Article | January 10, 2018

Tracking The Evolution Of Payment Systems

Source: Sterling Payment Technologies
Mobile Payments Use Low In Canada

For decades, the big payment technology in use not only in the U.S., but around the world, was the familiar old magnetic strip on the back of credit and debit cards.

For decades, the big payment technology in use not only in the U.S., but around the world, was the familiar old magnetic strip on the back of credit and debit cards. Only recently has a big changeover begun to take hold in the U.S., but after that initial inertia, many experts believe big changes are on the way. EMV and mobile payment platforms are starting to pick up steam thanks to their increased security, and experts say there is no end in sight of the evolution in payment technology.

While many merchants and consumers alike are moving to next-generation payment platforms like mobile, there have been some hiccups along the way, according to Business.com. Part of the issue is that mobile platforms in particular don't offer the same advantages as EMV does. There are now so many developers in the game and the technology they use can vary greatly, making it difficult to find a simple all-in-one solution that will be able to be used at every store.

Mobile payments continue to gain traction, but what comes next?

Sterling Payment Technologies