White Paper | June 28, 2012

The Future Of Payments - Converging Payment Types And Customer Programs Are Creating Disruption For POS Developers, Agents And Merchants

Source: Merchant Warehouse

Here They Come

Near field communication (NFC), EMV, QR and bar codes, and mobile wallets – just a few of the new payment types entering or expected to enter the marketplace in the coming year. Mobile payment is attracting a lot of attention from a wide variety of companies including PayPal, Google, ISIS, Sprint, and Apple, each realizing that they cannot afford to be left out of the mobile race.

Coupled with hundreds of potential new payment types is an onslaught of new mobile payment acceptance solutions including products from LevelUp, Square, PayAnywhere, Intuit and VeriFone. LevelUp is fueling change in mobile payments through the recent introduction of their zero percent processing fees, or interchange zero, and Square continues to attract small merchants with its convenient card reader that turns a mobile device into a mobile payment acceptance device. Early last year, Starbucks introduced a white label mobile payment application that is directly connected with its loyalty program. Recent reports state that 42 million transactions have been processed on the application in 15 months.

With the convergence of new payment types and consumer demand for enhanced engagement offers including loyalty rewards, e-coupons and more merchants, point-of-sale (POS) developers and agents must be prepared. They want it all, but where do they start?

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