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06/10/2010 -
Noting the global trend towards point-of-sale terminals that accept forms of payment as varied as chip, NFC, contactless and the magstripe, Mercator has released a report that examines the variety of point-of-sale terminal hardware and their overall effectiveness. The report dubs the devices, which support universal forms of payment, the “World Terminal.”As EMV (EuroPay, MasterCard, Visa) technology migrates to new global locations and the growth in mobile technology begins to affect commerce, U.S. merchant services must revise its point-of-sale hardware, the report advises.
The emergence and proliferation of this technology is great for international commerce, according to David Fish, a senior analyst in Mercator Advisory Group’s payments group and author of the report. He added that terminal manufacturers should adopt an “app store” model, which allows terminals to accommodate value-added services.
Fish says that this application’s focus, in conjunction with the ‘World Terminal’ technology, enables “global support for multinational merchants' terminal estates” and can “more-readily support new and emerging products, updated processing rules, security mandates, and even emerging form factors as they enter the market."
The U.S. has avoided making the expensive switch to this new technology. One-third of the world’s payment cards are now EMV, with the U.S. absent from the count.
