PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Not All Payment Technology Trends Are Needed Globally

Don Apgar by Don Apgar
August 25, 2021
in Analysts Coverage, Merchant
0
Not All Payment Technology Trends Are Needed Globally

Not All Payment Technology Trends Are Needed Globally

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

It’s always interesting to watch the global payments landscape and see new products evolve to meet the use cases of the various local regions where they operate.  Mobile payments in the US were an evolutionary extension of what was already a very robust telecom infrastructure; merchants that accepted payment cards already had card reading terminals or POS systems that communicated with the card networks, first through dial-up and later using the Internet.

In many countries, including India, mobile was truly a revolution because it created online card acceptance capabilities where none previously existed. While shoppers in the US are now used to dipping their chip cards in customer-facing terminals, Indian consumers pay for their market goods via mobile-to-mobile apps like Amazon Pay. After the shopper makes their selections in the store, they send the merchant payment via Amazon Pay, where the merchant receives a notification on their mobile device that payment has been made. Amazon has now taken this a step further by including voice announcements; the merchant’s mobile device now announces that payment has been received, allowing the merchant to focus on the customer without needing to check his phone to confirm successful payment.  “Amazon Pay’s mission is to make payments reliable, convenient, and rewarding. With the launch of voice notifications for merchants, shopkeepers and offline merchants can easily see what payments they have received from their customers,” says Mahendra Nerurkar, CEO of Amazon Pay India.

In the US however, card brand interchange fees strongly incent merchants to utilize a payment terminal, which provides both the merchant and the customer with immediate confirmation of payment, making the use case for this feature less compelling for US merchants. However, as card acceptance and automated payments continue to expand in the US, look for features like voice alerts to become more useful.

Overview provided by Don Apgar, Director, Merchant Services Advisory Practice at Mercator Advisory Group

Tags: Amazon PayIndiaMerchant
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    The Power of AI and How its Transforming the Financial Landscape

    The Power of AI and How It’s Transforming the Financial Landscape

    September 21, 2023
    “You’re a Fintech, I’m a Legacy Bank – How Can We Collaborate?”

    Investing in Fintech: Opportunities and Challenges in the Payments Industry

    September 20, 2023
    real-time payments across the globe

    In 2023, Real-Time Payments Expanding Across the Globe

    September 19, 2023
    AI

    AI in EBPP: Small Changes, Huge Impacts

    September 18, 2023
    Amazon

    How Tech Is Changing the Checkout Process

    September 15, 2023
    fraud risk models

    Consortium Approach Dramatically Improves Fraud Risk Models

    September 14, 2023
    Disrupting the Disruption: Where Banking Is Heading Next

    Disrupting the Disruption: Where Banking Is Heading Next

    September 13, 2023
    cybercrime

    As Cybercrime Increases, Financial Institutions Must Remain on Guard

    September 12, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result