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Never before


has so much payments innovation been seen


Independent retail payments expert Mark McMurtrie guides us


through the arrival of in-store mobile, mPOS, new payment form factors, digital wallets and alternative payment methods.


By Mark McMurtrie director of Payments Consultancy Ltd F


or many years there was little innovation seen from the payments sector. Retailers just wanted to ensure a customer never


abandoned a sale through lack of supported payment acceptance method. The key requirements were for transactions to be completed quickly, safely and at low cost. Terminals may have become smaller, added minor new features, reduced transaction times and offered support for new card types and technologies, however nothing that radical has emerged. Then came the regulatory requirements to achieve


first Chip & Pin and then PCI Data Security Standard compliance. Payment strategies were largely


dictated by the international card schemes with little influence from the merchant community. The large acquirers enforced these regulations and did little to compete on the provision of merchant acquiring services. Retailers became completely fed up with being told what they must do and having deadlines set for compliance. Attention was also largely focused on domestic markets and for Visa/ MasterCard credit and debit card acceptance.


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