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article imageReport: Mobile will be the king of all payment methods by 2018

By Michael Essany     Apr 9, 2013 in Technology
On Tuesday, Javelin Strategy and Research sent a buzz through the world of mobile payments upon the publication of their annual retail point-of-sale update and forecast, a report which evaluates the actual and forecast changes in the retail POS market.
One of the most bullish mobile payment payments forecasts this year, the study estimates that mobile payments will soon be king of the retail payments jungle.
"The retail POS market is evolving at a remarkable rate with the increased popularity of the e-commerce and mobile payments markets," explains Aleia Van Dyke, industry analyst at Javelin Strategy and Research. Although the mobile payments space is largely dominated today but three primary players - PayAnywhere, Square, and GoPayment - retailers large and small are racing to adopt this secure and convenient credit card payment processing technology.
"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," Van Dyke adds.
The Javelin study projects that mobile payments will reach $5.4 billion by 2018. More importantly, however, of all payment methods, mobile payments are expected to log the highest compound annual growth rate in the next five years.
“Mobile payment solutions also offer the greatest flexibility in terms of POS,” PayAnywhere says on its official blog. “In large department stores, a salesperson can ring up customers directly from the floor – securing sales on the spot while sparing customers of long, sluggish lines. With mobile devices on hand, merchants can also give customers the options of digital receipts, which save on paper while providing permanent verification of every sales transaction.”
To learn more about the new report from Javelin Strategy and Research, click here.
More about mobile payments, Javelin Strategy and Research, pos, Square, GoPayment
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