As some of you may have already read in our first blog post of the three part series, we recently had the opportunity to interview our partners and Ingenico experts regarding their payment predictions for 2016. We covered many topics ranging from EMV, NFC, payment security, Omni-channel, unattended solutions and more. This is the second of a three-part video blog series. You can read the first blog post here.
The last decade has seen many technological advancements in known payment environments. The introduction of point of sale (POS) systems has changed payment experiences by replacing cash registers in many scenarios. Credit cards have become a preferred mode of payment and more merchants are working towards accepting them.
Research firm ABI estimates that the installed base of mobile point of sale (mPOS) devices will top 51 million by 2019 as mid-size and large enterprises look to mobile technology to grow their business footprint and expand the level of service they provide to customers. With the adoption of mPOS, enterprises can offer greater flexibility and convenience for customers and employees. Customers benefit from personalized, streamlined service, while employees improve productivity thanks to simplified access to customer data, product details and inventory information.
With the 2014 holiday shopping season about to kick-off, retailers of all sizes are bracing themselves for what is expected to be one of the more robust seasons in recent history. Deloitte recently released a report forecasting a 4.5% increase in U.S. holiday shopping and sales from last year.
According to research firm Smart Insights, the mobile point of sale (mPOS) market is expected to grow to 52M units deployed by 2018, representing a CAGR of 40 percent for the period 2013-2018. Much of this growth will be driven by mPOS adoption in emerging markets. The Smart Insights study predicts that by 2018, there will be 25 million mPOS units in Asia Pacific alone.
