Category: Mobile Payments

iZettle launches new system to support mobile payments

| May 25, 2015

New point-of-sale system will support mobile transactions made through various services

Sweden’s iZettle, a developer of point-of-sale systems, has launched a new mobile point-of-sale product that is meant to work with both chip and PIN mobile payments. The product has an emphasis on Apple Pay and similar payment services. These services have become quite popular with consumers because they allow people to make payments with their mobile devices. This is considered a convenient way to pay for products, but there are relatively few mobile point-of-sale systems that are available in the retail space.

Global launch of new system expected to occur later this year

Growing demand for these systems has lead iZettle and other companies to develop new products that can accommodate changing trends in the retail space. The company’s new system, called the Card Reader Pro Contactless, will be distributed to select partners in the United Kingdom. A broader launch will come in June. Global launch will occur in the following months. The system itself costs approximately $122, with price variations depending on certain markets.

Small retailers may find benefit in iZettle’s new product

mobile payments - Point-of-sale SystemThe new system may be particularly useful to small companies that are interested in mobile payments. Small retailers have been slow to embrace mobile payments because of the costs associated with converting conventional point-of-sale systems into mobile capable systems. Smaller retailers want to engage mobile consumers, but do not necessarily have a way to support mobile payments. The new point-of-sale system could help solve this problem by giving these retailers the tool they need to finally break into the mobile space.

System could be an effective way for retailers to engage mobile consumers

The mobile system will support numerous mobile payments apps, including Google Wallet. The system is meant to cater to the convenience of mobile payments and allow both retailers and consumers an easy and effective way to engage in a new form of commerce that has emerged as a result of mobile technology. Of course, iZettle is not the only company to bring a mobile point-of-sale system to the market, so it will have to compete with others in the retail space to find success.

Mobile payments fraud may be a risk for merchants

| May 22, 2015

Report highlights the lacking awareness merchants have concerning mobile payments fraud

Mobile payments fraud may be growing quite problematic for merchants. A recent study from Kount, the Fraud Practice, and CardNotPresent.com shows that merchants may be unaware of the mobile fraud that could be targeting them. Fraud is not uncommon in the retail space, especially when it comes to digital shopping. Many retailers have had to deal with fraudulent payments in the past and have become somewhat proficient at doing so, but mobile represents a new channel that retailers are not yet comfortable with.

Many retailers are not certain if they are tracking fraud

The report shows that 39.4% of merchants said that they were actively tracking fraud across all of their channels. Another 34.2% claimed that they were uncertain if they were tracking fraud across channels, however, which may be cause for concern among those involved in the mobile payments space. The report also shows that the majority of merchants (61%) are uncertain about whether or not fraud is increasing in the mobile channel. This uncertainty could affect their ability to combat fraud both in the present and in the future.

Mobile payments may not be riskier than other channels

Mobile Payments - FraudMobile payments have become quite popular among consumers, but they have also become a target for malicious groups that want to exploit financial information. Approximately 34% of merchants that deal in digital goods believe that the mobile channel is somewhat riskier when compared to conventional channels. The majority of merchants, however, believe that mobile is as risky as any other channel, since all channels have had to deal with fraudulent transactions in the past.

More merchants are beginning to take mobile payments seriously

The number of merchants that are actively supporting mobile payments continues to grow. The report notes that 68% of all merchants now have some form of mobile payments plan in place. Another 20% of merchants are currently planning to put a mobile payments system in place at some point this year. Merchants are showing favor for mobile channels because of their convenience and believe that mobile devices are an effective way to engage consumers.