Welcome to 2009: Chase Paymentech hawks 3-year-old 'future proof' POS terminal

Welcome to 2009: Chase Paymentech hawks 3-year-old 'future proof' POS terminal

Chase Paymentech is bidding to drag the US point-of-sale market into the 21st century, equipping merchants with 'future proof' terminals that accept contactless and EMV chip card payments.

The 'new' terminal - Ingenico's iCT250, which was first unveiled in Europe in August 2009 - "helps merchants prepare for the future", says the JP Morgan unit. It accepts old-fashioned mag-stripe cards as well as EMV-enabled plastic and contactless cards and mobile phones.

Despite finding favour in most of the rest of the developing world thanks to its superior security, EMV is still virtually unheard of in the US, with just five per cent of terminals currently compatible, according to the Nilson Report.

However, this is set to change after Visa, MasterCard and Discover all set out timetables to finally force the switch over the next few years, meaning that merchants will need to upgrade their terminals.

 

Mike Duffy, president, Chase Paymentech: "As emerging payment options gain adoption in the US, merchants are looking to make the customer check-out process as easy and safe as possible. The Future Proof terminal is a one-stop solution for merchants to keep accepting today's forms of payment and prepare for new consumer payment preferences on the horizon."

Comments: (2)

A Finextra member
A Finextra member 27 June, 2012, 19:24Be the first to give this comment the thumbs up 0 likes

I touched upon the subject of "iZettle and EMV in the US" twice.

I've just came across this view (dated 15 June 2012) straight from the horse's mouth (CEO of iZettle): "We’re not interested in the U.S. They’re doing really well with Square and others." 

I wonder what the true (business) meaning of the last sentence is...

Whilst iZettle are not interested in the USA, Square and PayPal are interested in Europe. Wired recently called Square "the Apple of finance". All that somehow reminds me of "The Weakest Link" game show. It will be fun to watch.

A Finextra member
A Finextra member 14 July, 2012, 03:29Be the first to give this comment the thumbs up 0 likes

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