VeriFone

NCR targets small businesses with Square-like offering

With upstarts like Square trying to disrupt the payments space, often using technologies that interoperate with consumer devices like the iPad, it’s no surprise that larger entrenched players are fighting back with similar offerings.

Point-of-sale giant VeriFone, for instance, is positioning itself to be the Switzerland of payment solutions, and PayPal is making a big offline push with physical retailers and card readers for smaller businesses.

PayPal partners with 15 retailers in big offline push

PayPal may already be ubiquitous on the web, but the payments giant has its sights set on much bigger fish offline.

In an effort to bring PayPal purchasing to the masses wherever they shop, the company yesterday announced pacts with 15 major retailers in the United States that will give consumers the ability to pay for their purchases using PayPal.

Square learns that customer service in the payments space is a tough job

Technology has disrupted a seemingly countless number of industries over the past decade, from advertising to real estate. When looking at the industries grappling with technology-driven change, however, arguably few have been more affected than the multi-trillion dollar payments space.

The advent of mobile phone, and the smartphone in particular, has created significant opportunities, many of which upstarts like Square are trying to exploit.

Square brings encryption to its card reader

Square, the mobile payment upstart that’s combined a credit card-reading dongle with the iPhone and iPad to take on established point-of-sale (POS) payment solutions providers, has been making frequent appearances in the news of late.

From attracting users like the Obama campaign and taxi drivers in New York City to overhauling its mobile app in an effort to drive consumers to local businesses, it appears that Square’s $4bn-plus in annual payments processed could be just the tip of the iceberg.

Square wants to outfit taxis with tablets

The battle between traditional payment processors and financial institutions and upstarts looking to dethrone them is on.

The upstarts, obviously, have their work cut out for them. Entrenched players like Verifone have significant marketshare, and are increasingly employing interesting strategies in an attempt to ensure they always have a seat at the dinner table.

That means one thing: the upstarts have to get clever and creative. And that’s just what they’re doing.

VeriFone wants to be the Switzerland of payment solutions

Will the future of payments belong to upstart innovators like Square? As mobile payments become a larger and larger part of the global payments industry, they just might.

But payment giants like VeriFone aren’t sitting idly by either. At this week’s National Retail Federation’s Convention and Expo in New York, the company, whose point-of-sale systems are used by countless businesses, will be demonstrating how it plans to keep up with rapidly evolving payment technologies.