2021. What an interesting year. With the world turned upside down by a pandemic that seemingly had its sights set on...
OmniPayments – Modern Payments for a Modern World
By Craig Lawrence
It would be hard to ignore the news coming from Apple – their much rumoured Apple Card has now been announced and, according to Apple’s own press release, delivers “An innovative, new kind of credit card created (that) is built into the Apple Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card right on iPhone. Apple is partnering with Goldman Sachs and MasterCard to provide the support of an issuing bank and global payments network.” Changing the look of credit cards as we have come to know them, “Apple has also designed a titanium Apple Card for shopping at locations where Apple Pay is not accepted yet. With no card number, CVV security code, expiration date or signature on the card, Apple Card is more secure than any other physical credit card.”
It would be harder still and indeed already has aroused our curiosity this month as the news came out that the volume of UK Contactless Payments has seen a rise in usage of over 33% in just the last 12 months alone. Such payments are closing in on £70 billion in expenditure and illustrate perfectly how comfortable consumers have become with frictionless payments. It may not lead to the demise of cash in the UK but it certainly will prove helpful to meeting such a goal.
Of course, the financial community is still coming to terms with some recently announced M&A activity including FIS with its mega-purchase of WorldPay – itself not that long ago acquired by Vantiv of the US, after which it adopted the WorldPay name. This merger size of US$43billion sets a new record, exceeding the recent merger of FirstData and Fiserv. With the growth of alternative payment methods on the rise, payment acquirers are realising their model needs to adapt rapidly to this evolving consumer behaviour.
While some may point to the risk of a growing proportion of payments without customer verification, fraud management systems are also evolving to meet this changing behaviour.
This rapid consolidation in the market says more about rise of other ecommerce players like Amazon & Paypal etc. Those with a strong presence in the bricks and mortar space want a presence in the e-commerce sector which is growing fastest, and they need to be big to compete in a market where transaction costs are generally falling.
These companies want a share of the frictionless payments market, and need to ensure they are positioned to accept the growing choice of consumer payment choices. From a pricing point of view, it also indicates that the only real way of Acquirers growing business profits over the long-term is scale. With the growth of alternative payment methods, the trend for merchant fees is most definitely down.
This is all good news for OmniPayments, where customers are increasingly expecting a smooth customer experience, at an investment level that allows them to compete effectively in the modern world.
So whether it’s ATM, POS, RestAPI, eCommerce, mCommerce, Cards (real, virtual or almost non-existent), Loyalty, Instant Payments or Card Scheme Payments – only OmniPayments will support them all!
Don’t forget about the upcoming European NonStop Technical Boot Camp (ETBC), hosted by BITUG. This even is almost upon us and OmniPayments will be a highly visible supporter and participant. For all those who will be present in Edinburgh, May 13-14, 2019 make sure you stop by to say Hi! We will be looking out for you and welcome an opportunity to update you on all that is taking place at OmniPayments in 2019!
Visit www.omnipayments.com or,
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