At one recent technology event in San Francisco, leaders from merchant services and other sectors came together to discuss the latest in innovation and make predictions about the future.
At GigaOM’s Mobilize 2011, a variety of issues were discussed, including the use of tablets, IT departments and the adoption of mobile devices for payment processing, GeekWire reports. The chief operating officer for mobile payment device maker Square, Keith Rabois, said that the technology was still looking for more demand and needed to make its process superior to ones already in existence.
“Rabois essentially described NFC as a technology in search of a problem, and not much of an improvement over the tried and true credit card swipe when it comes to consumer convenience,” the news source reports.
Some credit card companies like Visa are offering merchants added fraud protection if they accept mobile payments, the source goes on to state, in an effort to increase the adoption rate.
One way that payment processors of all types can better protect customer data is by achieving PCI compliance. In an article for Forbes, Ryan Sweeney, who serves as a partner with Accell Partners, says that it was key for businesses to meet the standards based on the fact that more and more people were going online to make credit card purchases.Back To Blog