2016 Payment Predictions from Industry Experts

As some of you may have already read in our first blog post of the three part series, we recently had the opportunity to interview our partners and Ingenico experts regarding their payment predictions for 2016. We covered many topics ranging from EMV, NFC, payment security, Omni-channel, unattended solutions and more. This is the second of a three-part video blog series. You can read the first blog post here.

This video features Rob Cameron, Chief Product Officer of Moneris Solutions and Jeremy Gumbley, Chief Technology Officer of CREDITCALL talking about how mPOS solutions will become more common in 2016. It also features Chris Kronenthal, Chief Technology Officer of FreedomPay and Richard Giannini, Senior Vice President, Product Development of Ingenico Canada as they speak about how 2016 will see greater alignment with today’s payment standards.

Prediction 3: Mobile Point of Sale Will Become More Pervasive

Rob Cameron, Chief Product Officer, Moneris solutions

“We anticipate that by 2019, around half of our customers are going to be using mPOS as part of the ecosystem. In the small-medium businesses space, it’s going to be an iPad at the front of the store to run their store that they can pick up and move with the customer when required. For the big merchants, it’s going to take longer so we’ll see them extending their point of sale out and doing things like being able to have a wired physical point of sale but then also be able to service the customers where they are with an mPOS-enabled terminal and device, but ultimately I think we will move towards this experience where there is no cash register in a lot more retailers over the next number of years. What we see quantitatively from the numbers is new customers into our business - is trending as high as 40% - are requesting a solution connected to an iPad or a smartphone. So the momentum suggests that we will achieve that 50% by 2019.”

Jeremy Gumbley, Chief Technology Officer, Creditcall

“I can give a very accurate prediction that we’re probably going to see a lot more mPOS in 2016 than we are in 2015. I think that where we’re actually going to see that is because of EMV migration and because people are having these conversations now. If I need to upgrade my POS estate, is sticking with my legacy platform going to be advantageous in the long-term or should I rethink the strategy around that as well? So I think that in 2016, we’re going to see a lot more mPOS and I think that the kinds of applications that we see running on mPOS and the mobile platform as a whole will increase, which is further going to mobilize that movement towards mPOS over our legacy systems.”

Prediction 4: Greater Alignment with Today’s Payment Standards

Chris Kronenthal, Chief Technology Officer, FreedomPay

“I think 2016 is going to see unfortunately a lot more of the same. The reality is everybody was focusing on what’s next, whether or not it’s wallets, alternative payments, different types of maybe social backed forays into financial technology. The reality is you still have to solve for today. You still have to deliver for NFC, for encryption, tokenization, you still have to solve for EMV. That’s really what’s going to dominate 2016. I think what you’ll see towards the end of 2016, once all of that market mindshare is changed, people become more comfortable. It’s going to shift back towards value added services. So you’re going to see this reconciliation between everybody locking everything down for EMV and security. How do you break back out of the box and deliver value added services across all the different channels of payment?”

Richard Giannini, Vice President of Product Development for Ingenico Canada

“From a US perspective, we definitely see 2016 as a continuation of the EMV re-terminalization program. I don’t believe it’s moved quite as far ahead as most would have liked. So, we definitely see 2016 continuing that push to re-terminalize to get EMV functionality. In 2017 and beyond, we will definitely see our customers looking to do more with this terminal. More with the EMV terminals they’ve purchased or looking at new terminals to provide additional functionality. That’s where our Tetra platform with its ability to write third party applications, we really see it taking hold in 2017 and taking off from there.”