ACN explores the evolution of payment technologies

Experts from Trriple and OMA Emirates weigh in on the latest in payment solutions

Tags: OMA Emirates ( ( Arab Emirates
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ACN explores the evolution of payment technologies The retail industry is capitalising on some of the more advanced solutions which have been gaining traction and include predictive analysis, business intelligence, geo fencing and multi factor authentication.
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By  Alexander Sophoclis Pieri Published  November 7, 2017

Niranj Sangal, Group CEO, OMA Emirates Group

ACN: Could you highlight your company’s role and activities within the e-commerce/retail space?

Niranj Sangal: OMA Emirates provides payment solutions to several industries and have made a conscious effort to raise our stake in the retail industry. The last few years have seen us introduce our vendor partner Ingenico’s new and innovative payment terminals that are essentially focused on the retail industry.

This has enabled us to move into the digital sphere and offer retail and mobility solutions. Alongside, we have been developing very strong software platforms that will enhance the customer experience.

Our portfolio includes loyalty programmes and CRM and mPOS for niche markets. OMA Emirates has also enhanced its Benefit Beyond Program by supplementing the platform with several new services that include gift cards and a robust prepaid card program. The programme was initially geared only towards a loyalty and is now developed into a full-fledged ecosystem for multiple industries in tandem with their requirements on a timely basis.  This has enabled us to reach out to a wider set of retail outlets.

ACN: OMA Emirates recently collaborated with Karma Technology to deliver a new seamless mobile payment solution to the Maison BMore brand. Can you shed some light on this solution and the impact that it had?

NS: Very recently OMA Emirates along with Karma Technology completed the deployment of advanced mobile payment solution for Maison BMore luxury retail stores. The safe and seamless solution was developed to ease the payment options within the stores and can be done from anywhere in the outlet. This fully customised ECR application is now available in the palm of the sales staff’s hands.

Besides the seamless, convenient and secure service benefits that our solutions lends, it has widened the customer interactive capabilities. The pocket sized, light weight machines also has a sturdy barcode reader for faster retail demands. Add to this the longevity of the lithium-ion batteries which allows for longer usage and greater performance value.

One of the most significant advantages is the fraud protection in the mPOS solution and therefore provides higher levels of data security and the electronic receipts reduce carbon footprint. The engagement levels, and the convenience of a mobile checkout saves customer time and is an efficient route to building customer loyalty.

ACN: What emerging technologies do you seeing transforming the payment ecosystem in retail?

NS: Technology integration into the payments has been moving very quickly with a focus on consumer centric benefits. There has been an emergence in several key solutions and services within the retail sector of the last few years.

According to Juniper Research, contactless retail payments will exceed $1tn in transaction value by 2019. This is more than double the estimated $590bn in 2017. We will also begin to see this penetration into the Middle East markets.

With security becoming a focal area in the payments industry, technology advancements being applied in biometrics for the industry promises to provide convenience and security to the end users with several different options including face, voice and fingerprint recognition, and iris scan.

Blockchain technology will grow to be a very significant part of the retail industry as it allows retailers to circumvent fees applied by intermediaries such as banks and card providers.

Besides, shared ledgers provide a very valuable benefit of eliminating errors. Add to this the speed at which the transactions occur can play a crucial role in balancing cash flow as against the process that is followed while working other intermediaries.

From a payment solution perspective, we are witnessing huge growth in Mobility payment solutions (mPOS/ mPAY) within the e-commerce sector. We have recently introduced our mobility solution for in-store, out of store and on-board Mobile POS solution. It offers acquiring banks innovative hardware to enhance new business acquisition to retailers.

ACN: How are these technologies changing our perceptions of the payment process?

NS: There are several new and very relevant that areas that are taking the payments industry to a highly customer centric approach. The retail industry is capitalising on some of the more advanced solutions which have been gaining traction and include predictive analysis, business intelligence, geo fencing and multi factor authentication. They are influencing not only the systems and processes within the retail business, but are being tailored to match the high expectations of the end customer.

ACN: While these novel technologies/solutions and their application is certainly creating new ways for retailers and their customers to process payments, they also open up new security challenges. Can you shed some light on the security challenges and how they are being dealt with?

NS: According to a Verizon report, nearly half of companies fail to secure their payment systems and could risk their ability to take card payments. Compliance to industry regulations is very important in the payment industry. Acquiring certifications is a definite way to strengthen the security needs as well as to ensure that they are adhering to regulatory mandates. However more often, these certifications are not only expensive, but are also a tedious process. Organisations who deal with vendors, SIs as well as service providers can focus on working with the ones that already possess requisite certifications and eliminate the need to work towards it themselves.

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