Javelin Strategy & Research releases the firm’s annual POS 2013-2018 Forecast, which evaluates the actual and forecast changes in the retail POS market, tracking payments mix data and identifying key drivers of market change.
At 93% 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.
Although mobile POS proximity payments made up just 0.01% of total retail POS volume in 2012, mobile devices (i.e., smartphones and tablets) have forever altered the in-store shopping experience, acting as both a payment option and a channel for purchasing. 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 USD5.4bn by 2018.
“The retail POS market is evolving at a remarkable rate with the increased popularity of the e-commerce and mobile payments markets,” said Aleia Van Dyke, Industry Analyst at Javelin Strategy & Research. “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.”
Javelin Strategy & Research’s 2013 Retail POS Forecast: Mobile and Prepaid Opens New POSsibilities report evaluates the major trends for domestic retail POS payments transactions and how traditional non-card payment options will fare as card-based payments vehicles continue to grow in popularity. It examines prepaid cards, gift cards, cash, checks, credit cards, debit cards, and mobile POS proximity payments. It is based on two online surveys of more than 6,000 consumers. The report contains 33 pages and 15 graphs.
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