New technologies are transforming the industry

first_img continue reading » Credit unions are facing many fundamental shifts across the industry, especially where payments are concerned. EMV is moving into the market and will continue to command our attention. EMV technology presents a high cost to merchants and issuers, although it needs to be implemented universally to keep the U.S. in step with global security standards.Ultimately, payments are headed toward NFC (Near Field Communication). We will soon become a contactless payment society. Biometrics will increasingly be used for authentication as well, and will be explored beyond the fingerprint.Though much publicized, wearables are still questionable as a primary payment channel.  There are utility issues with them, and their viability in the world of fashion remains uncertain.In the payments arena, non-financial disrupters such as Facebook, PayPal, Amazon and Square are strengthening their presence, and credit unions and service providers need to assess which options to include in their product mix.Mobile will continue to rise as a primary payment channel, bringing with it digital wallets, including Apple Pay, Samsung Pay and Android Pay. P2P payment technology is also advancing quickly and will soon become a staple in the daily lives of consumers. 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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