Preparing for the Next Evolution in Payments

In the midst of a busy holiday season, we’d like to take a moment to realize what an amazing time we live in.

Just think about this: We now have technology that allows us to pay for goods and services. People have moved from trading high-value commodities such as oil and salt to using coins and paper to eventually paying with plastic cards, connected electronically to accounts all over the world. Now we are taking it one step further with mobile payments.

Along with our miraculous electronic transmissions, we’ve also faced increasing threats as cyber criminals find new ways to steal. But once again, our advancements in technology allow us to adapt and improve our security and efficiency.

2015 will be an exciting year not only for the payments industry but also for Veracity Payment Solutions. The rollout of EMV not only brings modern security measures to the payment experience but also allows for Veracity to include the capabilities clients will need to support new payment methods, including mobile payments.

Payments at the speed of a smartphone

As Apple Pay focuses attention on mobile payments, we expect consumer interest in this payment method to increase. Veracity closely monitors mobile payment activities and technologies to ensure that we can provide our merchant clients with robust solutions that support a wide range of smartphone platforms — and support the underlying technologies that facilitate these new payments.

We are extremely upbeat about the prospects of Apple Pay and mobile payments overall. When more than 1 million consumers enabled Apple Pay in its first 72 hours, Apple demonstrated there is consumer interest in the right experience.

Apple has shifted the conversation to focus on the cardholder experience. That fundamental shift will benefit all players in the mobile payments space and accelerate innovation across the board. Although the iPhone is very successful, more than 70% of U.S. smartphones shipped today are on non-Apple platforms. Banks will need to ensure their merchant customers are supported, no matter what devices or methods consumers choose for payments.

In the coming year, as Veracity becomes Vanco Payment Solutions, look for us to roll out products and services aimed at ensuring our clients are well positioned for this new and exciting time in the industry.

We look forward to partnering with you in 2015!

Best regards,

Brenda L. Stein
Senior Vice President, General Manager