By Jeff Connors
Chairman and CEO
April 16, 2015
I recently returned from Transact 15, the annual gathering of payments industry professionals. This year’s show, which took place in San Francisco, attracted the largest attendance in ETA (Electronic Transactions Association) history. More than 4000 payments industry leaders, from over 20 different countries, converged on the Moscone Center, proving that this has become a truly global event for the industry.
The experts and panelists featured at the gathering highlighted the latest trends, developments and innovations in payments technology. Among the most widely discussed topics were payment security, politics and policy, POS innovations, the hot topic of mobile payments and the future of payments.
Reflecting on the show, I came away with here are the four key highlights from my perspective:
- Internet of Things is set to revolutionize payments
One of the highlights of the show was the keynote address which provided a fascinating look into the future of payments. Intel’s SVP Doug Davis spoke about how the ‘Internet of Things’ is set to revolutionize payments and create new business models. With our Intrix Payment Gateway we are well-situated to serve customers as the Internet of Things develops and evolves.
- The move to EMV – where are we?
In October 2015, the EMV transition is due to take effect in the United States. The ETA’s CEO, Jason Oxman sat down with Mike Cook, SVP and Assistant Treasurer at WalMart, to talk about the impact merchants may encounter by implementing EMV. Cook mentioned that he feels the EMV rollout will be delayed for credit transactions, as it’s been delayed in other markets. He noted that the challenge of the EMV rollout will be toughest on small businesses that will have to decide on the financial investment in new hardware.We will be watching this closely and will keep you apprised.
- The brave new world of mobile payments
With the advent of giants like Apply Pay, Google Wallet, and Microsoft all fighting for the mobile payments space, TRANSACT was abuzz with possibilities about risk in this new payments world. The constant need to monitor what your merchant’s activities, both past and present, is necessary. With every new channel, regulation or intermediary that is introduced, the risk multiplies. This is another area that we will watch closely.
- Emerging payment trends in encryption and tokenization
End-to-end encryption, and tokenization were widely discussed throughout the conference as essential components for securing payments in the increasingly mobile, interconnected world. Partnering with a company like Intrix that provides strong encryption and tokenization capabilities can help provide a competitive edge.
We now look ahead to CNP Expo in Orlando, Florida, May 18-21, where we are looking forward to further opportunities to forge new relationships and meet with our existing partners.