Bitcoin is evolving rapidly on a global scale as one of most important financial technologies of the century. Many businesses have decided to integrate Bitcoin, yet many continue to not accept it. I have covered the issue of Bitcoin adoption in-depth in my Bitcoin in Business series. I had the opportunity to interview Moneris chief product and marketing officer Rob Cameron regarding Moneris, their opinion on Bitcoin, and how blockchain technology will influence the financial sector.
Moneris is one of North America’s largest provider of payment processing solutions and allows merchants to accept multiple methods of payments both physically and online. Currently, Moneris provides payment solutions to more than 350,000 merchant locations and provides hardware, software, and the systems needed in order to successfully manage business operations. I interviewed Mr. Cameron to find out more about Moneris and how Bitcoin is affecting their operations.
How is Moneris different than other payment processors?
Mr. Rob Cameron of Moneris
We are a pioneer in EMV-chip and PIN/signature implementation with over a decade of experience. We invest heavily in ongoing research and development in payment innovation. An example of this is Moneris was the first company to launch a mobile point of sale (mPOS) solution that accepts chip and PIN/signature debit and credit card payments in North America. Previously there were only magnetic stripe based options.
We are also putting our experience to work. As the first processor to integrate EMV technology in Canada, we gained a wealth of knowledge on the implementation process, which helps to set us apart in the U.S. market especially following the October 2015 EMV liability shift. With the key learnings we gained from the EMV-rollout in Canada, we have created educational materials to inform our current and potential U.S. partners and business merchants, helping them to make a seamless transition to EMV-enabled solutions.
Going forward, what innovations and new products/services does Moneris plan to offer merchants?
We always look for opportunities to expand our product and service offerings and will continue to seek out business partners to collaborate with, providing our merchants innovative and value-add solutions for their business.
We will maintain a focus in offering mobile point-of-sale solutions (mPOS), in particular smartphone and tablet based systems that are EMV-chip and PIN/signature ready. Industry trends show that 46 percent of the overall POS systems in market today are mPOS devices and new customers boarding with Moneris are following this trend, electing to use our mobile options. Mobile is the way of the future and we will continue to invest in technology innovation for this space.
Our merchants value the flexibility that our integrated solutions offer as well. We develop payments hardware and software that can be integrated into their pre-existing business management solutions. These solutions are customizable for the needs of the merchant.
Does Moneris currently or plan to offer Bitcoin support to merchants in the near future?
We see Blockchain as having tremendous potential in enabling innovation in financial services and spend time considering the implications. We are one of the founders of the Fintech cluster in Canada at MaRS where we have exposure to many innovative companies. In terms of Bitcoin specifically, we have evaluated various options of providing this capability to our merchants. Based on demand we will introduce this capability to the market.
In your opinion, how important will blockchain technology be for the financial industry?
Blockchain has the potential to revolutionize the financial industry. Participants in the financial ecosystem constantly look to improve security, reduce settlement times and increase service levels in an increasingly global market. Blockchain offers the promise of delivering all of this and more at a fraction of current costs thanks to its distributed ledger architecture. With so many of the top financial services firms along with innovative startup firms working on various implementations towards solving these real issues, we should expect to start seeing results at scale soon.
Does Moneris offer flexible plans and services to provide solutions to both small and large merchants?
Moneris offers scalable solutions to suit the needs of businesses of all sizes. From standalone and integrated retail POS devices, to unattended payment technologies, to a complete line of mPOS solutions and online payment processing platforms. We have competitive product and service offerings for merchants of any size in all industry verticals. We also believe in partnering for success and work with smaller firms all the way up to industry leaders like Apple as one of their Mobility Partners to deliver what’s best of the merchant and the end consumer.
Conclusion
It is very clear that Moneris believes in the potential of Blockchain technology as well as the practical applications of the blockchain and the many projects that will come in the near future as a result of the technology. Payment processors such as Moneris will be very important in driving business adoption of Bitcoin as a whole as well as empowering consumers to take control of greater financial freedom.
