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Credit card processing predictions

08/02/2012 - By Frank LoSchiavo

Credit card processing predictions for 2012 include mobile payments and NFC technology that allow customers to pay by swiping a device over a terminal.

Tag: Point-of-Sale Terminals

Predictions for the retail industry in 2012 center on mobile payment technology. With the deployment of near field communications (NFC) technology and EMV chip cards, customers might soon depart from magnetic-stripe credit cards and cash. These developments allow customers to pay by simply waving a smartphone or contactless card past point of sale terminals in retail stores.

Retailers should be on the lookout for mobile processing, as product lines that enable this form of payment are already rolling out in the U.S. and Canada.

Another trend centers on near field communication (NFC) technology and its potential to turn consumers' smartphones into digital wallets. Mobile devices that are embedded with the technology can be linked up with bank accounts for payments and customer loyalty programs for points and discounts.

"With the advent of new technology and multiple competitors entering the payment landscape, the power is starting to shift and merchants are being presented with better processing options that fit their specific needs," said Phillip Parker, CEO of CardPaymentOptions.com.

Retail owners can keep up with trends by investing in online payments services and equipment that can complete transactions using mobile technology. Payment processors can offer turn-key and customized technology solutions to meet each business' individual needs.

Articles written by ChargeNational.com's editorial team. For more information, click here.

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