July 17, 2019

New Retail POS Forecast Mobile Payments Evolution

According to its Annual POS 2013-2018 Forecast Report for the point-of-sale mobile payments industry, Javelin Strategy & Research predicts “the point of sale (POS) retail market towers above the online market and will continue to do so for years to come.” POS transactions constitute 93% of total U.S. retail dollar volume, the report notes. “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.”

Javelin predicts that, by 2018, mobile POS proximity payments will reach $5.4 billion. “Today’s consumers are demanding more digitized payment options to enhance their in-store shopping experience. The advanced features of non-traditional payment options like mobile and prepaid cards have encouraged adoption with today’s tech-savvy shoppers.”

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