Smaller merchants are deterred from accepting card payments for a number of reasons such as: being drawn into the formal economy and having to pay tax; renting or buying the physical hardware devices and the monthly maintenance costs; the cost of the paper rolls; what happens when the device goes down because a waiter has stuck a knife into the device to free a paper jam, which typically happens after hours or on weekends; in emerging markets extended power failures and interruptions can be for several hours and then what happens when these devices run out of power.
In today’s digital world the merchant does not have to invest in a device. They all have cell phones and these are more than adequate to be transformed into acquiring devices – in fact into even better acquiring devices. The customer can use his own device to approve a transaction – safely, securely and ultra-conveniently – and very healthily. This way everyone gets on the bandwagon and wins.
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