May 12th, 2014 by Elma Jane
New iPhone and VeriFone-made shell combination that can accept chip and PIN card payments. Apple’s revamp in its in-store mPOS system
In 2009, Apple introduced its EasyPay mPOS technology. It consists of an iPod Touch and a shell made by Infinite Peripherals that includes a card swiper and a barcode scanner.
As first reported by 9to5mac,the iPod is now being replaced by an iPhone while VeriFone is being brought in to provide a new shell which will cater for chip and PIN payments as the US finally gets ready for the switch to EMV. The shell also has a spot above the PIN pad that opens the way for NFC contactless payments, according to Forbes. Apple has long been expected to equip the iPhone with NFC but has so far ignored the technology.
Separately, mPOS giant Square has ditched its Wallet app, pulling it from the Google and Apple stores. The app has failed to take off since its launch in 2011, despite the support of Starbucks. It has been replaced by Square Orders, which lets users order and pay ahead at participating merchants and then pick up their goods when they are ready.
Posted in Best Practices for Merchants, Mobile Payments, Mobile Point of Sale, Point of Sale, Smartphone Tagged with: app, Apple stores, Apple's, barcode, barcode scanner, card, card swiper, chip, contactless payments, EasyPay, EMV, Forbes, google, in-store mPOS, Infinite Peripherals, Iphone, iPod, iPod Touch, Merchant's, MPOS, mPOS giant, mPOS system, mPOS technology, nfc, NFC contactless payments, PIN, PIN card, PIN card payments, PIN pad, Square, Starbucks, swiper, verifone, Wallet app
August 13th, 2013 by Admin
MasterCard who has endorsed Google Wallet on the Sprint network will now endorse the ISIS network for mobile wallet solutions. Both Google and Sprint have not joined ISIS and it is interesting to see card issuers invest in both platforms. With Verizon, AT&T and T-Mobile in alliance with ISIS, could Sprint be next? Google? Well count Visa and MasterCard as Isis partners. After securing American Express both Visa and MasterCard will now have their credit cards available in Isis’ Wallet. What will be in your mobile wallet?
Many mobile wallet providers are looking at the various options for electronic transaction processing. Will NFC beat out all the others? It’s hard to say but with Apple having yet to release an iPhone model with the chip on board, it could be a yet unseen technology that wins out. QR Codes and Carrier billing are gaining traction for devices without NFC installed and SmartSD cards are coming equipped with NFC to extend devices that have a card slot available.
With device limitations, mobile wallets are still in flux. There are approximately 5 different types of mobile wallets today. There are digital bank accounts similar to prepaid credit cards offered by banks and mostly used for person to person or P2P payments. Mobile payment apps that link payment accounts like those offered by Starbucks or PayPal. Card containers like Apple Passbook store credit cards and loyalty rewards card information and can even fill in forms requesting that information. Similarly, Credential and Card containers store credit card and loyalty rewards but also store identity credentials.
True mobile wallets directly mimic a physical wallet and allow the customer to chose between various credit cards, debit cards even electronic benefits transfer or EBT cards at the point of sale. These wallets are typically app based for both iPhone and Android smartphones and tablets. These wallets can link account information to a point of sale terminal via NFC or other methods for a secure electronic transaction.
Branding and Banks
In recent times Visa, MasterCard and American Express signs at the point-of-sale was a branding element designed to instill confidence for the consumer. With digital wallets becoming the interface for payments, this branding may fade into the background. Yet payment card issuers find themselves in a precarious position. The big three are participating in multiple digital wallet programs in order to not be excluded. This early in the game there are multiple movers and shakers like Square, PayPal, Lemon, Google and now banks and cellular carriers getting into the game, no one knows who consumers and merchants will eventually prefer over the others. It’s like a wait and see game that forces them to play. As banks enter the arena they are favored to win because of the solid loyalty they enjoy from their customers. Though they may not be fair in other categories, they win the security of their customers.
Posted in Credit card Processing, Digital Wallet Privacy, Electronic Payments, Mobile Payments, Mobile Point of Sale, Near Field Communication, Point of Sale, Smartphone, smartSD Cards, Visa MasterCard American Express Tagged with: American Express, Android, Apple, AT&T, google, Iphone, ISIS, MasterCard, PayPal, Square, Starbucks, T-Mobile, Verizon, Visa MasterCard American Express
