Android has become a hot topic in the area of acceptance in the payments industry. Indeed, the question is no longer ‘if', but ‘when’ the market will be shifting in significant volumes to the new platform. But what are the benefits of Android, and how can banks, acquirers, and merchants, gain real value from it?
Often when we talk about Financial Inclusion, we are drawn to the plight of developing countries. Africa, for example, is associated with high levels of cash use, the black economy, challenges with illiteracy and people on low incomes struggling to survive in rural areas.
How can ecosystems in payment technology surface the power and value found in the use of APIs to enrich the merchant offer and customer experience? From enabling alternative payment systems driven by QR codes to digital receipting that reduces environmental waste, joined up services driven by APIs are everywhere.
The digitalisation of payment has accelerated the move to cashless transactions. Even before COVID-19, contactless payments were on an upwards trajectory, facilitating a shift towards cashless countries. This evolution is not as far away as you might think, with Sweden already poised to stop accepting cash in businesses in 2023.
New technologies usually crush existing ones; the metal tool supplanted the stone axe, the video tape fell to the DVD, then Blu-Ray and now streaming services. Does the use of COTS devices for payment ring the imminent death knell for the dedicated payment terminal?
Recent years have seen the humble payment terminal evolve from a traditional, proprietary embedded operating system, into an open source point of sale (POS) utilising Android. This new paradigm comes with the ambition to accelerate customers’ digital transformation and reshape the traditional “point-of-sale” into a “point-of-interaction”.