Barriers in the way for mobile wallets

Though mobile payment technology has evolved recently, it seems like full conversion from physical payment cards to digital apps will take some time yet. TIME recently covered this in an article on some of the recent problems with EMV or other card changes. According to NerdWallet's Sean McQuay, the difficulties in changing to chip-based cards foreshadow possible future issues with the device-based wallet.

The article cited previous research showing that fewer than half of merchants were able to accept EMV-ready cards as of this April. McQuay suggests that, rather than technology itself, the issue could be convincing consumers to change at all.

While the EMV card rollout was more or less effective on the consumer side, it still involved a traditional plastic card. Making the transition to something more modern could be disruptive in a way that stalls use.

"Despite the fact that EMV chips are a time-tested technology embedded in the familiar card format, the roll-out in the United States has been difficult and exasperating for consumers, due to widespread lack of understanding and spotty acceptance by merchants," McQuay said. "Making a full transition to mobile wallets will only be harder."

The growth of mobile technology shouldn't necessarily lead businesses away from POS. There are simply ways that this sort of terminal may be more effective, depending on what the company demands from its checkout systems. If there are many different components that need to be linked together, the centralized POS offers a chance for the benefits of card processing software to spread out over different elements.

Contact 911 Software for more information on our CreditLine software. We offer consistent support for users and can help you revolutionize your payment systems while avoiding costly updates.

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