CNP Expo: Mobile Payments in a CNP World
May 21, 2015
Mobile payments are growing rapidly, but the proliferation of options can be overwhelming for merchants that want to offer the increasingly popular sales channel to their customers, according to panelists at a Thursday morning session at the 2015 CNP Expo in Orlando, Fla.
Because mobile payments encompasses card-not-present payments including mobile web purchases and in-app payments or card-present technologies like contactless payments at the point of sale, mobile can be a bridge for merchants to encourage customer engagement both in stores and online. One thing is sure, said Phil Levy, vice president of e-commerce solutions for First Data, merchants need to leverage mobile intelligently and soon.
“It’s important for merchants to figure out the best mobile strategy for their business,” Levy said. “I think if you sit on the sidelines and wait for a clear solution to evolve, it’ll be too late.”
New technologies are exciting for merchants who want to woo younger consumers, but established players have a role to play as well, said Shaunt Sarkissian, CEO of Cortex MCP.
“I would look at new payment methods such as Apple Pay, but also look at current payment rails as well,” he said. “Mobile unlocks so many new ways to engage customers and leverage innovations and payments need to keep up with these to continue customer engagement and conversion.”