In the last decade our lives have become increasingly mobile and technology continues to evolve to meet consumer demands and serve the mobile masses. Many businesses have found success by adding flexibility and convenience at the point of sale.
A few months ago I took a car service to the airport. The driver used a mobile payment system to collect his fee, and after he swiped my credit card he handed me his smartphone to complete the transaction. But before I could sign for it, the screen offered me the option of adding a tip in specific increments— 15, 20 or 25 percent.
EMV® chip technology is an evolution in payments that will help increase security, reduce card-present fraud and enable the use of future value-added applications. Merchants who accept credit cards have an important deadline associated with EMV approaching. If after the deadline you fail to migrate to EMV payment processing, your business may be responsible for fraud-related costs that could have been prevented with the use of a chip-enabled point-of-sale (POS) system.
Since 2011, the Federal Reserve Board has conducted a survey of how consumers use their mobile phones to interact with financial institutions (mobile banking) and use of mobile phones to make informed shopping decisions and pay for goods and services (mobile payments).