Smart debit cards offer contactless solution
By Louis Georgakakis
Research groups like Juniper and Gartner predict consumers will soon be able to pay with their smartphone when they approach a store's point-of-sale terminal, and the transactions will become so popular they will account for a significant volume of all payment processing. However, there is still the question of consumer adoption. While the technology may be innovative and interesting, it isn't likely to dethrone payment cards if it isn't actually more useful.
In a recent article for Discovery News, Rob Pegararo wrote that when he recently went to use his NFC-ready smartphone to pay for his coffee, he was disappointed to learn the shop's terminal was down. Instead, he had to resort to traditional payment methods - debit, credit or cash.
It's been suggested that customers may not rush into mobile payments simply because they are happy with credit card processing, and that simple value-added to the current infrastructure would suffice for change. Enter the new Interac Debit card by TD Canada Trust. The payment card offers tap-and-go transactions, enhanced security and verification-free purchases under $100.
If consumers take to smart cards instead of mobile solutions, retailers may not need to worry about preparing for the NFC takeover.
Related News - Credit Card Processing
Emerging Wocket and Coin Platforms for Credit Card Processing and Beyond
Do you hate having to carry multiple credit cards in your wallet? Well, two companies Wocket and Coin are introducing the next generation of wallets with the idea of replacing all the bulky cards in your wallet with a single card.Full Article
Reducing the rate of shopping cart abandonment
Online retailers spend significant amounts of money marketing their web presence and attracting customers to their site to browse and ideally purchase products. However, despite placing items in virtual shopping carts, online shoppers frequently abandon them for one reason or another.Full Article
Visa and MasterCard Pursue Fee Settlement
A class action suit, ‘The Payment Card Interchange Fee and Merchant Discount Antitrust Litigation suit’, was filed against Visa inc. (V), MasterCard Inc.(MA) and other financial institutions back in 2005. The law suit was filed on behalf of retailers who sought to challenge the process through which the banks arrived at interchange fees.Full Article
Retailers use multi-channels to stay competitive
Many small businesses understand how important multiple channels, particularly online ones, are to the success of their business.Full Article