Ryan Schneider, our VP of Product Strategy and Innovation, contributed to an article that will be featured in the ETA’s Transaction Trends this month, titled “Mobile Payment Acceptance – Perspectives from Leading Merchant Acquirers.”
From the article:
As smartphones and tablets have become ubiquitous among consumers and businesses, merchants have looked to use their existing mobile devices to quickly and easily take credit card payments. When mobile POS technology emerged earlier this decade, hundreds of solution providers rushed to enter the space. Many retreated just as fast, leading to a myth that mobile POS was just a passing fad. In reality, mobile payment acceptance remains one of the fastest growing segments of payments. 451 Research projects that the number of mobile point of sale solutions deployed will grow 4x from 2015 to 2019, reaching 54 million units in 2019.
Since its founding just 8 years ago, Square has grown from zero to being a publicly traded company with a market capitalization of over $10 billion, serving millions of merchants. Much of their growth has come at the expense of traditional merchant acquirers accustomed to selling proprietary, purpose-built payment terminals with limited functionality.
We interviewed product experts from two leading merchant acquirers to get their take on emerging trends and what the acquiring community needs to know about mobile payment acceptance. Harry Hargens is Vice President of Business Development at Cayan and Ryan Schneider is Vice President of Product Strategy and Innovation at Integrity Payment Systems. Both Harry and Ryan represent leading merchant acquirers and ETA member companies, and are members of the ETA Mobile Payments Council. We asked them for their insights on the mobile payments acceptance opportunity and where they see the market headed from here.