A Payment Processing Market In Flux
By Brian Albright, Business Solutions magazine.
The payment processing industry continues to undergo changes and transformations as new technologies enter the market and government regulations evolve. In addition to increased interest in mobile wallets, mobile payment technologies, mobile POS systems, the Europay, Mastercard and VISA (EMV) standard, and nearfield communications payment (NFC) card options, the Durbin Amendment to the Dodd-Frank Wall Street Reform Act also took effect this summer. Among other things, the amendment requires large financial institutions to cap their credit card interchange fees — although whether these savings will trickle down to merchants and customers remains to be seen.