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The world electronic funds transfer at point of sale (EFT POS) terminals market grew at a rate of 10.3 percent in unit shipment in 2008 over 2007. Security concerns are the major factors driving EFT POS terminal uptake globally. The alarming increase in payment fraud worldwide has led to renewed interest in establishing security standards that include end-to-end encryption of data and compliance with directions from the major card issuers. The switch toward Europay, MasterCard, and Visa (EMV) and payment card industry-pin entry device (PCI-PED) has upped terminal sales growth, particularly in Europe, Asia Pacific, and Latin America.

New analysis from Frost & Sullivan, World EFT POS Terminals Market, finds that the market earned revenues of over $2 billion in 2008, and estimates this to exceed $3.4 billion in 2014.

Vendors in this domain are continuing to innovate and offer greater functionality at the point of sale, encouraging retailers to upgrade their legacy systems.

The current economic crisis, which started in late 2007, has resulted in prolonged recession in some of the major POS markets in the United States, Western Europe, and parts of Asia and Latin America. As the eventual recovery cycle is unpredictable, all participants in the POS industry will continue to be negatively affected by the disruption in credit markets and macro-economies in the short term.

Global credit markets have also been affected by declining consumer confidence and spending worldwide. Hundreds of retail chains and several high-profile financial institutions have filed for bankruptcy in recent times. Many promising projects have been either shelved or delayed due to the lack of access to credit or capital. Apart from lower sales volumes, the steep discounts offered by manufacturers to tide through this crisis erode profit margins further.

With growing awareness on the latest technologies and multi-application capabilities of the new generation of terminals, the focus on price is expected to diminish and result in significant investments.

At present, EFT terminals are capable of running a range of concurrent applications such as money transfer, bill payment, age verification, mobile top-up, couponing, and so on. Loyalty programs and gift cards applications are the most popular worldwide. This allows merchants to identify the profiles of potential customers and segment them according to their lifestyle and buying behavior. Moreover, it also enhances the overall shopping experience for consumers.

For more information, visit frost.com.

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A financial blog recently released an article that looks at the 9 best credit cards for cash back rewards along with other great rewards cards. Some of the credit cards offer as much as 5% cash back on purchases. The author issues a strong warning to those who are not financially disciplined saying, “It really takes a unique type of person and a lot of pro-active diligence to be able to use a credit card specifically for rewards and come out ahead. Carrying a balance and paying 15% interest just to get some miles or points just doesn’t make any sense.”

An excerpt from the article…

Some of them offer cash back rewards, some points, and some miles that can be used to travel. According to them none of the cards listed limits the amount of points, miles, or cash back that you can earn. Also none of the cards charge an annual fee in the first year…

For more information, visit christianpf.com.

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Mortgage rates hit another record recently, with the average conforming 30-year fixed mortgage rate dropping to 4.75 percent, according to a weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points.

The average 15-year fixed mortgage hit a new low, retreating to 4.20 percent, as did the larger jumbo 30-year fixed rate, down to 5.55 percent. Adjustable rate mortgages were lower as well, with the average 5-year ARM falling to 4.06 percent while the average 7-year ARM sank to 4.48 percent.

Increasing worries about the health of the global economy and concerns over a possible double-dip recession in the U.S. have underscored investors’ appetite for the safety of Treasury securities. Mortgage rates are closely related to yields on long-term government bonds. The dour economic outlook and heightened demand for U.S. Treasury debt has kept mortgage rates on a downswing. But despite the tremendous affordability brought about by record low mortgage rates and a sharp drop in home prices, consumers are reluctant to take the plunge into homeownership.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.75 percent, the monthly payment for the same size loan would be $1,043.29, a savings of $198 per month for a homeowner refinancing now.

For more information, visit bankrate.com

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BluePay, a leading provider of credit card processing solutions, will attend the MidWest Acquirers Association (MWAA) 2010 8th Annual Conference, held in Schaumburg, Ill., from July 21 to July 23. BluePay has been attending the MWAA Conference since 2003, and has been an MWAA Conference Golden Wheat sponsor for the past 5 years. The conference will focus on ‘Changing Times … Changing Visions,’ introducing new technology, payment strategies and opportunities for today’s advancing business solutions.

The MWAA is a not-for-profit organization committed to providing training, education and networking opportunities to the Midwest acquiring community. Attendees at the annual conference are ISO managers and consultants, merchant level salespersons, and industry experts. The schedule for the MWAA Conference includes panels on social media, ACH payments, and the presentation of a Lifetime Achievement Award.

For more information, visit bluepay.com.

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