Card Processing Trends 2017

Card Processing Trends 2017

Are we slowly moving into a cashless society? Some of the current and future trends may be pointing to yes.  Debit and credit card usage is up as well as the use of cryptocurrencies such as bit coin. At the time of this writing there are over 3 dozen (36) new cryptocurrencies currently trying to carve out an e payment niche.  

Accept Credit Cards | Card Processing Equipment | Credit Card Processing
Several different forms of electronic payments are slowly making it into the mainstream. Mobile Wallet usage such as Google Wallet, Samsung Pay, Apple Pay are also taking a slight chunk out of the pay with cash market.


Why these different payment options are becoming popular is both simple and difficult to answer. On the easy side convenience and security. 




Mobile wallets are primarily based on a device you more than likely always have with you, your phone. When utilizing your phone for mobile wallet payments you enjoy more encryption that is designed to keep your data safe. With standard credit cards they can be lost or stolen an easily used. A phone on the other hand can be password or fingerprint protected, and if someone was able to get into your phone separate passwords or security measures can be taken to minimize security breaches.


Crypto Currency is an encrypted decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining. Most currencies in circulation are controlled by a centralized government, and thus their creation can be regulated by a third party. Cryptocurrency’s creation and transactions are open source, controlled by code, and rely on “peer-to-peer” networks. There is no single entity that can affect the currency.


2016 was the first year card payments outgrew cash payments. According to Global (a Market Research Company), Consumer card payments and mobile-commerce will see a 6.6 percent and 23 percent compound annual growth rate (CAGR), from 2016-2021, respectively whereas global cash payments will register a CAGR of 1.3 percent. 


Google Wallet Google Wallet is a fast, free way to send money through an app. All your financial information in Google Wallet is encrypted and stored on Google’s protected servers in secure locations.

Accept Credit Cards | Card Processing Equipment | Credit Card Processing
Samsung Pay Much like Google Pay it is an app based mobile device payment method. Samsung Google and Apple pay are becoming more mainstream and are accepted in many locations.


Apple Pay Apple Pay is simple to use,  pay with your debit cards and credit cards with just a touch. Apple Pay is also an app based payment system. Full encryption means security is at a maximum.


The trend is pretty clear it is not saying that cash is not going away. There are still many uses for the old US greenback. It’s nice to have cash on hand for impulse purchases, tipping service employees etc. etc., but it is a trend that if you are in the industry you may want to keep an eye on.


Businesses have a lot of research to do when it comes to investing money in Card Processing Systems. New EMV technology, cryptocurrencies mobile wallets all have their place and most new POS equipment can handle the EMV and Mobile Wallet Contactless payment options.


If you are processing payments on older, pre - 2014 equipment and you are thinking of a payments system upgrade contact Quantum Merchant Services. Quantum can handle the card payment processing needs of the smallest company to the large nationwide chains.

Quantum Merchant Services
1-800-815-3123
7300 Hudson Blvd N
Suite 255
Oakdale, MN. 55128

Accept Credit Cards | Card Processing Equipment | Credit Card Processing

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