Payments made using microchips and digital devices have become increasingly popular in 2012, but one impediment stands in the way of more widespread adoption – payment method compatibility. Currently, retailers need to decide what digital payment(s) will be accepted, whether it be Google wallet, PayPal, Square etc. Consumers then need to have chosen the right apps to use with payment providers, so for instance a PayPal user wouldn’t be able to use mobile pay at a storefront accepting Square, so they would need to swipe a plastic card at the credit card terminal.
The EMV Migration Forum is an independent organization aiming to draw together global financial institutions, payment providers, business industry leaders and large corporations to find ways to better integrate digital payments. As of December 2012, the Forum has reached 100 members, and the shared interest has spawned initiatives to move beyond payment integration to shared data and the ability to compare and match competitors’ sales. This bodes well for the merchant services industry, as well as consumers, for whom a growing demand for mobile payment is evident. New technology is an opportunity for retailers and economic institutions to share growth in order to strengthen the American economy. Better cooperation between financial institutions, developers and businesses might help with recovery in the new year.Back To Blog