Point-of-sale

Riding a technology wave that helps attract more customers and generate more revenue sounds appealing enough — but with contactless payments, there isn't always a clear upgrade path for stores that have relied on older terminals.

Swedish point of sale credit company Klarna put itself in the awkward position of apologizing and trying to explain marketing emails to surprised and angry consumers, a misstep for a firm whose credit card alternative has found major traction during 2020’s crises.

The optometrist Benjamin Thayil offers an alternative form of financing for consumers who may be wary of large credit card bills or shocked at the idea of paying for an entire eye treatment all at once.

The COVID-19 pandemic was a clear incentive for advancing contactless and digital payment technology — but the systems merchants put in place today could create new problems down the road.

To take on these other forms of contactless payment, the POS must offer the same functionality as stationary cash registers, including card payments, digital receipts, coupon redemption, mobile payment and CRM integration, says GK Software USA's Todd Barstow.

Michael Moeser, Senior Analyst at PaymentsSource, talks to Jess Turner, EVP of consumer and small business solutions at Mastercard, about how consumers are making payments when they're no longer on lockdown but not quite back to the way things used to be.

COVID-19 has accelerated changes in payments behavior that would otherwise have taken years to occur, laying the foundation for global expansion post-pandemic. But for different parts of the world, this digital transformation had very different outcomes.

As more consumers look for alternatives to credit cards, investors are flocking to point of sale credit firms, with Affirm raising a fresh $500 million.

The pandemic has upended many business tasks, creating a rush among processors to expand the digital experience without complicating it.

Verifone has acquired 2Checkout, the Atlanta-based e-commerce payments processor, as Verifone continues to expand its online resources.

For the dozens of technology companies trying to enable shopping without point of sale terminals, making it work in a full-sized store is the path to disruption. But the coronavirus pandemic flipped the script, bringing disruption well before the technology was ready.

The card networks, along with PayPal and Citi, are responding to competition from the likes of Affirm, Afterpay and other "buy now, pay later" lenders. Should traditional credit card lenders be worried?

There is a war brewing in the buy now, pay later (BNPL) market, and Mastercard is working with TSYS to bring in a slew of new players — credit card firms.

Responding to rivals' success in the “buy now-pay later” (BNPL) segment, PayPal launched a short-term installment lending product called “Pay in 4” to expand its Pay Later product suite.

Mastercard is entering the cashierless checkout fray with a spate of pilots it’s launching at convenience stores and drive-through QSRs including Circle K, Dunkin’ and White Castle.

Afterpay has entered into an agreement with NBQ Corporate SLU to acquire Pagantis SAU and PMT Technology SLU for €50 million (about $59 million) to expand into France, Italy and Spain — a direct challenge to Klarna, one of the dominant European buy now, pay later (BNPL) providers.

Checkout-free retail is still not ready to move out of tiny spaces, though Amazon’s trying to accelerate progress through a trio of initiatives that have come to light over the past few weeks.

The company will offer retail installment loans up to $40,000 through a partnership with Mastercard's Vyze unit.

Brisbane, Australia-based EML has partnered with the New Zealand buy now, pay later fintech Laybuy to leverage digital cards for in-store and online retail purchases.

Part of the coronavirus’s economic story is the sudden boom in installment payment services — a sure sign of consumers and merchants wanting a haven from revolving debt. But the rush to simpler credit is also a reflection of how the crisis has changed the way people are living and managing their lives.