5 reasons why in 2014 your mobile becomes your card

In the coming 12 months we will see mobile payments become firmly entrenched in daily business practice in the UK.

The advent of mobile payments systems such as iZettle and Square, that allow payments to be taken on a mobile device rather than via a traditional terminal, has changed everything. It pays to be different.
As the market becomes increasingly competitive, we can expect 2014 to be a year when mobile payment providers start to clearly differentiate themselves from their rivals. We will see mPOS (mobile point of sale systems) move beyond merely facilitating payment transactions.

Expect mPOS players to explore avenues such as sales analytics, loyalty reward schemes and white labelling for big businesses, such as banks, that want to get a piece of the market.
A mobile phone, an app and a small card reader can now give you more options, information and analytics than an expensive computer, cash desk and separate card terminal would have just two or three years ago.

Making it easier to take card payments is a part of this movement and banks are now partnering with tech startups and payment ‘disrupters’ to empower small businesses by offering new tools and technology to make it easier for them to sell.
The constantly improving analytic offerings of mPOS systems means more data on their business performance will be available for small and medium enterprises which will help business planning and, ultimately, function as a tool to grow the business.

2014 - The year of mobile payments - e-moneyman.co.uk

Mobile living

With the era of the smartphone firmly upon us, we are seeing a growing acceptance by both business and consumers to technology changing the way we doing everyday things.
Whilst there remains a level of reluctance amongst sections of the public to the infiltration of apps and computers into all aspects of public life, there is no doubt that fear of technology has massively decreased.

One of the major discrepancies between banking in the USA and Europe is the structure around card payments. The USA still has magstripe and signature cards at the core of its system while Europe runs on chip and PIN verification. The latter system is the far more advanced of the two and will continue to increase in influence.

Source: Telegraph