Category: Smartphone

Trends Like Open Banking And BNPL Will Sustain E-Commerce’s Hot Streak, a Report Says

John Stewart
January 17, 2022
https://www.digitaltransactions.net/trends-like-open-banking-and-bnpl-will-sustain-e-commerces-hot-streak-a-report-says/

Open banking, single-click checkout wallets, and the hot buy now, pay later trend will all help drive e-commerce volume worldwide in the coming five years, predicts Juniper Research in a report released Monday. This momentum is likely to push online sales long after the short-term impetus from the pandemic subsides, Juniper says.

E-commerce volume totaled $4.9 trillion globally in 2021, a figure the United Kingdom-based research firm forecasts will reach $7.5 trillion in 2026, when China will control a 37% share. Wider availability of multiple e-commerce channels, including mobile devices, will propel the overall growth worldwide, Juniper says. But along with the boom in e-commerce will come a corresponding growth in fraud via identity theft, account takeovers, and fraudulent chargebacks, the report warns. China, for example, will account for more than 40% of fraud losses worldwide in 2025, at more than $12 billion, Juniper forecasts.

Open banking is a trend by which fintechs can verify balances in consumers’ accounts and transfer funds to pay for online purchases. As standards bodies work to promulgate standards for this business, e-commerce payment providers “should … partner with specialists in … specific emerging payment areas to keep pace with changing merchant expectations around acceptance types,” the research firm says in its release, referring to digital wallets and crypto as well as open banking.


Open banking has taken on a higher profile in the global payments market with efforts by both of the global card networks to acquire firms that specialize in this area. Visa Inc. has acquired Tink AB, while Mastercard Inc. bought Aiia and Finicity Corp.

Physical goods will continue to dominate e-commerce spending, the report says, accounting for 82% of payment value by 2026. To tap into the trend, Juniper advises, payments providers should support buy now, pay later plans, which allow consumers to split purchases into four equal installments paid over a six-week period at no interest. BNPL is becoming more controversial, however, as the Consumer Financial Protection Bureau has launched an investigation of the option and as reports emerge that consumers with multiple accounts are more likely to miss a payment.

While still a big trend, e-commerce sales in the U.S. market cooled significantly last year as the pandemic effect lost some of its force. Third-quarter sales in 2021 reached $214.6 billion, up 6.6% year-over-year, according to the Census Bureau, which tracks retail sales. That follows an 8.9% rise in the second quarter and three straight quarters with increases of 32% or more. Fourth-quarter 2021 results are not yet available.

Posted in Credit card Processing, Credit Card Reader Terminal, Credit Card Security, Digital Wallet Privacy, e-commerce & m-commerce, Financial Services, Mail Order Telephone Order, Merchant Account Services News Articles, Merchant Services Account, Mobile Payments, Mobile Point of Sale, Point of Sale, Small Business Improvement, Smartphone, Uncategorized, Visa MasterCard American Express Tagged with: banking and e-commerce, e-commerce, e-commerce businesses, e-commerce merchants, e-commerce processor, e-commerce transactions, ecommerce, ecommerce merchant, ecommerce merchants, ecommerce sites, mobile commerce payment, mobile payment, Mobile Payments, mobile processing transactions, mobile transactions, mobile wallet, mobile wallet transactions, mobile wallets, mobile-commerce payments, online transactions, point-of-sale transactions, transaction processing, transactions, wallet

Mobile Wallet Technology

Mobile Wallet Technology have flooded the market in the last few years with offerings such as Apple Pay, Android pay, Samsung Pay and more. And so far, they seem to be succeeding.

To understand how contactless payments work, here is an example.

A smart phone like Android or iPhone allows you to take advantage of mobile wallets like Android Pay, Apple Pay or Samsung Pay. You input your credit card information onto your phone, which stores it for later use.

If you’re shopping at a store that has mobile payment readers at the register, rather than reach for your wallet and get your credit card; you take out your phone to make a payment.

The point-of-sale (POS) terminal will automatically reads the payment information stored by holding your mobile phone a few inches away from the POS, and then processes the transaction. When the mobile device is in range, a wireless communication protocol links the terminal and the phone, which exchange information and conduct a secure transaction in a fraction of a second.

Near-field communication or NFC technology, works by bringing together two electronic devices. In terms of payments technology, a mobile device such as a smartphone and a reader. The reader would be the initiator and the smartphone would be the target, which contains the stored credit card information.

The market potential for NFC payment technology is huge, as more merchants adopt the EMV. EMV compliant terminals accept NFC payments through mobile wallets.

For Electronic Payment set up call now 888-996-2273! 

Posted in Best Practices for Merchants, Credit Card Reader Terminal, Mobile Payments, Near Field Communication, Smartphone Tagged with: contactless payments, credit card, electronic payment, merchants, mobile wallets, Near Field Communication, nfc, point of sale, POS, smart phone, terminal

CYBERSECURITY VIA CONVERGE

Cybersecurity via Converge:

Converge uses a multi-layered approach to security which helps keep cardholder data safe throughout the entire payment process; from beginning to end.

• EMV: All new Ingenico PIN pads and readers – iCMP and RP457c used with Converge Mobile offer EMV to help protect against counterfeit card use. The PIN pads go a step further in helping protect against lost; stolen and NRI (never received/issued) when a PIN-preferred card is accepted with PIN entry.
• Encryption: All new Ingenico devices also include encryption as a standard security component in addition to protect card data in transit.
• Tokenization: An enhanced security feature that is particularly valuable in card-not-present (CNP) environments when cards are stored on file for processing at a later time, or either for recurring/installment payments. 

Get the Ingenico iCMP EMV PIN Pad for only $130.00.

For all payment applications, either Debit or Credit PIN Transaction. Work with both Apple and Android Devices.

Ingenico EMV RP457c card reader for only $75.00.

For Merchants that do not need PIN Pad. Works with hundreds of mobile devices. 

Posted in Best Practices for Merchants, Credit Card Security, EMV EuroPay MasterCard Visa, Mobile Payments, Smartphone Tagged with: card, card-not-present, cardholder, data, EMV, mobile, payment, PIN pads, Security, tokenization

VALUABLE FEATURES AND BENEFITS

National Transaction offer valuable features and benefits, if you want to improve your business’s productivity, you should look for the following features below, that you need from your Electronic Payments provider.

Advanced Security Options – 6 out of 10 small businesses close within six months of a card data breach, it is important that Point-of-Sale devices should have appropriate security measures, particularly EMV, encryption and tokenization. NTC offer Safe-T for Small and Medium Businesses and Safe-T for Large Businesses. The Top-tier security is important on your business’s data especially customer information, consider adding additional authentication procedures.

Fast Payment Processing – first step is having up-to-date technology, because some customers might leave, the sooner you have the money processed by your provider, the bigger and stronger your business can become. NTC is adept at administering payments quickly and efficiently. We can provide regular funding or next day funding.

Feature Flexibility –  obtaining the features you need from your payment services provider is very important. Look for a provider that appropriately addresses your payment concerns.

Mobile Payment Processing – NTC offer Virtual Merchant/Converge Mobile that gives you the ability to accept payments using your smartphone or tablet anywhere you go. Furthermore, the app works with most Apple and Android mobile devices. Accept a key-entered transactions or swipe cards using an encryption reader. You can now take chip card payments using Ingenico iCMP PIN Pad or the new RP457c card reader.

Reliable Customer Support – NTC is available 24/7, the phones are answered by humans and not automated systems. You got support with your hardware, answer questions and guide you to better understand the process. Customer support is the most important feature of any business partnership you make.  At NTC we are very passionate about that.

Up-to-Date Tech – futuristic features, like mobile payment abilities, EMV/NFC, contactless payments are worth investing. Modern consumers are generally more familiar with up-to-date payment systems. Seeing a payment service provider offer a swipe-only terminal should be a red flag, because the recent regulations require merchants to have EMV to provide better data security.

Posted in Best Practices for Merchants, Credit Card Security, Electronic Payments, EMV EuroPay MasterCard Visa, Mobile Payments, Mobile Point of Sale, Near Field Communication, Point of Sale, Smartphone Tagged with: Breach, card data, card reader, chip card, contactless payments, data, EMV, encryption, merchants, mobile, mobile payment, nfc, payments, Payments provider, point of sale, provider, Security, service provider, smartphone, swipe, tablet, terminal, tokenization, transactions

INGENICO RP457c NOW AVAILABLE!

Ingenico RP457c card reader is now available at NTC for $75.00 plus encryption and shipping!

NTC are pleased to announced the launch of Converge Mobile 1.3, which includes support for the new Ingenico RP457c.

An all-in-one card reader that accepts:

• Mag stripe
• chip card
• contactless payments including mobile wallets

Customers can utilize audio jack to connect the device to their either smartphone, tablet or connect via Bluetooth.

In addition to the converge Mobile portfolio, Ingenico RP457c is a lower price point for customers who are cost sensitive. It offers the same payment flexibility as the iCMP.

Both RP457c’s and iCMP devices also offer encryption technology, adding another layer of security to help protect card data at the point of entry and throughout the payment lifecycle.

One key difference is that iCMP is a PIN pad that supports chip & PIN as well as debit PIN transactions, while the PR457c is a card reader only; therefore chip and signature and signature debit are supported on this device.

For your electronic payment needs or to purchase the device give us a call now 888-996-2273 www.nationaltransaction.com

Posted in Best Practices for Merchants, EMV EuroPay MasterCard Visa, Smartphone Tagged with: card data, card reader, Chip & PIN, chip and signature, contactless payments, customers, mobile wallets, payment, PIN pad, Security, signature debit, smartphone, transactions

NTC’s ELECTRONIC PAYMENT SOLUTIONS

Merchants need to stay competitive by offering the most modern forms of electronic payment processing technology to satisfy customers, because, in today’s world of smartphones and one-the-go payments, consumers have options in how they conduct their transactions. With proper education on the types of payment options, merchants can make the right decision for their business.

NTC is here to discuss that payment options.  

EMV – or Europay, MasterCard, Visa is a fraud-reducing technology to protect card issuers, merchants, and consumers from counterfeit or stolen cards. The customer inserts or dips the chip card into the EMV terminal, rather than swiping the card at the point of sale. A one-time-use code is created for that transaction. This code makes it virtually impossible for anyone to duplicate, leaving customers safer from fraud.

NFC – stands for near field communication is a method of contactless data exchange between two electronic devices. NFC is used in mobile wallets such as Apple Pay, Android Pay, and Samsung Pay. More and more consumers leaning towards mobile wallets, merchants should be prepared to accept NFC payments by incorporating NFC-enabled equipment.

Virtual Merchant Mobile Payments – Mobile Payments are popular, you can take payments anywhere. Ideal for retail, restaurant and service businesses of any size. Accept payments your way online, in-store and on the go. Anytime and anywhere.

Offers flexibility you want with the payment security you and your customer need:

• Accept credit and debit cards, including mag stripe, chip cards, and contactless payments/NFC, like Apple Pay and other mobile wallets.
• Calculate discounts, taxes, and tips automatically.
• Email customer receipts.
• Help protect cardholder data with an encrypted, chip card device.
• Record cash transactions.
• Use your own smartphone or tablet (works with most IOS and Android mobile devices).

Check out NTC’s electronic payment solutions that are EMV-capable, NFC-enabled and mobile wallet ready.

Posted in Best Practices for Merchants, Electronic Payments, EMV EuroPay MasterCard Visa, Mobile Point of Sale, Near Field Communication, Point of Sale, Smartphone, Travel Agency Agents Tagged with: chip card, consumers, contactless payments, customers, data, debit cards, electronic payment, EMV, fraud, merchants, mobile wallets, Near Field Communication, nfc, online, payment, payment processing, point of sale, Security, Smartphones, terminal, transactions

CONTACTLESS PAYMENTS AND NFC

NFC stands for Near Field Communication. It is a technology that allows contactless data exchange between two electronic devices

Contactless Payment is a description for the ability to pay without touching anything.

How do mobile wallets fit into NFC?

Mobile wallets like Apple and Android Pay use NFC technology. NFC technology allows the data to securely pass back and forth between each device to make a contactless payment.

How secure are NFC Payments?

Tokenization converts or replaces cardholder data with a unique token ID. This eliminates the possibility of having card data stolen. These tokens help heighten protection and security for the consumer.

As a merchant,  preparing to accept payments that meet customers satisfaction is needed. With the mobile wallet transaction process, it makes the traditional transaction quick and efficient.

NTC terminals allow merchants to accept NFC Payments, allowing you to process more transactions. For more information give us a call at 888-996-2273.  

Posted in Best Practices for Merchants, Credit Card Security, Mobile Point of Sale, Near Field Communication, Smartphone Tagged with: cardholder, consumer, contactless, customers, data, merchant, mobile wallets, Near Field Communication, nfc, payment, Security, terminals, tokenization, transaction

Why EMV Still Problematic?

Terminals are ready, but the software isn’t – many merchants have EMV capable equipment, but has not been activated yet because it still needs to be certified.
The certification process includes security and compatibility tests.

For a small merchant, all you need to worry about is your equipment or software is EMV certified.

For software, developers, terminal manufacturers needs to get certification before they can deploy their products to merchants.
So many merchants who want to accept EMV, are now just waiting for their POS system to get necessary upgrades, which they can’t do until they’re certified.

Slower Checkout Time – common complaint by consumers. Dipping takes several seconds longer than swiping the card. There’s also a chance of forgetting your card because you have to leave your card inserted while waiting for the transaction to get approved.

The fastest Path to EMV – Depending on the nature of your business, the risk of landing yourself for credit card fraud is slim. The easiest way is to contact your merchant account provider and they will tell you what equipment and software you need and how much it will cost.

For our retail customers, we have the iCT250, the smart and compact desktop device designed for maximum efficiency. iCT250 offers a smart and effective payment experience on minimum counter space. Accept all electronic payment methods including EMV chip & PIN, magstripe and NFC/contactless.

For card-not-present, we have our payment gateway platform that accepts payments your way Online, In-Store and On the Go.

• E-commerce – manage your e-com business along with all of your other payment transactions in one, secure place.
• In-Store – accept payments in person with ease using your computer and a broad range of an optional device, like card readers and PIN pads.
• Back Office Mail & Phone – Process you mail and phone payments online. Converge is ideal for recurring and installment payments too.
• Mobile – Take payments on the go with an intuitive mobile app that’s compatible with most smartphones and tablets.

For more details give us a call at 888-996-2273 or check out our website for our products and services.     

Posted in Best Practices for Merchants, Credit Card Reader Terminal, e-commerce & m-commerce, EMV EuroPay MasterCard Visa, Internet Payment Gateway, Mail Order Telephone Order, Merchant Account Services News Articles, Mobile Payments, Near Field Communication, Point of Sale, Smartphone, Travel Agency Agents Tagged with: card, card readers, Chip & PIN, consumers, contactless, credit card, customers, e-commerce, electronic payment, EMV, fraud, in-store, magstripe, merchant account, merchants, mobile, nfc, online, payment, payment gateway, PIN pads, POS, provider, Security, terminals, transaction

LENDING MOMENTUM TO CONTACTLESS

Apple and Samsung, Plus HCE, Lending Momentum to Contactless 

EMV migration in the U.S. is helping to establish NFC since nearly all EMV terminals come with built-in NFC capability. Consumers worldwide will make mobile payments with their handsets using near-field communication this year, nearly 70% will be Apple Pay and Samsung Pay users.

Some banks were offering mobile wallets based on HCE. Banks have responded to HCE because its cloud configuration stores and manages payments information, bypassing the secure element in the phone. This allows banks to introduce tap-and-pay mobile-payments services quickly because it eliminates the need to negotiate terms with mobile carriers and device manufacturers to gain access to the secure element. Cloud-based credentials can be tokenized to protect from hackers. Tokenization and HCE combination  is extremely attractive to banks.

Apple, Samsung and a cloud-based technology host card emulation are playing a big role in spreading contactless payments.

Posted in Best Practices for Merchants, EMV EuroPay MasterCard Visa, Mobile Payments, Mobile Point of Sale, Near Field Communication, Smartphone Tagged with: banks, consumers, contactless, contactless payments, EMV, HCE, host card emulation, mobile, Mobile Payments, mobile wallets, Near Field Communication, nfc, payments, terminals, tokenization

CARDLESS ATM

Cardless ATM’s Could Help Push Mobile Wallet Adoption

The mobile wallet will be the payment method in five to 10 years.

Cardless ATM transactions is a great way to introduce smartphones as payments devices. It could help with the adoption of mobile payments and wallets. Mobile Smart Phones will become the piece of plastic and cards will be a thing of the past…

A multinational banking corporation intends to use (NFC) near-field communication for its service. It will let customers leverage NFC technology on their smartphones to authenticate at the bank’s ATM without a debit card.

An NFC cardless ATM transactions could be compatible with Apple Pay which uses NFC technology.

Benefits:

Speedier ATM cash withdrawal takes about 15 seconds without the debit card compared with 60 to 90 seconds with a debit card, whether it’s a chip or magnetic-stripe transaction.

Safer ATM transaction. No physical connection between the phone and ATM, skimming device to intercept the transaction is gone.

The barcode represents the time of day and what terminal the transaction is taking place at. Everything is tokenized.

Cardless ATM transactions are interesting and an appropriate evolution. 

Posted in Best Practices for Merchants, Near Field Communication, Smartphone Tagged with: banking, cards, debit card, Mobile Payments, mobile wallet, Near Field Communication, nfc, payments, transactions