February 9th, 2022 by Admin
John Stewart
January 17, 2022
https://www.digitaltransactions.net/trends-like-open-banking-and-bnpl-will-sustain-e-commerces-hot-streak-a-report-says/
Open banking, single-click checkout wallets, and the hot buy now, pay later trend will all help drive e-commerce volume worldwide in the coming five years, predicts Juniper Research in a report released Monday. This momentum is likely to push online sales long after the short-term impetus from the pandemic subsides, Juniper says.
E-commerce volume totaled $4.9 trillion globally in 2021, a figure the United Kingdom-based research firm forecasts will reach $7.5 trillion in 2026, when China will control a 37% share. Wider availability of multiple e-commerce channels, including mobile devices, will propel the overall growth worldwide, Juniper says. But along with the boom in e-commerce will come a corresponding growth in fraud via identity theft, account takeovers, and fraudulent chargebacks, the report warns. China, for example, will account for more than 40% of fraud losses worldwide in 2025, at more than $12 billion, Juniper forecasts.
Open banking is a trend by which fintechs can verify balances in consumers’ accounts and transfer funds to pay for online purchases. As standards bodies work to promulgate standards for this business, e-commerce payment providers “should … partner with specialists in … specific emerging payment areas to keep pace with changing merchant expectations around acceptance types,” the research firm says in its release, referring to digital wallets and crypto as well as open banking.
Open banking has taken on a higher profile in the global payments market with efforts by both of the global card networks to acquire firms that specialize in this area. Visa Inc. has acquired Tink AB, while Mastercard Inc. bought Aiia and Finicity Corp.
Physical goods will continue to dominate e-commerce spending, the report says, accounting for 82% of payment value by 2026. To tap into the trend, Juniper advises, payments providers should support buy now, pay later plans, which allow consumers to split purchases into four equal installments paid over a six-week period at no interest. BNPL is becoming more controversial, however, as the Consumer Financial Protection Bureau has launched an investigation of the option and as reports emerge that consumers with multiple accounts are more likely to miss a payment.
While still a big trend, e-commerce sales in the U.S. market cooled significantly last year as the pandemic effect lost some of its force. Third-quarter sales in 2021 reached $214.6 billion, up 6.6% year-over-year, according to the Census Bureau, which tracks retail sales. That follows an 8.9% rise in the second quarter and three straight quarters with increases of 32% or more. Fourth-quarter 2021 results are not yet available.
Posted in Credit card Processing, Credit Card Reader Terminal, Credit Card Security, Digital Wallet Privacy, e-commerce & m-commerce, Financial Services, Mail Order Telephone Order, Merchant Account Services News Articles, Merchant Services Account, Mobile Payments, Mobile Point of Sale, Point of Sale, Small Business Improvement, Smartphone, Uncategorized, Visa MasterCard American Express Tagged with: banking and e-commerce, e-commerce, e-commerce businesses, e-commerce merchants, e-commerce processor, e-commerce transactions, ecommerce, ecommerce merchant, ecommerce merchants, ecommerce sites, mobile commerce payment, mobile payment, Mobile Payments, mobile processing transactions, mobile transactions, mobile wallet, mobile wallet transactions, mobile wallets, mobile-commerce payments, online transactions, point-of-sale transactions, transaction processing, transactions, wallet
September 10th, 2020 by Admin
There are few moments like now where American consumers are collectively open to the idea of new payment methods – especially contactless ones such as mobile wallets. This is good news for businesses since mobile wallets offer a safer payment alternative to credit cards and drastically reduce customer wait times at checkout.
Mobile wallets (such as Apple Pay and PayPal) use authentication, monitoring and data encryption to secure and transmit personal information, and the level of security associated with them has payment card issuers backing their use. This is certainly helping drive consumer adoption, as does convenience.
In fact, global mobile wallet transaction value is estimated to reach nearly $14 trillion by 20201 – and that is a pre-COVID-19 estimate. New estimates are higher and point to further rapid adoption given the current need for touch-free payment options. According to a recently published Visa Back to Business report,* 70 percent of consumers surveyed in June 2020 have used a new shopping or payment method for the first time this year.
A rapid shift has begun and the numbers tell the storySo what is holding back business adoption of mobile wallets? Until recently, it just wasn’t a priority for many small- and medium-size businesses to enable it or educate their employees on its use. The lack of preferential demand didn’t make it a pressing topic. But that is changing. Consider this:
- According to Forbes,2 by 2026, digital natives will be 59 percent of the consumers in the U.S. market.
- Of this, 45 percent will be specifically Millennials and Gen Z, representing the largest purchasing power.
- As Gen Z move into becoming the largest generation cohort, their purchasing power will be $143 billion.
But it’s not just what lies ahead that SMBs should be focused on now.
According to Visa’s Back to Business report, shoppers are now putting COVID-19 safety measures at the top of their shopping lists and they will reward stores that do the same. In fact, if all other factors were equal (price, selection, location), nearly 63 percent of consumers surveyed would switch to a new store that installed contactless payment options, such as mobile wallets.3
What does this mean for you? Now is the time to connect with customers to make sure they are fully contactless capable and have the technology in place to accept many of the most popular mobile wallets.
1Payments Industry Intelligence, “The rise of digital and mobile wallet: Global usage statistics from 2018,” November 25, 2018.
2Forbes, January 2020
3Visa Back to Business report 2020
Posted in Digital Wallet Privacy, e-commerce & m-commerce, Electronic Payments, Internet Payment Gateway, Mobile Payments, Uncategorized Tagged with: business, digital payment, digital payments, Digital Wallet, Digital wallets, mobile, mobile commerce, Mobile Devices, mobile payment, Mobile Payments, mobile wallet, mobile wallets, payment, payments
September 16th, 2016 by Elma Jane
National Transaction offer valuable features and benefits, if you want to improve your business’s productivity, you should look for the following features below, that you need from your Electronic Payments provider.
Advanced Security Options – 6 out of 10 small businesses close within six months of a card data breach, it is important that Point-of-Sale devices should have appropriate security measures, particularly EMV, encryption and tokenization. NTC offer Safe-T for Small and Medium Businesses and Safe-T for Large Businesses. The Top-tier security is important on your business’s data especially customer information, consider adding additional authentication procedures.
Fast Payment Processing – first step is having up-to-date technology, because some customers might leave, the sooner you have the money processed by your provider, the bigger and stronger your business can become. NTC is adept at administering payments quickly and efficiently. We can provide regular funding or next day funding.
Feature Flexibility – obtaining the features you need from your payment services provider is very important. Look for a provider that appropriately addresses your payment concerns.
Mobile Payment Processing – NTC offer Virtual Merchant/Converge Mobile that gives you the ability to accept payments using your smartphone or tablet anywhere you go. Furthermore, the app works with most Apple and Android mobile devices. Accept a key-entered transactions or swipe cards using an encryption reader. You can now take chip card payments using Ingenico iCMP PIN Pad or the new RP457c card reader.
Reliable Customer Support – NTC is available 24/7, the phones are answered by humans and not automated systems. You got support with your hardware, answer questions and guide you to better understand the process. Customer support is the most important feature of any business partnership you make. At NTC we are very passionate about that.
Up-to-Date Tech – futuristic features, like mobile payment abilities, EMV/NFC, contactless payments are worth investing. Modern consumers are generally more familiar with up-to-date payment systems. Seeing a payment service provider offer a swipe-only terminal should be a red flag, because the recent regulations require merchants to have EMV to provide better data security.
Posted in Best Practices for Merchants, Credit Card Security, Electronic Payments, EMV EuroPay MasterCard Visa, Mobile Payments, Mobile Point of Sale, Near Field Communication, Point of Sale, Smartphone Tagged with: Breach, card data, card reader, chip card, contactless payments, data, EMV, encryption, merchants, mobile, mobile payment, nfc, payments, Payments provider, point of sale, provider, Security, service provider, smartphone, swipe, tablet, terminal, tokenization, transactions
July 26th, 2016 by Elma Jane
Mobile payment space is growing yet, many small businesses and retailers are choosing to overlook the idea of mobile payment acceptance.
Here are stats that prove the importance of mobile payments:
About 45% of consumers use mobile payments out of convenience.
1 billion users will use in-store mobile payments by 2019.
An increase from $3.2 billion in 2014 to $487 billion by 2020 in US in-store mobile payments is predicted.
Millenials use contactless payments on a regular basis.
Over the next five years, mobile payments will reach about $3 trillion in volume.
There are 16 million Starbucks mobile app active users that make 8 million mobile payments per week.
Transactions globally are on mobile devices.
It is a great investment for a merchant to upgrade your point-of-sale (POS) to have near field communication (NFC) capabilities. If you’re not currently accepting mobile payments, you should start now, your customers who are already using mobile payments will thank you and your business will be ahead of the game as more businesses onboard mobile payment acceptance.
Posted in Best Practices for Merchants, Credit Card Reader Terminal, Credit Card Security, Mobile Payments, Near Field Communication, Point of Sale Tagged with: contactless payments, customers, merchant, mobile payment, Near Field Communication, nfc, point of sale, POS, transactions
May 16th, 2016 by Elma Jane
Visa Europe has seen a significant increase in the number of contactless payments (card-present transaction) that it has processed this year, it nearly tripled to three billion.
Visa Europe attributed this increase to merchants integrating tap and pay into their checkout process.
This significant increase was largely due to London’s adoption of contactless technology. The contactless payments were also attributed to the launch of Apple Pay, urging consumers to adopt new payment methods.
Setting the stage for tomorrow’s technology, like wearable devices and mobile payment services making today’s achievement possible.
Posted in Best Practices for Merchants Tagged with: card present, consumers, contactless payments, merchants, mobile payment, ontactless technology, payment methods, services, transaction, visa
February 12th, 2016 by Elma Jane
If there’s an e-commerce trend there’s also a delivery trend.
Will drone be the future of delivery?
Drone delivery is the next big key to e-commerce.
Place an order, payment is collected from a mobile payment system. Drone goes out to deliver the order.
Drone delivery is a great concept to combine for any retail merchants or company that deals with the public. It represents a new system to connect buyers with merchandise, and quickly. The trend for e-commerce delivery.
Posted in Best Practices for Merchants, e-commerce & m-commerce Tagged with: e-commerce, merchants, mobile, mobile payment, payment, Retail Merchants
January 28th, 2016 by Elma Jane
The shift to EMV is helping to address vulnerabilities in the United States payments ecosystem. It has been shown that EMV can deliver benefits as a part of industry efforts to combat fraud.
EMV migration is a critical focus for enhancing payments security, which is why the current efforts around chip card deployment are greatly beneficial for consumers and merchants alike. EMV technology helps to reduce counterfeit card fraud, as it generates dynamic data with each payment to authenticate the card, after which the cardholder is prompted to sign or enter a PIN to confirm their identity.
The EMV rollout represents a dynamic time for card payments that promises great advances, among them is enhanced security for cardholders. It also presents an opportunity to consider other innovations such as mobile wallets and mobile POS to further engage your customers and drive customer loyalty. When merchants continue to invest in EMV and NFC (near field communications, used for tap-and-pay transactions), the purchases made at their EMV-enabled terminals are made more secure than magnetic stripe.
New mobile payment options such as mobile wallets support EMV and therefore offer this added layer of security. Ultimately, by enabling contactless payments, merchants can also enable more flexibility in addition to increasing security for their customers.
Additionally, industry players are backing major mobile wallets, such as Android Pay, Apple Pay, and Samsung Pay.
Posted in Best Practices for Merchants, Credit Card Security, EMV EuroPay MasterCard Visa, Smartphone Tagged with: card, cardholder, chip card, consumers, contactless payments, customers, data, EMV, fraud, magnetic stripe, merchants, mobile, mobile payment, mobile wallets, near field communications, nfc, payments, PIN, POS, Security, terminals, transactions
January 19th, 2016 by Elma Jane
2015 was a major period of growth for the online and mobile payment industry. Close to 60 million Americans used mobile payments on a consistent basis, representing close to 18 percent of the population. However, around 52 percent of Americans are aware of mobile payments and how to use them.
Because of both the wide awareness and accessibility of mobile payments, analysts expect consistent mobile payment use to double this year. Millennials and high-income spenders tended to adopt the technology more quickly, at 23 percent and 38 percent consistent usage respectively.
Even more intriguing than the wide-spread use of mobile payments is how large the market grew. In 2015, $8.71 billion passed through online payment services providers. Even more intriguing is the prediction that this market will more than triple to $27.05 billion by the end of this year.
Posted in Best Practices for Merchants Tagged with: mobile payment, online, online payment, payment, payment industry, payment services, provider's, services providers
December 18th, 2015 by Elma Jane
A leading provider of mobile point of sale and mobile payment technology, published today the EMV Migration Tracker.
Many merchants have deployed EMV capable terminals while cardholders have received cards with EMV chips, but not much data has been published about the real world use of EMV chip card technology in the U.S. Most published statistics rely on surveys or forecasts rather than real transactional data.
The EMV Migration Tracker shows new data and insights since the October 1 liability shift, including:
- Over 50% of all cards in use now have EMV chips on them. From October to November, the percent grew 5% as banks and card issuers accelerated their rollout of new chip cards.
- Over 83% of American Express cards have EMV chips, while Discover lags at 40%
- Over 63% of the cards used in Hawaii have EMV chips, but Mississippi sees just 11% penetration of chip cards.
While EMV chip card technology has been implemented in Europe years ago, the rollout of EMV in the U.S is just beginning. The rollout came earlier this year with the October 1 liability shift in card present transaction, meaning that merchants who have not upgraded their POS system can become liable for counterfeit card fraud losses that occur at their stores. This is an early step in an ongoing process that the Payments Security Task Force predicts will lead to 98 percent of U.S. credit and debit cards containing EMV chips by the end of 2017.
http://www.finextra.com/news/announcement.aspx?pressreleaseid=62506
Posted in Best Practices for Merchants Tagged with: American Express, banks, card issuers, card present, card technology, cardholders, chip cards, credit, data, debit, Discover, EMV, EMV chips, merchants, mobile payment, mobile point of sale, payment technology, point of sale, POS, provider
December 10th, 2015 by Elma Jane
WALMART LAUNCHES QR CODE MOBILE PAYMENTS SERVICE
Customers at US retail giant Walmart will soon be able to pay for purchases by scanning a QR code at the point of sale using Walmart Pay. Walmart Pay will be integrated into the Walmart app, the retailer’s own mobile payment service introduced in selected stores this month, with a nationwide launch expected in the first half of next year.
With this launch, Walmart becomes the only retailer to offer its own payment solution that works with any iOS or Android device, at any checkout lane, and with any major credit, debit, prepaid or Walmart gift card all through the Walmart mobile app.
Walmart Pay will allow for the integration of other mobile wallets in the future.
http://www.nfcworld.com/2015/12/10/340527/walmart-launches-qr-code-mobile-payments-service-in-the-us/
Posted in Best Practices for Merchants, Mobile Payments, Mobile Point of Sale, Point of Sale Tagged with: credit, debit, gift Card, mobile payment, mobile payment service, mobile wallets, payment service, payment solution, point of sale, prepaid