The tune of how consumers are paying is beginning to change, and it’s because of the youth. Younger consumers, 18-34, are far more likely to declare that leather wallets are a thing of the past according to a new service. This trend is, of course, great news for the online, high risk business world. With
Mobile payment technology has accelerated in the Western hemisphere. The U.S. is making major headway with consumers, especially millennials, with the release of Apple Pay and other mobile payment processing systems. However, Canada is not adopting mobile technology as rapidly as the United States. GfK Canada, a Canadian research firm, says they believe adoption of
Small businesses have begun to quickly adopt mobile payment processing. According to ControlScan Inc.’s recent survey, out of 6,186 small businesses 21% had adopted mobile payments at the point of sale (POS). This is up 4% from 2013. Another 4% of the sampled businesses said they were in the process of converting to mobile POS.
Marred with security concerns and consumer suspicion of new technology, the use of mobile payment apps has not been as prominent amongst Americans as many in the mobile industry had hoped. However, this holiday season has seen a significant boost in the use of mobile payment applications. Recent industry figures paint a more optimistic and
Every time you log into the Internet there seems to be another company trying to squeeze into the mobile payment market. ApplePay says they have created a way for consumers to pay with the iPhone6 that it virtually fraud proof. This is a great idea and it may work – if your customers are purchasing
The long awaited first version of the EMV Payment Tokenization Specification is now available from EMVCo. The report describes how MasterCard, Discover, JCB, Visa, American Express, and UnionPay transactions will safely occur via mobile phone. The framework attempts to lay rest to some of the security and technological concerns that many have about consumer information transferring
If you are looking into dealing with a merchant account provider then it is important that the company you pick has the facilities to develop with you, as you grow and expand your company. Having the option to pay with contactless payments isn’t a passing phase, it is an important progression in the financial markets.
The federal reserve bank is looking to improve the United States’ payment system. Using town hall meetings held around the country to get input, the Fed seeks to make payments in the United States more competitive like the rest of the world. First though, there are many issues to be addressed. Improving the U.S. Payment
As people increasingly use their mobile phone it is inevitable that mobile transactions will grow. A report from BI Intelligence has found that there is rapid growth in mobile transaction volume. This is changing the mobile payment processing industry, especially in regard to credit and debit card payments. Consumers and merchants alike are using mobile
The gap between the phone and the wallet for Americans continues to narrow. Mobile marketing and advertising is coming together with merchants to not only offer mobile payment processing, but also to put marketing tools such as coupons in consumers’ pocket. Merchants have long been facilitators of customers making payments and in the mobile