The future of mobile chip and pin

We are living in an increasingly cashless society. Paying for goods or services with a debit or credit card by entering a 4 digit personal identification number is now commonplace, the system is proven to be reliable, user friendly and effective in combating fraud. And now the system is becoming increasingly mobile. Mobile chip and pin devices are the newest way to improve payment flexibility and give the customer control.

There are two types of advancement being made in mobile chip and pin technology, the first is for retailers and businesses in using increasingly sophisticated mobile devices and mobile phones to accept payment. The second is for customers using mobile phones to be able to make payments.

Using mobile phones as chip and pin terminals

One of the most recent developments in mobile chip and pin technology is the increasing popularity of using a mobile phone handset as a payment terminal. Therefore, mobile phones can operate chip and pin transactions from anywhere a mobile network connection can be made. They work in exactly the same way as a regular chip and pin handset in any shop or restaurant. An app is uploaded onto the phone to scan barcodes and manage stock control and billing, with an additional piece of hardware being able to take the card payment through the chip and pin system. The potential advantages to this system are enormous;

  • If sales advisors were given a mobile chip and pin reader, they can take payment as soon as the customer decides to buy. This could potentially cut out the need for queuing to make a purchase and dramatically speed up all types of shopping.
  • Receipts can be directly emailed via the Smartphone terminal to the customer, eliminating paper receipts.
  • Mobile phone and wi fi coverage is extremely comprehensive across towns and cities. The coverage in rural areas is also rapidly improving, meaning that mobile chip and pin can be used in an increasingly wide area, opening the system up to all and significantly increasing the potential applications of the system.
  • Any employee could potentially be equipped to take payment, meaning a sale is never lost.

Mobile chip and pin: Making transactions easier for the customer

There are a number of ways that the future trends in mobile chip and pin technology will benefit the consumer, making transactions easier and quicker;

  • Being able to use your mobile phone to pay for goods and services. The new service allows a handset to operate as a contactless payment device, which is simply waved over a reader.
  • Debit and credit cards can be combined into one chip and pin card, which also means that loyalty cards, reward cards and other store cards can be combined.
  • Contactless payment for small items, by swiping a chip and pin card over a reader.
  • Displaying dynamic information on your chip and pin card, with advertising, special offers or useful information such as directions.
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