forward-looking retailers are interconnecting data across consumer touch points, which will lead to more efficient, targeted marketing and a more pleasant shopping experience for consumers.
Nick Wislocki
VP of R&D
MICROS-Retail
Mobile is continuing to be a major focus in the retail space, including the emergence of more mobile payment options. Consumers are seeking the convenience of simply carrying their phone for all their needs, including commerce. Consumers are driving the market in this space and retailers are seeking innovative ways to keep up with demand. Additionally, there is a continued shift toward global commerce, offering options to all corners of the world in the applicable currencies. These tendencies will continue throughout 2013 and the foreseeable future.
