Efficient processing of cashless transactions
Cashless payment transactions are becoming ever more important. According to RBR's Worldwide Payment Cards study, the number of cards in circulation will increase by 33 percent to a total of more than 10 billion in the coming three years. By 2014, the value of transactions paid for by card will reach 12.2 trillion U.S. dollars. This also has an impact on consumer behavior. Americans are the top cardholders in the world: The above-mentioned study shows that, on average, they possess more than six cards per person, while Europeans – with 41 transactions per year – top the global ranking when it comes to the number of card payments.
Retailers and retail banks have realized that their competitiveness depends to a large extent on the cost-efficient and highly available processing of these transactions.
More and more new transaction types, channels and technologies must be processed nowadays. While transactions via the Internet or mobile devices have already become standard, tomorrow's technologies will allow payments via cards integrated in mobile phones – or simply by fingerprint.
In reality, however, the flexible integration of these new transaction channels and media is hindered by out-dated platforms. What is needed are solutions that enable new services to be brought to the market more dynamically and flexibly while also offering maximum availabilty and protection against hacking, phishing and abuse of card data.
Additional challenges arise from the growing number of cross-border transactions. To make such transactions possible, processes and legal requirements must be harmonized and standardized on an international level. For this purpose, organizations such as SEPA and EPASOrg have dedicated themselves to drive international standardization.
Wincor Nixdorf's Cashless Payment Solutions support retail banks and retailers by processing transactions received via banking systems, POS systems, the Internet or other channels using a standardized solution approach. The software takes care of processes such as transaction capturing, identification, authorization and forwarding of data to the target systems.
Wincor Nixdorf has developed a net-centric, end-to-end solution approach that is linearly scalable both in terms of the number of transactions that are processed and in terms of new business functions and channels. Thanks to the integration of a fraud prevention engine to protect the end devices and servers, the dangers of abuse are reduced significantly for all types of transactions.
Wincor Nixdorf's Cashless Payment Solutions do not only comply with all international standards, but do also allow for the flexible integration of new transaction channels and functions. This enables customers to respond to market changes quickly and implement new requirements promptly at reduced cost and effort.
Further information on the subject can be retrieved via the links in the upper right corner.