IS NOW THE RIGHT TIME TO UPGRADE YOUR POS EQUIPMENT? TOP 6 QUESTIONS TO ASK
MOBILE PAYMENTS AND THE CHIP AND PIN COMPLIANCY MANDATE FOR 2015 ARE ON THE HORIZON. HOW SHOULD WE PREPARE?
Mobile payments are on the horizon for the U.S. To prepare, some smartphones are being equipped with a near-field communications (NFC) chip that, when waved past an RFID reader, triggers access to the phone’s virtual payment methods, such as Google Wallet, PayPal and other IP-based tenders.
now I would be a fast “Right follower, because…NFC payment trials have not been very positive for retailers. - Greg Buzek, IHL
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However, industry experts are debating the speed of mobile payment acceptance. According to a study released in February 2012 from Gartner Inc., only one of the world’s top 10 largest retailers will implement NFC-based contactless payments in store through 2013. By 2015, less than 5% of consumers worldwide will adopt NFC-based mobile payments, according to the report. “Right now I would be a fast follower, because most of the data we are getting back from our surveys indicates that NFC payment trials have not been very positive for retailers,” said Greg Buzek, President of IHL. When NFC-based mobile payments do roll out, perhaps spurred by consumer demand, its expansive software application will require more POS memory and processing power. Therefore, regardless of its infancy, forwardthinking retailers contemplating a POS upgrade should consider the role mobile payment might play in the future.
A RETAIL TOUCHPOINTS WHITE PAPER 2012
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