As news of retail security breaches continues to capture headlines, mobile technologies are driving retail payment priorities, with risk of fraud and criminal activity a distant second.
The majority (67%) of respondents to a recent survey from Infinite Peripherals said mobile technology innovation is their top priority, followed by risk of deceptive payment activity, at 38%. Another 35% of respondents confirmed that customer preferences would drive their priorities, above the influence of payment providers (29%) or payment legislation (16%).
The survey, titled: The Infinite Peripherals 2014 Payment Technology Trends Survey, was conducted to help glean insight on current payment trends and investments. More than 6,000 respondents, including online and in-store retailers, app developers, mobile device manufacturers and resellers across the U.S., participated in the survey.
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{loadposition TSHBAIAA022014} Results showed that 69% of respondents saw increased consumer use of mobile technology in everyday life as the single-most influential factor in future payment technology trends. Another 52% also saw increasing demand from consumers for mobile shopping as driving payment technology trends. Due to their focus on mobility and consumer preferences, respondents expected swipe-on-mobile-POS-device deployments to dominate the future payment technology market.
Swipe-On-Mobile-POS-Device To Surpass Swipe-At-Register
Currently, survey respondents are mostly using swipe-at-register (74%) and swipe-on-mobile-POS-device (62%) payment strategies.
But when asked which single payment technology would lead the market over the next three years, 30% of respondents pointed to swipe-on-mobile-POS-device as the most reliable and secure payment environment. During this three-year timeframe, only 17% of respondents expected swipe-at-register technology to be the most utilized payment technology.
While 23% of respondents were concerned that swipe-at-register payments would not keep pace with the evolving threat of fraud and theft, 96% said they expected swipe-on-mobile-POS-device to meet or exceed security expectations over the next three years.
Only 28% of respondents said they believe fraud losses justify the cost of implementing Europay, MasterCard and Visa (EMV), or “Chip & PIN” payment technology, which is most frequently promoted as a solution to losses from fraud and theft.
“Resoundingly, mobile payment technologies are referenced as the most exciting and secure innovation in the sector and are seen as the consumer’s champion payment technology,” said Andrew Graham, President of Infinite Peripherals. “As consumer demands continue to drive developments in payment technologies, successful retailers will pay close attention not just to what their consumers buy, but how they prefer to buy.”
Click here to request the full report from Infinite Peripherals.
