Mobile and electronic payments have drastically changed the transaction processing industry in recent years, as advancements including ACH cards and near field communications have improved efficiency in the sector. More industries are beginning to adopt associated technologies, while financial institutions, payment processors and merchants are leading the charge.
ITWire reports that a weekend edition newspaper recently adopted mobile commerce technology and has already begun to see successful gains with the offering. According to the source, the newspaper is now placing advertisements in its editions that have quick response (QR) codes. Many businesses have used QR codes in their marketing strategies. These barcode-esque images can be captured by the camera of an internet-enabled phone, which then automatically leads to a merchant's product page related to the advertisement. However, using these codes to enable transactions is relatively new, and will likely begin to snowball in popularity in the coming years. ITWire explains that readers of the newspaper will be able to take a picture of the QR code on one of the advertisement pages, which will automatically start a transaction process. The managing director of the service provider that put the QR codes in the newspaper explained that this trend toward more creative payment processing technology is continuing, and will likely become even more commonplace in the next few years. "The consumer path to purchase has clearly shifted to mobile, and we are committed to providing innovative solutions to help traditional media capture this new consumer," he explained to ITWire. "The mobile commerce revolution is here to stay and we want to provide media and retailers with opportunities to better connect with consumers no matter where they are." ITWire added that the sales director of the newspaper believed this was a big jump for his industry, as local retailers will experience massive benefits through the QR code payment processing option. Payment data security is imperative with these processes, as new technology begets fresh opportunities for hackers and other fraudulent parties to steal consumer data. A good start for merchants and other users of advanced technology is to stay within Payment Card Industry Data Security Standards (PCI DSS) compliance. The PCI Security Standards Council offers extensive guidance on accepting mobile payments, including best practices for choosing a solutions provider and using approved point of interaction devices.