Why Contactless and Mobile Payments Increase Retail Sales!
New data may be seen to suggest that a recent rise in credit card transactions and retail sales is more than a fortunate coincidence. Retail sales in Cyprus rose 4.2 per cent year-on-year in April 2019 (Ministry of Finance, Cyprus) while credit card transactions rose by 20 per cent during the first six months of 2019 compared to the same period in 2018 (JCC).
With 3-D Secure 1.0, cardholders have to verify their identity in online transactions in an additional step. In April, a new standard will be introduced: 3-D Secure 2.0. The new standard simplifies card payments in e-commerce for you and your customers thanks to a wide range of data, biometric authentication and an improved, standardised online experience.
Chips With Everything - Difference between Contactless Cards and Smartphone Payments
Changing how we pay is now “always on the cards”. It was only in January 2008, that Chip and Pin technology was launched in Cyprus. Up until that point, a signature was still required on a credit or debit card slip. A little over ten years later and the world of merchant payment services and credit card gateway services on the island is transformed by the increasing shift to the use of contactless cards.
EMV – A Chip More ‘Attractive’ Than The Magnetic Stripe, Say Card Providers
The magnetic stripe is all but consigned to history as a new era in credit card gateway services fast evolves. From chip and pin and contactless transactions today to biometric payments, iris recognition and beyond, tomorrow. By 2018, nearly 9 in 10 people (85.5 per cent) or 966 million, had adopted EMV cards in Europe Zone 1, which includes Cyprus. A rise of 2.9 per cent from 2017 (Latest data from the three card providers of EMV - Europay, MasterCard and Visa).
In a Flash! Fast Changing Customer Payments in the “Now” Economy!
Today consumers increasingly expect payment for goods or services via the physical store, online and app-driven device to be a super-convenient, instant one-touch, swipe or tap experience. The technology of a payment solutions provider and merchant payment services is fast evolving to meet customer expectation.
Cyprus Debit Card Growth Means An Online Payment Gateway is Essential For All Transactions
The frictionless payment experience – provided by credit card gateway services for the quickest and easiest customer transactions. The methods and processes of merchant payment services are fast evolving and many small business may struggle to keep up with the names of the new technologies. Even established, basic terms such as, the difference between a merchant account and a payment gateway account.
Strong Customer Authentication (SCA) is Coming - Is Your Merchant Payment Services Process Compliant?
Contactless goes “unattended” for the first time at an outdoor location in Cyprus. It was also only a matter of time for a country like Cyprus to take the next step, say the payment solutions provider industry. Digital transformation of card transactions on a global scale is advancing rapidly and in Cyprus, a secure ‘omni-channel’ solutions supplier, such as Six payment services is already in place to help merchants escalate their business.
Zero Floor Limits Are Coming to Cyprus – Contactless in Real Time.
Changes are on the way for merchant payment services in more Europe regions, including Cyprus. Currently, the card authorisation ‘Floor Limit’ for contactless in Cyprus is 20 Euros. This will change to a ‘zero floor limit’ on 18th October 2019, falling into line with Floor Limit authorisation for magnetic stripe and contact chip cards. Businesses should check with their payment solutions provider to ensure the system they use is automatically upgraded.
Small Business Goes Contactless as “Tap and Go” Tripled Across Europe in 2018
Consumer behaviour never stands still – even in Cyprus. The way customers pay for goods and services is undergoing a digital revolution and merchant payment services are in the forefront of the rapid change. Instant access and convenience offered by a payment solutions provider means cash payments at the point of sale are in noticeable decline as contactless cards become the consumers’ regular payment method of choice.
Fears Over Card Security Holding Your Business Back? Keep Transactions Locked Up Not Your Cashflow!
“Our customers prefer to pay with cash” or “They’re worried about the security of using a contactless card”. These may be just a couple of the typical, wary replies by businesses when asked about upgrading their merchant payment services. Nevertheless, contactless cards are increasingly offered by major online payment gateway providers and it is crucial to address customer safety concerns about their use.