Sales Methods

Are you prepared for the next generation of payments?

Whether you're just starting your business or want to improve how you accept payments, here's what to know.

Published: October 22, 2015
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Are you prepared for the next generation of payments?

Whether you’re just starting your business or you want to improve how you accept payments, here’s what you should know about the next generation of payments

EMV chip cards, or Europay MasterCard Visa chip cards

EMV chip cards are expected to become a more common payment type because they help reduce data theft and counterfeit fraud. The cards have an embedded microchip where payment information changes with each transaction, making a data breach more difficult. They also may require either a PIN or signature for additional verification.

Estimated percentage of credit and debit cards

that will contain EMV chips 63 percent of credit and debit cards are expected to contain EMV chips by the end of 2015, and 98 percent by the end of 2017. 800 million EMV chip cards in use by the end of 2015 in the U.S.

Near-field communication (or NFC) contactless payments

More customers are paying with mobile devices because of the convenience and speed of contactless payments, and having more ways to pay.

NFC is 63 percent faster than cash, and 53 percent faster than swiping. More than half of retailers - 56 percent - are expected to adopt ApplePay by the end of 2017.

Online payments

ECommerce sales continue to grow, and payments are getting easier. Payments can be made within applications, and payment and shipping information can be automatically stored to build convenient and ongoing relationships with customers. In 2013, eCommerce sales added up to $264.2 billion, and in 2014, they were worth $304.9 billion. Estimated sales include $338.9 billion in 2015, $384.9 billion in 2016, and $434.2 billion in 2017.

Contact your local Wells Fargo representative to learn more about payment technology.

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