Redefining the Point of Sale
Since the inception of payments, point-of-sale (POS) has been part of the vocabulary. The term conjures up images of a consumer at a store checkout counter and swiping a card or handing it to a clerk.
Yet with transactions increasingly occurring online and through mobile devices, does the term POS need to be recoined?
PYMNTS.com asked Karen Webster of Market Platform Dynamics to address this idea with Chris Justice, Manging Director, North America at Ingenico, and Will Graylin, Founder and CEO of ROAM Data. In this exclusive NEXTcast interview, Chris and Will discuss the POS chicken-and-egg problem and innovation at the point of transaction.
Executive Bios
Christopher Justice is Managing Director, North America, at Ingenico. He was previously President and Chief Executive Officer of Merchant Link, an electronic payments gateway and services organization. He will be responsible for driving the development of Ingenico’s strategy in the US and Canada, leveraging on his recent achievements in both the banking sector and with independent sales organizations.
Chris, 42, a graduate of the University of Tennessee, has held several executive positions in the electronic payment industry. Prior to being President and CEO of Merchant Link, an electronic payments gateway and services organization serving 120,000 merchants and processing over 2 billion payment transactions annually, Chris was Senior Vice President of First Data, where he led the National Accounts group for various banking relationships including CitiBank and SunTrust, delivering electronic payment services to national and medium sized businesses. Before joining First Data, he served as VP of National Accounts for Concord EFS, one of the country’s top electronic payments processors and a recent First Data acquisition.
Will Graylin, founder and CEO of ROAM Data, has started five companies focused on mobile computing, security and payments since his graduate thesis on “Addressing the Complexity of Mobile Computing” at MIT nearly a decade ago. Before ROAM, he was founder and CEO of WAY Systems, a mobile Point Of Sales (POS) services company.He grew WAY from zero to the #2 Mobile POS provider in the U.S. and was honored with the 2005 “Movers & Shakers Award” by Transaction World magazine.
Prior to WAY he was founder and CEO of EntitleNet, a security software company, sold to BEA Systems for a profit in 2001. Before that he was founding President of Skyfire Technologies, a mobile software company focused on enterprise applications for mobile workforces. He earned two Masters degrees from MIT (MBA & MSEECS) after serving as a US Navy Nuclear Submarine Officer for nearly 6 years.
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Comments
H'm. Not so sure how strong the consumer pull is-- I haven't seen data indicating a great desire to make payments at brick'n'motar stores with mobile phones, not have I noticed much use of the NFC terminals I have been using in NYC for the last few years. This may come, with time, but online transactions via mobile devices is much more a natural extension of PC based commerce than is replacing plastic with a phone.
Posted by David True, 04/03/2011 4:10pm (1 year ago)
What do we ask to a point of sale ? Make transactions easier, faster, more secure. If the PoS changes, the card also has to change. NFC Pos means NFC card (see PayPass or PayWave). A PoS can also be the starting point of new features : scanning fidelity cards, pushing vouchers to your mobile phone, running a lottery game among customers with nice presents to win, etc.
Barcode scanning & Near Field Communication support are nice features to have (some of them, including ingenico's iPA280 already do that).
All this applies to PoS but also to automated teller machines (ATM).
Posted by Gilles , 11/10/2010 10:06am (2 years ago)
First Data's TransArmor Solution is indeed a forefront transaction management security technology that is impossible to matematically de-encrypt when employing this tokenization platform. Reducing the scope of cost of PCI compliance for the merchant is wonderful news, especially considering that the merchant also does not need new hardware for this software based solution versus amortizing it's upfront expenses to add additional technologies and hardware in order to protect them and their customers. Wonderful improvement to data security in our industry.
Posted by Doug P. , 06/10/2010 10:27am (2 years ago)
Consumers are able to perform mobile eCommerce without Roam Data today. The leading adopters are using smartphones and could care less about using antiquated devices for mobile. The needs are so much more robust than merely a supported devices list and being a 'transport' which has already been solved.
Posted by Dr. Mobile, 05/10/2010 10:46am (2 years ago)
Thank you for your thoughtful presentations.
I would like to suggest that the Chicken may still be needed, Cash is still King in the US and the customers who still use cash will still use cash - while the card carriers will still carry cards or their equivalents for some time to come - perhaps just putting their cards on their phone,
The full transition may never happen, but will take longer than you think, so we may still need the Chicken for some time to come.
Posted by Paul Close, 04/10/2010 10:27am (2 years ago)
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