PIN on mobile set to revolutionise payments
Many consumers have abandoned cash in favour of card and mobile payments.
Not all retailers have the ability to accept card payments efficiently due to the capital outlay of mPOS terminals. It is estimated that around half of the UK’s 5.4 million SME merchants do not accept card payments at all.On a global basis the impact is even more profound. For example, digital payments in India are forecasted to grow 10x to €500bn by 2020. More than ever, retailers need access to a cost-effective solution that will enable them to accept every sale whilst enriching the in-store experience for their customers.
Poole adds: “Mobile and tablet based payment solutions present many advantages for retailers, both operationally and financially. Research shows that by 2021, 20% of all retail transactions will be made on smartphone and tablet-based mPOS, and one third of all POS devices will be mobile.
The need for Payment Service Providers to differentiate themselves and remain competitive is becoming more important as the choice of alternative technologies, vendors and service providers continues to grow. It is crucial to offer the most current, future-focused products and services to remain relevant in today’s market; PIN on Mobile has the potential over time to transform the current payments landscape and become the most widespread form of face-to-face payment authentication. Enabling more retailers to accept card payments drives transaction acceptance for Acquirers and Card Schemes, whilst ensuring an appropriate level of security is in place to protect consumers. Accepting card payments has never been easier or cheaper for merchants.