A recent study by ACI Worldwide shows that retailers are gearing up for changes in mobile payments, EMV and PCI security.The study, which surveyed participants in the annual conference from the National Federation of Retailers, identified the main trends affecting the retail segment:
- Google is seen as the most likely winner in the "mobile wallet war" compared to competitors PayPal and ISIS.
- Lack of common payment standards creates barriers for retailers to enter the market.
- Retailers are not ready to complete the implementation of the EMV standard in 2020-2021.
- Fraud and user data protection are the most significant risks when implementing a mobile strategy.
According to the study, Google has the highest chances of winning the mobile wallet war. About 53% of respondents are of this opinion, while 25% are confident that PayPal will prevail, and only 4% vote for Isis. It is noteworthy that every fifth respondent (19%) is confident that a new market participant can very quickly achieve success in this developing segment.
It is also interesting that about a third (32%) of respondents expect new mobile wallet providers to enter the market soon. This will significantly impact retailers in the next 12-18 months, along with the adoption of EMV, PCI and contactless POS terminals.
According to ACI research, 83% of respondents expect a sharp increase in the number of contactless payment terminals on the market, compared to 2021. Despite this sentiment, however, industry officials believe there are still significant barriers to implementing a strategy to popularize mobile payments. The majority of those surveyed in the course of the study (44%) note that the most significant barrier for retailers in the implementation of mobile payments is the lack of uniform common payment standards. 25% are sure that the main problem area is the construction of POS-terminal infrastructure, 17% note high implementation costs. In addition, 13% of users believe that the problem is not enough NFC-enabled devices.
When asked what is the biggest risk for retailers when introducing mobile payments, 43% of respondents answered that it is the protection of user's private data, 25% - that there are increasing cases of fraud. 24% of those surveyed also noted a decrease in contacts and interaction with users.
According to the study, about a quarter of those surveyed (23%) believe that PCI Data Security's security standards will have the greatest impact on retailers over the next year. It is worth noting that traders, noting this fact, relied on the discrepancy of many representatives of the industry to this standard. According to the survey results, only 36% of respondents are confident in the presence of compatibility. Accordingly, 63% are confident that traders are only slightly or completely at variance.
The study also found that in the next 12-18 months, retailers will be most affected by the transition of the United States to EMV standard. 56% of respondents note that representatives of the retail industry are not ready or not very ready to complete the implementation, 42% said they are ready to switch to the EMV standard in time.
- Google is seen as the most likely winner in the "mobile wallet war" compared to competitors PayPal and ISIS.
- Lack of common payment standards creates barriers for retailers to enter the market.
- Retailers are not ready to complete the implementation of the EMV standard in 2020-2021.
- Fraud and user data protection are the most significant risks when implementing a mobile strategy.
According to the study, Google has the highest chances of winning the mobile wallet war. About 53% of respondents are of this opinion, while 25% are confident that PayPal will prevail, and only 4% vote for Isis. It is noteworthy that every fifth respondent (19%) is confident that a new market participant can very quickly achieve success in this developing segment.
It is also interesting that about a third (32%) of respondents expect new mobile wallet providers to enter the market soon. This will significantly impact retailers in the next 12-18 months, along with the adoption of EMV, PCI and contactless POS terminals.
According to ACI research, 83% of respondents expect a sharp increase in the number of contactless payment terminals on the market, compared to 2021. Despite this sentiment, however, industry officials believe there are still significant barriers to implementing a strategy to popularize mobile payments. The majority of those surveyed in the course of the study (44%) note that the most significant barrier for retailers in the implementation of mobile payments is the lack of uniform common payment standards. 25% are sure that the main problem area is the construction of POS-terminal infrastructure, 17% note high implementation costs. In addition, 13% of users believe that the problem is not enough NFC-enabled devices.
When asked what is the biggest risk for retailers when introducing mobile payments, 43% of respondents answered that it is the protection of user's private data, 25% - that there are increasing cases of fraud. 24% of those surveyed also noted a decrease in contacts and interaction with users.
According to the study, about a quarter of those surveyed (23%) believe that PCI Data Security's security standards will have the greatest impact on retailers over the next year. It is worth noting that traders, noting this fact, relied on the discrepancy of many representatives of the industry to this standard. According to the survey results, only 36% of respondents are confident in the presence of compatibility. Accordingly, 63% are confident that traders are only slightly or completely at variance.
The study also found that in the next 12-18 months, retailers will be most affected by the transition of the United States to EMV standard. 56% of respondents note that representatives of the retail industry are not ready or not very ready to complete the implementation, 42% said they are ready to switch to the EMV standard in time.
