5 Payment Technologies Hospitality Tech Executives Need to Know

Payments, being a dynamic industry, is constantly evolving and executives need to be aware of key technologies in the market. Here, I’ve summarized five key payment technologies that hospitality tech executives need to know about:

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Video Blog: Are Merchants Ready and Willing to Accept Apple Pay Transactions?

Ingenico Group Industry Insights from EMV expert, Allen Friedman

Are Merchants Ready and Willing to Accept Apple Pay Transactions?

Right now, in the Tier 1 space where the largest merchants with the capital and resources can chose to turn on NFC, there are some who have decided to turn off NFC, even if they’ve had it before. Often they are working on a private solution among those large retailers. I don’t know if that will end up being a conflict.

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Video Blog: How Will Apple Pay Impact EMV in the US?

Ingenico Group Industry Insights from EMV expert, Allen Friedman

How will Apple Pay impact EMV in the US?

Apple Pay is a participant in EMV in the US, but they may not have a huge impact. They will have an impact on the adoption of contactless at the point of sale, and we’re already seeing that. We’ll see merchants who have NFC capable terminals that are not turned on will want to get them turned on for NFC. It definitely has given a boost to the potential of NFC at the point of sale.

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Video: Trends, Omni Channel and Apple Pay

What were the biggest trends at the 2015 NRF Big Show?

So I think EMV has really kind of captured the limelight here. A number of conversations with different vendors and that’s kind of squarely within the crosshairs right now. With October 2015 not that far out, vendors are working to get compliant, working to make sure they have solutions in place to help merchants get prepared. I think that’s been a central message here. I’d also say security is a big focus. So while EMV is certainly a component of the overall security story, a lot of talk about end to end encryption, tokenization is seeing increased attention as a result of Apple Pay and as a result of the number of breaches we’ve seen over the past few months here and certainly broader than payments there’s a big story around in-store engagement. So beacons are certainly a big part of the NRF message this year, seeing a lot of talk about really engaging shoppers in store, how do we keep them in the store, how do we push out relevant content to them, and how do we engage with them, how do we make the shopping experience unique, and add value and differentiate from competitors.

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How will EMV impact the customer checkout experience?

EMV allows customers to keep their cards in their possession

A potentially confusing change in the EMV payment process, yet one that improves security, is that the customer will no longer hand over a card to an associate for processing: customers will be able to keep their cards in their own possession and control at all times.

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