Mobile/cloud technology gain momentum in 2014 payment industry

The impact of the latest technologies has been a topic of conversation for some time in the payment industry. Now, according to a new study, systems like mobile and the cloud are gaining major steam.

At the Electronic Transactions Association's (ETA) TRANSACT 2014 conference, small business finance provider CAN Capital conducted a survey. The purpose was to determine what trends could play the biggest role in the future of the payments industry.

Topping the list, being cited by 42 percent of respondents, is the belief that new payment technology is the industry trend that will gain the most industry momentum in 2014. Also at the top was product integration (24 percent), increased partnerships (23 percent) and company consolidation (11 percent).

Mobile strategies will be pushing the technology that is growing in the years ahead. Sixty-one percent of payment professionals said mobile technology is the fastest-growing, merchant-focused product offerings over the past year. Other technologies on the list, but falling well behind mobile is the cloud accounting services (12 percent) and automated business loans (11 percent).

"As consumers continue to turn to mobile to complete everyday tasks and purchases, payments providers must be able to offer innovative mobile transaction solutions in order to remain competitive," said Daniel DeMeo, Chief Executive Officer of CAN Capital. "In our partnerships with companies in the payments industry, we've seen firsthand how important it is for both processors and their customers to stay ahead of the curve in terms of new industry technology."

With the help of payment processing software that can be used with multiple platforms, any company can easily adopt the latest technology strategies.

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