After having missed TRUSTECH in 2021, ID TECH couldn’t pass up on the opportunity to exhibit at and attend one of the biggest shows in Europe. So we gathered our Team, packed our bags and headed to Paris, France, for TRUSTECH 2022, excited to share all of the new things going on at ID TECH in front of a global audience.

TRUSTECH is known as THE global event showcasing the latest hardware and technologies dedicated to innovative payments and identification solutions. This was the 38^th edition of the show and this year the event took place at Paris Expo Porte de Versailles where, for 3 days, people from all over the world in various business sectors such as tech, smart card, innovative payments, in addition to financial and governmental institutions, crowded the aisles and exhibition floors. According to the official 2022 TRUSTECH Facts & Figures article, this year’s show boasted 150 exhibitors (85% from outside of France) and over 6,500 attendees (an increase of 30% compared to 2021). TRUSTECH Director, Anne Frayssinet, said this of the show: “TRUSTECH 2022 was a great success from every point of view. Many business meetings, scheduled upstream, took place during the fair, which highlighted how dynamic this industry is in terms of projects and commercial potential. A high-level program was brought to our attendees…many innovations showcased in the booths!”

ID TECH was proud to be a part of those “many innovations” that were showcased at the show. Notably, this was ID TECH EMEA’s (Europe, Middle East & Africa) biggest exhibitor booth to date, featuring our latest innovative technology, the NEO 3 Platform of Products. We also displayed several integrated solution demos ranging from an EV charging station equipped with our VP6825, to a parking meter utilizing the VP7200’s ability to drive an external display.  These demos, coupled with working units of our new NEO 3 Platform of Products as well as our products currently in the market, like the VP3300, showcased all that ID TECH has to offer. We gave each booth visitor a unique, hands-on experience with our newest products and left them with ideas on how our hardware can meet a variety of business needs and provide complete market solutions.

Our entire NEO 3 Platform of Products was very popular amongst all booth visitors. The AP6800, our Android-compatible device, received a lot of attention as visitors were impressed with its look, size, and display resolution. Hearing feedback from booth visitors such as, “Nothing else on the market that competes with the size”, referring to the compact Kiosk V and VP7200 contactless readers, and, “The universal connection (USB-C) makes our work (integration) so much easier and is more appealing to us and our clients” tells us that not only are our NEO 3 products desired, but are needed in the payments industry today!

Adding to the excitement and buzz surrounding the NEO 3 Platform of Products, our very own Fernando Herkenhoff, Director of Sales (EMEA), took center stage as an expert presenter on the TRUSTECH Innovation Stage. Fernando talked about how ID TECH is accelerating payments in the unattended markets and how we are tackling challenges in the unattended space. “ID TECH is built for unattended…it’s one of our expertise,” said Fernando during his presentation. To watch Fernando’s entire presentation CLICK HERE.

In our mission to expand and discover new ways to become a full-service, payment solutions provider, ID TECH has developed and launced a software service that will enable users to manage their entire estate of ID TECH devices anytime, anywhere. Software Services was also featured in our booth with a working demo showcasing different features such as remote firmware updates and numerous remote content management tools. Interest was high as the demo was used regularly throughout the course of the show and feedback was very positive when visitors experienced our demonstration of Software Services. We are very excited to offer this software component to our products and services in 2023.

Interacting with our peers and customers, it was obvious that there is a growing excitement in the payments industry and it is very encouraging! In speaking of this year’s show, Lance Ning, VP of Marketing, said this: “It was great to be back in Paris for TRUSTECH this year to showcase our latest products in front of a truly global audience.  It’s always a pleasure to connect with our customers from around the world.  TRUSTECH does a wonderful job of connecting the payments and identification industries, and ID TECH is looking forward to being back to exhibit again next year!” What a difference a year makes!

About ID TECH

ID TECH is a global leader in payment peripherals, with sales, manufacturing, and R&D facilities worldwide. The company has become a well-established payment solutions provider with extensive experience in data capturing and encryption products and services. Designing dependable, feature-rich products has made ID TECH a leading supplier of MagStripe readers/writers, mobile payment readers, contactless readers, smart card readers, barcode readers, POS keyboards, signature capture devices, PCI-compliant PIN pads, and other specialty products for OEMs, VARs, resellers, distributors, and key end-users. ID TECH provides both standard and custom solutions to support customer requirements.

For more information, visit www.idtechproducts.com.

 

When we hover our phone or smartwatch over a payment system at our local grocery store, vending machine, parking terminal, or other retail location, we rarely stop and think about the technological advancements that have taken place to get us to this point. While we may not think about it often, there are many factors that have played into the evolution of payment solutions – including enhancements in technology, increased customer expectations, and trial and error throughout the years.

It is common knowledge that payments are a crucial step in the interaction between a customer and the company they are doing business with. Payment marks a successful customer exchange, so it is important for companies to leverage the best payment solutions on the market and tailor their payment processes to their customers’ preferences.

To give you a better understanding of the evolution of payment solutions and how we got to where we are today, join us as we take a walk down memory lane.

 

History of Payment Solutions

Over the years, we have used quite the variety of payment solutions, and it is remarkable to look back on the past to see how far we have come. Even before the use of technology for completing transactions, people around the world have used insightful systems to track and organize payments.

Before 3000 B.C. – The earliest form of payment was known as bartering. People would simply trade items that held significant value to the other person including grains, livestock, animal hide and more. One example of this is in ancient China, where shells were used as currency.

3000 B.C. – Barley was the first official currency in the world. Unlike bartering, where an item could be one man’s trash and another man’s treasure, barley was considered valuable across the board. According to Agriplastics Community, the most common measure to control the exchange of barley was the Sila, which would amount to approximately one liter.

600 B.C. – The first coins appeared all the way back in 600 B.C. in what is now western Turkey. Because the coins were often made of precious metals, they had to be weighed to determine value. For time saving purposes, leather money was created out of deer and other animal skin.

500 B.C. – Roughly 100 years later, the Chinese invented paper which they started using as an alternative to coins and leather. Countries around the world were quick to adopt the use of paper currency, as it could be easily mass produced and was more convenient to carry around than heavy coins and large pieces of leather. Paper currency was the primary form of payment for hundreds of years.

18^th Century – In the 1800s, England and the United States both established gold as their standard of value which meant that the value of any form of currency was decided by first determining its value in gold. As time went on, people found it increasingly frustrating to carry around large sums of money. This led to the invention of paper checks and by the mid-1800s, they were the primary means of conducting large transactions.

20^th Century – While there were many payment methods throughout history, nothing compares to the success of the plastic payment card. The first bank-issued plastic card was created in 1946 by John Biggins and it set the tone for the many decades to follow.

 

Modern Day Payment Solutions

As you can see, payment solutions have come a long way. As customer preferences are continuing to shift toward contactless payments, mobile wallets and the use of RFID technology within watches and other devices is becoming increasingly popular. And, the growth of the ecommerce industry has required companies to search for reliable and secure payment methods for their customers paying online.

 

Credit and Debit Cards

Today, credit and debit cards are the payment method of choice for most people. Over the years, card payments have evolved to include magnetic stripes, chips and Near-Field Communication (NFC), which enables contactless payments.

Mobile

In 1997, the first mobile payment transaction was conducted by Coca-Cola. They used special vending machines where customers could pay by sending text messages from their mobile devices. Today, mobile payments are a very popular and viable form of payment across the world.  Many devices nowadays have a “mobile wallet” feature that allows customers to quickly and easily make purchases in-stores and online, withdraw cash from ATMs, and transfer money from person to person.

Contactless

As we continue to navigate the unprecedented times of COVID-19, many people are looking for ways to limit their interactions with both people and objects. One way they’re doing so is by using contactless payment systems which work by utilizing Near-Field Communication (NFC), a short-range wireless technology that allows for the contactless exchange of data over short distances.

While contactless payments were around before the onset of the COVID-19 pandemic, people have been much more receptive to adopting them into their everyday routine in their efforts to avoid contracting the virus. Even in a post-COVID world, it is predicted that contactless payments will continue to rise. In fact, MasterCard polled 17,000 consumers in 19 countries and found that they perceive contactless payments as “the cleaner way to pay.”

Unattended

As technology continues to evolve, unattended payment solutions continue to rise. Today, unattended payment solutions are becoming the new norm and you do not have to look very far to find one. Parking, ticketing, and retail kiosks, as well as restaurant drive-thrus, vending machines, and pharmacy dispensers are all examples of unattended payment solutions. Although they lack human interaction, unattended payments are often quick, secure, and provide an overall convenient experience for customers.

Biometrics

If you’re unfamiliar with biometric payments, they are carried out by using your fingerprint or other body recognition to complete a payment. An example of this would be the use of face recognition on your smartphone to unlock it. The same technology is used today to make payments. According to Frost & Sullivan analyst Ram Ravi, palm reading, iris- and facial-identification biometrics are all experiencing rapid market expansion and are predicted to grow in popularity over the next several years.

Payment Solutions of the Future

While you can’t accurately foresee the future 100% of the time, there are things you can do to give you a better idea of where payment solutions are headed. Paying attention and analyzing your customers’ buying habits will give you insight into who they are, what they buy, how they make their purchases and what payment methods they prefer. You should treat this information like gold, as it will allow you to determine shopping patterns and payment trends in the years ahead.

As mentioned previously, enhancements in technology and the creation of new payment methods will play a major role in the future of payment solutions. In fact, today’s most popular  payment solutions may disappear altogether as new advancements are made. Based on current trends, contactless card payments, mobile wallets, and voice-based purchasing solutions are predicted to rise in the future.

 

ID TECH: Building Payment Solutions for the Future

ID TECH is focused on building payment solutions for the future. We strive to provide high-quality products for a variety of industries and do so through our strong commitment to innovation. At ID TECH, we understand the unique demands of each industry and design solutions to fit those needs, including the following:

ATM – Our products provide secure, rugged, and future-proofed hardware to ensure quality outcomes time and time again.

Loyalty and Access Control – Through our new tap-and-go technology, it is easier than ever for your customers to redeem rewards, access concerts or sporting events, provide authentication, and more.

Parking – ID TECH is a leader in the parking industry due to its focus on keeping your parking technology safe, efficient, weather resistant, and easy to maintain.

Transit – Our payment solutions for the transit industries are durable, reliable, fast, and easy to operate. Our rugged, sleek payment solutions create an enjoyable and simple user experience.

Vending – Our fast and easy-to-use technology allows customers to grab their desired item and go. Our products are designed to provide user-friendly interactions while utilizing the latest in payment technology.

 

See the Future of Payment Technologies at NRF

Many of the payment industry’s future facing technologies will be on display at the upcoming tradeshow, NRF 2021: Retail’s Big Show – Chapter One, including some exciting new technologies that ID TECH will be highlighting.  Stop by the ID TECH booth to speak with our experienced sales team about the future of payment technologies!

 

About ID TECH

ID TECH has established a solid reputation in the industry as a leading payment peripheral provider with magnetic stripe, EMV contact, and EMV contactless expertise. We are also an OEM payment solution provider with the capability and willingness to customize solutions to fit our customers’ needs. With a strong foundation and continued success rooted in card readers, ID TECH is currently expanding its reach in the ever-evolving payments industry.

To learn more about ID TECH, please visit our about page.