Banking Exchange Magazine Logo

Mobile payments’ rise could drive EMV usage

Apple Pay, others, seen encouraging POS upgrades

  • |
  • Written by  Website Staff
Mobile payments’ rise could drive EMV usage

With the introduction of Apple Pay and other mobile wallets, consumers are starting to make mobile payments more frequently and the trend is catching the attention of small businesses, says Javelin.

Among small and micro merchants, 36% said they would be motivated to upgrade their existing point-of-sale terminals to accept EMV if new systems would also facilitate acceptance of mobile payments.

Small merchants are even more willing to upgrade their terminals; 45% indicated they would be motivated to update their current POS stations if their new systems would enable them to accept mobile wallets like Apple Pay or Google Wallet.

“Many small and micro businesses depend on POS transactions for their livelihood, but only one in three claims to have knowledge of EMV,” says Michael Moeser, director of Payments at Javelin. In the absence of better awareness, Moeser added, “small businesses will be the weakest link in the EMV chain and will bear a significant portion of today’s counterfeit card fraud costs, which could cause some to go out of business.”

As the EMV chip card replaces the magnetic stripe many consumers will be reaching for their new cards at the point of sale, Javelin says. Unfortunately, deterred by equipment costs, small and micro businesses have avoided upgrading their terminals. Because of the upcoming fraud liability shift in October, failure to upgrade will leave these businesses vulnerable to fraud costs.

back to top


About Us

Connect With Us


Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer should slow us down. Automation generally supercharges any process and brings its value to the forefront. To get to the next level of closing, automation is a must so that repetitive, predictable, and laborious tasks can be automated.

Join us as we present a "sneak peek" into SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

Some results our customers have enjoyed include:


This webinar is brought to you by:
skystem logo