Since the 2015 Liability Shift, the transition of the American payments ecosystem to being largely based on EMV transactions has gone along somewhat successfully. That trend is expected to continue, especially as more companies get on board with accepting these types of purchases. The latest industry data shows that the vast majority of consumers use EMV cards on a regular basis and a growing number of retail locations accept them. More companies are now starting to focus on the future of the payments ecosystem, according to WRAL Tech Wire.
As more is being done to make EMV transactions as quick and convenient as possible, the use of mobile payments and mobile payment platforms is rising. Right now, mobile transactions represent a relatively small fraction of all card-based purchases in the U.S., but that number is growing quickly. It is not a question of “if” mobile payments will achieve mainstream adoption within the restaurant industry but rather, “when.” Mobile payments have impacted nearly every type of merchant over the past few years with restaurants being no exception. It is important that your dining establishment is ready to serve customers who are eager to utilize mobile payment technology. Getting on board with mobile wallets and technology in your establishment is a great way to build a loyal customer base while keeping their data as safe as possible.
Read the full article on POS-Advice: Mobile Payment Migration Keeps Improving – Why Restaurants Should Keep Up.Back To Blog