The annual Electronic Transactions Association’s (ETA) TRANSACT 14 turned out to be the largest show in the organization’s 25 year history. The event hosted at the Mandalay Bay Convention Center in Las Vegas earlier this month, thousands of attendees and 210 exhibitors flocked to TRANSACT14 to partake in three full days of networking and educational tracks. Attendees also learned about the latest trends and technical innovations in the payments and transactions industry.
Amongst all of the mixing, mingling and conversing during the show, there were three trends that always seemed to make their way into the most of the conversations. If you attended the show, check out our picks below and see if you agree.
1. Mobility and Mobile Payments – Use of point of sale smartphone apps rose from two percent last year to 11 percent of all transactions this year and it is predicted that this trend will only continue to grow. Sustaining a competitive edge against emerging technologies, such as Square, requires integrating mobile payment as one of the payment options for consumers. It is critical that every major consumer brand, at least consider mobile payments as part of their strategy moving forward providing it delivers improved customer experience. Today, transitioning from web to mobile and offering mobile payment options is more than just a fad. It’s quickly becoming the standard.
2. Big Data – Payment processors have an untapped gold mine with the loads of data they continuously collect, which can provide a unique advantage both internally with managing their portfolio and externally by offering these insights to their customers. Payment processing is the only industry that carries a complete 360 degree view of the customer. The challenge here is how to access the data and make targeted decisions based on it. Big data analytics – when used effectively – can help companies better understand their key business drivers, make more informed decisions and get better results. Although big data can be quite cumbersome, but it’s definitely a topic that will remain on the tip of our tongues for quite a while.
3. Security – Security and privacy are still a huge concern in the payments industry and preventing future data breaches still remain at the top of mind for many. Though, there is no “one size fits all” when it comes to implementing security solutions, it was concluded that everyone within the payment chain – consumers, merchants, gateways, acquirers, processors, card companies and issuing banks – assumes a greater liability today and must take appropriate action to protect card holder data. Since there will always be different risks to mitigate, security will remain at the forefront of the conversation for some time to come.
Trying to stay ahead of the curve when it comes to the latest trends is a challenging task. Emerging technology, large amounts of data, security threats and rising customer expectations are impacting businesses more and more. These topics have presented challenges; however, they have also provided a window of opportunity for many processors and acquirers to boost business performance and gain a competitive advantage.
Although we chose to focus on mobility and mobile payments, big data and security, there are several other trending topics that are having a major impact on the industry. We’ll continue to keep an eye on the top trends to see how they will shape the business.
If you weren’t able to attend TRANSACT14, check out the following links that show a new solution we debuted at the show.