There’s a silver lining to the unpredictability we experienced last year: 2020 accelerated the growth and advancement of the current payments landscape. In fact, the way operators set up their payment systems now will truly be a testament to how they thrive moving forward.
In my previous blog post, I discussed the growth of QR codes as a payment method and the different types that are available in the market.
To recap, the first one is a Static QR Code that the merchants display for the consumers to scan and pay. The second one is a Dynamic QR Code – Merchant Displayed – which generates a unique QR code for every transaction for the merchant to display and the consumer to scan and pay. The third one is another Dynamic QR Code format – Consumer Displayed – which generates a unique QR code for every transaction on the consumer’s device for the merchant to scan and accept payment.
2020 was a year to remember. From multiple Zoom calls every day to baking sourdough bread at home, people have quickly adapted to the “new normal.” In retail, to implement safe in-person interactions, many businesses are turning to mobile solutions and other innovative technologies. This allows them to accept payments securely and drive better engagement models between consumers and employees.
When you look at the world of self-service and vending solutions, EMV acceptance is still a big concern. Most merchants that have fixed or mobile payment infrastructure are either already ready to accept chip cards or will soon be. On the other hand, thanks to the card brands, customers are also well adjusted to using EMV cards and understand the security benefits it offers. So why are self-service solutions falling behind when it comes to migrating to EMV? Four main reasons:
It’s strange how technology use changes over time. Take the QR code: It has been around for more than a quarter of a century but is only now starting to become more visible in our lives. What began as a simple tool to help Japanese car makers track their inventory around their factories is now everywhere from ticketing to advertising. Soon it will be in our wallets too.
