Digital assets and modern technologies have helped to transform the realm of transaction processing significantly in the past few years, but there is still much work to be done and plenty of evolution to come in this market. Retailers and payment processors are expected to meet demands of an ever-expanding consumer landscape, and one that has diversified significantly given the prevalence of globalization across regions and industries.
As many already know all too well, point of sale technology is evolving at an accelerated pace, forcing companies to keep up with the progression of new solutions or run the risk of becoming irrelevant among target markets before long. Already in 2015, a wealth of major changes have impacted the transaction processing market, and some of these progressions are indicative of what might be in store for consumers and businesses in the remaining three-quarters of the year.
Catalysts and advancement
PYMNTS recently listed some of the more important trends to watch through the first three months of 2015, as well as several major moves that are expected to shape strategies for the foreseeable future. According to the PYMNTS, EMV migration is finally beginning to get moving, and is subsequently taking up a wealth of time among everyone from credit card providers to retailers who need to implement POS solutions with a roadmap for EMV.
Another trend that received a lot of warranted attention this year was the continued prevalence of fraud. The source explained that Apple Pay – which many hoped would be one of the best weapons in the fight to improve mobile payment adoption while reducing cybercrime – fell victim to hackers that found a way to exploit the app.
Despite all of this, though, PYMNTS pointed out that mobile payments is still growing at a healthy pace, and many retailers are looking for integrated payments systems to streamline the experiences of both themselves and their patrons.
Riding the trends
First and foremost, retailers that have not investigated POS solutions that have a roadmap for EMV need to reach out to their POS provider, as the average consumer will likely be looking to use these methods when the holiday shopping season rolls around. Furthermore, taking every measure to protect the systems and data involved in transaction processing will need to be a priority for the rest of 2015 and beyond, as this is the single greatest risk the market faces in the near-term. Retailers should be working with their POS providers to bolster security beyond EMV, with solutions like Point to Point encryption and Tokenization that protect data after the transaction.