As mobile technology develops, payment processors are finding more uses for the technology. In fact, the maturation of mobile point-of-sale devices is expected to encourage more small businesses to accept credit card transaction over the next few years, according to a report from the Aite Group.
Four out of five survey respondents agree that mobile POS solutions will give merchants more options when it comes to mobile credit card processing, dramatically raising the number of companies that can accept card payments during the next three to five years.
Additionally, a significant number of respondents expect merchants will skip EuroCard/MasterCard/Visa (EMV) migration and move straight into mobile payments.
“Fifty percent of the respondents believe the United States will officially start a migration toward EMV in the next few years. However, 45 percent believe the United States will leapfrog past EMV and embrace mobile payments directly,” Transaction Trends magazine notes.
While mobile payment processing is still catching on among consumers, many shoppers expect merchants to use familiar brands instead of new financial services, an Ogilvy & Mather report notes. If businesses want to make the most of their mobile transactions, they should leverage services from Visa, AmEx and MasterCard.Back To Blog