As digital disruption continues to upend retail and global consumers are more empowered than ever, retailers are struggling to remain relevant. The speed of technology adoption has raised the stakes for both retailers and their consumer packaged goods partners. Retailers will give consumers more payment options.
The rise of mobile payments will prod merchants to update their old payment terminals to newer models, which will not only help retailers with compliance and security, but also enable them to accept more payment options.
Notable players include PayPal, which recently rolled out the PayPal Here Chip Card reader. PayPal’s device is compatible with iOS and Android devices, and is built to accept both EMV and magnetic stripe cards, as well as NFC payments such as Apple Pay, Android Pay, and Samsung Pay.
Similarly, there’s Mercury, a payment solution that equips retailers with the hardware they need to accept EMV cards as well as mobile payments. There’s also Poynt, a smart terminal that supports several payment technologies including magnetic cards, EMV, NFC, and QR codes.
As retailers increasingly adopt these payment solutions, we can expect more stores to start accepting additional payment types, most notably EMV cards and mobile payments.
Let's accept the reality.
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