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Speed and convenience may drive the payment industry in the coming years

December 28, 2012

Retailers projecting future payment trends in the United States have many factors to consider - technology, adoption, security and reliability.

Retailers projecting future payment trends in the United States have many factors to consider – technology, adoption, security and reliability. For consumers, payment choices may be more about speed and convenience. A variety of merchant services including credit cards, mobile transactions, cloud payments, prepaid cards and gift cards are being accepted at many stores, but one problem is compatibility. Credit and debit cards have seen continued success because this payment method is available at most locations and security measures are taken by the card issuers, which allows for better merchant fraud protection. But at the same time, new technology is raising new questions.

Merchants will need to consider the ways that technology can be best integrated. Currently, mobile payment works through many providers, which are usually not compatible with each other. The industry is looking to better manage the ways that payments services can be used together, but this would require cooperation among financial institutions and technology companies. As these methods mature, concerns about data security and compliance will take hold, and companies will need to ensure that private consumer information is kept safe.

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