When considering the switch to point-of-sale devices capable of handling EMV or mobile transactions, many merchants may still have lingering concerns. As far as security goes, most of the issues retailers face have been allayed simply through proof of concept; in-store fraud is on the decline since EMV came into widespread use.
The good news for merchants is that mobile payments are more secure than traditional credit card transactions. For those still worried about PCI compliance, there should be no issue transitioning to this more secure payment type.
For some time now, POS resellers have been able to provide merchants - particularly smaller ones - with affordable payment solutions that can still meet customers' changing demands for both security and convenience, according to Business Solutions Magazine. This may be especially vital as time goes on, because as more merchants adopt EMV and particularly mobile, consumers' expectations for ease of use will only continue to grow. This trend means that some merchants may be left behind if they aren't quick to adapt.
Mobile Continues To Ramp Up Slowly
Today, about 1 in 5 consumers who have a mobile wallet account set up with one of the three main providers - Apple Pay, Samsung Pay and Android Pay - say they use it whenever they can, according to a new survey from PYMNTS. Apple Pay actually has a lead with 22 percent of people who have tried it at least once, ahead of 15 percent for Samsung Pay and less than 10 percent of Android Pay.
And while adoption is still slower than experts might have anticipated, consumers are getting over their initial concerns about security, and experts now believe that much of the issue is that they haven't been incentivized enough to eschew card-based transactions.
"So far mobile wallets aren't attracting much consumer interest with Apple Pay the oldest regularly clocking in between 4 to 5 percent of people who could use their wallet actually using it," said Karen Webster, CEO of PYMNTS. "The lesson, though, isn't that wallets are dead but that the providers, and innovators, really need to focus on features - or something - that will get consumers, and merchants, excited."
Getting More People Onboard
When it comes to incentives, fewer than 1 in 3 mobile pay users say they have actually been given any - though that number is up from 19 percent last year, according to a new survey from the Auriemma Consulting Group. But what's interesting is that nearly 9 in 10 people who were offered an incentive took advantage of it either through the mobile payment app or when making an in-store purchase.
In all, 46 percent of those incentives were offered by merchants themselves, compared with 40 percent offered by financial institutions, the survey found.
This may show the next frontier in highlighting the benefits of mobile payments and incentives for merchants of all sizes. If retailers can get people intrigued by emerging platforms through incentive offers, they may create a safer payment environment, and POS resellers can help achieve that goal.