Payments Professionals and FinTech Innovators Gather in TRANSACT 16
The Electronic Transactions Association (ETA), the global trade association representing the payments technology world, opened TRANSACT 16 today to thousands of payments professionals representing over 1,000 institutions from 30 countries to unveil the newest technologies, latest trends, security outlook and policy changes impacting e-commerce, fintech, and consumers. Show-floor passes and on-site registration are still available for TRANSACT 16 at the Mandalay Bay Resort in Las Vegas, Nevada. Learn more at www.transact16.com.
"As the hub of the payments industry, ETA is proud to open our biggest and best TRANSACT event ever," said Jason Oxman, CEO of ETA. "With thousands of payments and technology industry executives meeting with current and future customers, TRANSACT is the most important payments industry event in this time of unprecedented innovation in our industry."
Notable Day One Announcements Include:
- Visa Inc. announced the launch of Quick Chip for EMV, a technology enhancement that optimizes EMV chip card processing and speeds up checkout times. The Quick Chip specification is available free-of-charge to payment processors, acquiring banks, and other payment networks to offer to merchants. The upgrade streamlines the processing of chip card transactions to enable customers to dip and remove their EMV chip card from the terminal, typically in two seconds or less, without waiting for the transaction to be finalized. The enhancement requires only a simple software update to the merchant's card terminal or point of sale system.
- ETA and Goldman Sachs Research released their annual ETA-GS Merchant Acquirer and ISO Survey. Among key findings, the survey revealed that completion expected to intensify as large processers acquire smaller ones; loyalty-based solutions are expected to see growth as 81% expect increased adoption; and merchant acquirers have a positive outlook on the future of electronic payments, with 94% expecting volume growth to continue or exceed 2015 rates.
- ETA announced the opening of a new office in San Francisco. With dozens of payments technology member companies based in the Bay Area, including Apple, Google, Visa, Wells Fargo, PayPal, Intel, Intuit, and more, the new office will allow ETA to serve its California members in the geographic hub of payments technology innovation. San Francisco has long been an incubator for the next generation of commerce technology, so this expansion provides ETA an innovative space to engage with our members. The ETA office is on Mission Street in downtown San Francisco in the Commerce Labs building, together with ETA members Commerce Ventures and The Bancorp Bank.
- ETA announced the roll-out of new Payment Facilitator guidelines offering guidance and practices to new entrants regarding settlement, registration, funding delays, fraud, security and related issues. Authored by Double Diamond Group on behalf of ETA, these new guidelines will help promote the growth of the Payment Facilitator segment as it brings new technology companies into the payments industry. The Payment Facilitator Guidelines will be the cornerstone of benefits for companies that join ETA, the trade association of the payments industry.
For more information, visit www.transact16.com.