What’s next for the payments industry? TRANSACT has the answers.

TRANSACT recap: The end of wallets, industry growth, and the future of the point-of-sale

The payments business is booming! Seventy percent of U.S. consumer spending is done electronically and annual card processing volume is now over $5 trillion in the U.S. alone. For the past 27 years, ETA has been producing the one annual event where payments innovators chart the course for the industry’s future.

The payments landscape is currently undergoing tectonic shifts. As we look back at last week’s conference, let’s see what insights came out of TRANSACT and get a peek at what we are in for in 2017 and beyond.

Put Your Money on Payments
The research doesn’t lie – the future is bright for payments! Let’s take a look at some of the latest data released at TRANSACT.

The quarterly Economic Indicators Report, produced by ETA and the Strawhecker Group, forecasts strong economic growth in the United States. Retail sales are predicted to jump 4.1% this year, the strongest growth since 2014. The report also explores the crucial role of the payments industry in stimulating economic growth. The report finds that a 1% increase in usage of electronic payments creates an annual increase of approximately $100 billion in the consumption of goods and services. Access the entire survey here.

ETA and Goldman Sachs released their annual Merchant Acquirer and ISO Survey, which forecasts an exciting future for payments. Among key findings, the survey revealed that nearly two thirds of the industry expect faster payment volume growth in 2017. Partnerships, especially for smaller entities, are expected to drive market expansion. Click here for an executive summary.

You Can Leave your Wallet at Home
From mobile wallets to paying with your sunglasses, it’s clear that the traditional wallet could soon be a thing of the past. Several mobile payments innovations were in the spotlight at TRANSACT.

Mastercard unveiled their new Mastercard Mobile Payments truck showcasing interactive payment technology demonstrations. Through the Mastercard Mobile Payments Truck, TRANSACT attendees were able to experience the latest innovations in artificial intelligence; safety and security; and device-based commerce in an increasingly IoT world. Get an inside look at the truck here.

The winner of the Payments Pitch-Off and $25,000 E-Pay Innovation Award, sponsored by Vantiv, was presented to Pin4, an innovative P2P payments solution. Pin4 allows any consumer with a mobile phone to instantly receive payments and access cash any time at an ATM conveniently located near them. All you need to initiate a transaction is the recipient’s cell phone number and the transaction amount, and the recipient will receive a unique PIN that will allow them to withdraw funds from the nearest ATM.

Retail Technology Is Getting A Make-Over
The check-out is moving to the palm of your hand.

First Data debuted Clover Flex at TRANSACT. Clover Flex is a smart payment terminal designed to fit comfortably as a handheld device or on the countertop. Clover Flex is the all-in-one device with the built-in capabilities to help serve customers better—whether at the counter, in line, at the table or in the salon chair.

Verifone debuted Verifone Carbon 8, an affordable and portable POS solution, and the newest member of the Carbon family. Designed for high-touch industries such as hospitality and restaurants, Carbon 8’s namesake showcases a high-resolution, 8-inch, merchant-facing tablet that enables a more portable and lighter device to fit a variety of fast-paced environments. Able to run applications that help merchants operate and grow, such as accounting, real-time inventory management and staffing tools, Carbon 8 offers convenient new features including a shoulder strap for comfortable carrying and optional, detachable thermal printer for on-the-spot receipts.

Security is Paramount
As computers all over the world were coming under fire from a vicious ransomware attack, the payments industry was one step ahead of the game. At TRANSACT, the best minds in security were working hard to anticipate future threats and protect our nation’s payment networks.

ETA members faced the issues head-on and in a variety of forums – the Risk, Fraud, and Security Council met to discuss practices for risk and fraud management, and share industry insights on everything from point-to-point encryption to card-not-present fraud and 3D-Secure; the PCI Council held its Acquirers Forum to discuss critical issues surrounding cardholder data protection and compliance; and expert industry analysts discussed the unique developments in security for new entrants to the payments space at the ISV/Integrated Payments Workshop.

Our anti-cybercrime efforts have been successful in thwarting the threat, and our systems are stronger than ever.

Other highlights included:

TRANSACT’s global reach brings together the entire payments ecosystem – everyone from the major mobile network operators and equipment manufacturers, to online service providers, retailers, retail technology providers, major processors, all of the major card brands and venture capital/investors – thousands of leaders and partners that you need to access to grow your business.

For more information, visit www.etatransact.com.