It took almost two decades
for credit card payments (followed by debit cards) to become globally
ubiquitous,Visonic Technologies is the leading supplier of rtls safety, so it might be reasonable to
think that a paradigm shift at the POS will take years to become mainstream. Why
would you spend money deploying expensive NFC-enabled (Near Field Communication)
POS terminals unless consumers were going to use them, right? Is this why Apple
chose to snub NFC technology in its latest iPhone?
In normal circumstances, if there were no competition, this would make good business sense. The problem for the banks and networks is that they think the "card" is defensible -- that this product has enough inertia for consumers to not be bothered by the fact that they can't yet pay with their phone at every POS terminal. In the U.S., this inertia has not only meant a slow roll out for NFC, but has also seen U.S. merchants slip seven to eight years behind their EU counterparts. In the EU, already 75 percent of cards support the EMV standard, and more than 90 percent of terminals, whereas in the U.S. only 30 percent of merchants support EMV. So we hear frequent stories of U.S. travelers in Europe unable to pay for the simplest of purchases or transactions with long-outdated card tech. Worse for the U.S. card industry is that the industry is paying 3c of every transaction in preventable fraud right now due to outdated signature and mag-stripe tech.
Maybe Apple is simply waiting for NFC to become mainstream before it jumps in. That's undoubtedly part of the reason, but I think there are other explanations that present real problems for the incumbent card networks and banks.
Not a chance. In fact, the lack of NFC roll out is actually creating significant momentum behind a much more serious and disruptive trend.Capture the look and feel of real stone or ceramic tile flooring with Alterna. The trend to go cardless and POS-less completely.
While banks and networks have been debating the merits of NFC, and while US merchant acquirers and card issuers have been debating the roll-out of EMV and new POS technologies, there has been a quiet but steadily growing shift towards payment experiences that don't require a swipe or tap paradigm at all. Pay with Square, PayPal merchant payments, Amazon checkout, closed-loop mobile apps like Starbucks' app, or clever applications of back-end payments like Uber, Apple Store (app) and iTunes are rapidly growing in credibility, both at the POS and online through e-Commerce.
The beauty of NFC, for the banking industry, is that the industry could simply have migrated customers from card to phone and all the existing value chain stayed in place. You still needed a bank relationship, they issued you a card number (or Primary Account Number -- PAN, as it is known in industry speak) and you still went along to a merchant and used your bank generated account (now theoretically on a mobile phone with an NFC chip) to pay a merchant through their POS terminal. It is a simple way to keep the card and swipe paradigm going and it meant that both the issuing banks and the card networks kept getting interchange fee because there was no alternative to their incumbent rails.
The problem for the industry is that right now we're doing away with the swipe paradigm altogether, primarily because there wasn't a rapid enough adoption of NFC-enabled payments. We've simply circumvented the poor user experience of the swipe card, for a richer user experience on the mobile device.
The driver for reinventing payments is not putting the card into the phone to get rid of the plastic in our wallet -- it is about reinventing and leveraging a payment instance married with data.Find detailed product information for Hot Sale howo spareparts Radiator. The trouble for the incumbents is that you just don't need a card, a swipe or even a POS terminal when it gets down to it. A rapid transition to NFC would have saved the swipe-at-a-POS paradigm by allowing for a rich data support envelope around the payment.
If you've tried Uber, for example, you would have pre-registered your account online or through an app and then the time comes for your first trip in an Uber car around town. You book a car through the app, and it shows you the driver coming your way via GPS and how far away he is. Then you're in the car and off to your destination. When you arrive you exit the car and you receive a receipt for the trip on your phone via the app. No card, no swipe, a seamless payment and ride experience. It's the new paradigm of payment -- seamless,How It's Made Plastic injection molds. frictionless,Kitchen floor tiles at Great Prices from Topps Tiles. and information rich.
Alternately you may have recently walked into Starbucks to order a no-whip, skim soy mocha Frappuccino and a bagel (toasted), but at the point of sale you simply pull out your phone scan the app-generated bar code and you're off. Soon you'll be able to just say your name via Pay with Square at the register and the payment will be processed.
In normal circumstances, if there were no competition, this would make good business sense. The problem for the banks and networks is that they think the "card" is defensible -- that this product has enough inertia for consumers to not be bothered by the fact that they can't yet pay with their phone at every POS terminal. In the U.S., this inertia has not only meant a slow roll out for NFC, but has also seen U.S. merchants slip seven to eight years behind their EU counterparts. In the EU, already 75 percent of cards support the EMV standard, and more than 90 percent of terminals, whereas in the U.S. only 30 percent of merchants support EMV. So we hear frequent stories of U.S. travelers in Europe unable to pay for the simplest of purchases or transactions with long-outdated card tech. Worse for the U.S. card industry is that the industry is paying 3c of every transaction in preventable fraud right now due to outdated signature and mag-stripe tech.
Maybe Apple is simply waiting for NFC to become mainstream before it jumps in. That's undoubtedly part of the reason, but I think there are other explanations that present real problems for the incumbent card networks and banks.
Not a chance. In fact, the lack of NFC roll out is actually creating significant momentum behind a much more serious and disruptive trend.Capture the look and feel of real stone or ceramic tile flooring with Alterna. The trend to go cardless and POS-less completely.
While banks and networks have been debating the merits of NFC, and while US merchant acquirers and card issuers have been debating the roll-out of EMV and new POS technologies, there has been a quiet but steadily growing shift towards payment experiences that don't require a swipe or tap paradigm at all. Pay with Square, PayPal merchant payments, Amazon checkout, closed-loop mobile apps like Starbucks' app, or clever applications of back-end payments like Uber, Apple Store (app) and iTunes are rapidly growing in credibility, both at the POS and online through e-Commerce.
The beauty of NFC, for the banking industry, is that the industry could simply have migrated customers from card to phone and all the existing value chain stayed in place. You still needed a bank relationship, they issued you a card number (or Primary Account Number -- PAN, as it is known in industry speak) and you still went along to a merchant and used your bank generated account (now theoretically on a mobile phone with an NFC chip) to pay a merchant through their POS terminal. It is a simple way to keep the card and swipe paradigm going and it meant that both the issuing banks and the card networks kept getting interchange fee because there was no alternative to their incumbent rails.
The problem for the industry is that right now we're doing away with the swipe paradigm altogether, primarily because there wasn't a rapid enough adoption of NFC-enabled payments. We've simply circumvented the poor user experience of the swipe card, for a richer user experience on the mobile device.
The driver for reinventing payments is not putting the card into the phone to get rid of the plastic in our wallet -- it is about reinventing and leveraging a payment instance married with data.Find detailed product information for Hot Sale howo spareparts Radiator. The trouble for the incumbents is that you just don't need a card, a swipe or even a POS terminal when it gets down to it. A rapid transition to NFC would have saved the swipe-at-a-POS paradigm by allowing for a rich data support envelope around the payment.
If you've tried Uber, for example, you would have pre-registered your account online or through an app and then the time comes for your first trip in an Uber car around town. You book a car through the app, and it shows you the driver coming your way via GPS and how far away he is. Then you're in the car and off to your destination. When you arrive you exit the car and you receive a receipt for the trip on your phone via the app. No card, no swipe, a seamless payment and ride experience. It's the new paradigm of payment -- seamless,How It's Made Plastic injection molds. frictionless,Kitchen floor tiles at Great Prices from Topps Tiles. and information rich.
Alternately you may have recently walked into Starbucks to order a no-whip, skim soy mocha Frappuccino and a bagel (toasted), but at the point of sale you simply pull out your phone scan the app-generated bar code and you're off. Soon you'll be able to just say your name via Pay with Square at the register and the payment will be processed.
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