Global adoption of online and mobile payments is set
May 30, 2013

Companies across the globe accept credit card payments at the point of sale to offer customers multiple purchasing options. Electronic payment systems are on the rise among small- and medium-sized enterprises aimed at boosting revenue, but the transaction platform may soon be adopted on a global scale. New research from Germany-based, a market research firm, found online and mobile payments will soon increase.

The recent "Global Online Payment Methods 2013 - First Half 2013" report examined the POS movement toward digital formats. The report noted the development of online payment channels and alternative credit card processing solutions, such as purchasing product from a portable device, are driving SME profits.

According to the report, the major trend among U.S. retailers is implementing mobile payment processing. As more consumers utilize their smartphones and SMEs invest in mobile technology, the report estimated the value of mobile payment processing will only increase for U.S. businesses.

Although mobile POS has only been on the market for a few years, the report projected the transaction option will advance in a number of ways. Hybrid payments, or combining online and mobile methods, may appear on the market this year and will be the major force behind widespread mobile POS adoption. Near field communication-based technology remains an accepted method among consumers, and the report estimates NFC will increase exponentially by 2017 and account for more than half of mobile payments. Despite the success of NFC, merchants and their customers continue to be wary of financial data security when employing the technology and are seeking out alternative options.

Nevertheless, smartphone and tablet providers, such as Samsung, have integrated platforms into their devices to support mobile POS. As more SMEs and consumers invest in portable devices, the U.S. is set to transform mobile payment processing into a common transaction platform across the globe.

Nexus: G-WEBCD2