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Mobile Payments Accelerate
Thursday, April 11, 2013 6:50 AM

Yesterday, Javelin Strategy & Research released the firm’s annual POS 2013-2018 Forecast report, which evaluates the actual and forecast changes in the retail POS market.

 

According to the data presented, at 93 percent of total U.S. retail dollar volume, the point of sale (POS) retail market towers above the online market and will continue to do so for years to come.

 

But the growing popularity of the digital realm has fundamentally altered the nature of the POS, as brick-and-mortar retailers have had to embrace elements of mobile and online channels in order to remain competitive.

 

The report states: “Of all the great benefits that merchants gain from the mobile revolution, the most important of all is the ability to accept credit card payments on iPhones, iPads, Androids and BlackBerrys.”

 

Over the next six years, an industry-wide push for mobile technology will help propel mobile payments to astonishing growth and will allow mobile POS proximity payments to reach $5.4 billion by 2018, Javelin forecasts.