MPOS may may evolve to include advanced solutions
June 07, 2013

Mobile technology continues to evolve and expand within the global marketplace. Small- and medium-sized enterprises that accept mobile credit card payments may begin to see more customers looking to pay for purchases using a portable device. According to recent estimates, having a mobile point of sale continues to be a financially viable move for SMEs as MPOS technology advances.

Toward a mobile purchasing environment 
According to PYMNTS.com's May 2013 "MPOS Tracker", merchants may begin to see mobile payments evolve into platforms that can adapt for their specific needs, such as including financial monitoring technology. SMEs may notice their mobile payment channel upgrade and evolve to offer new solutions. PYMNTS.com states MPOS may provide businesses with the option to tailor the software to fit the company's custom needs. 

Although mobile payments are still new, solutions, such as those provided by Sage Mobile Payments, offer merchants a one-stop shop for tracking invoices and consumer transaction information. SMEs can expect to see the mobile landscape move toward this customized design. 

PYMNTS.com projects mobile payment processing will evolve to do more than simply offer another POS solution. The new platform may adopt additional functions beyond becoming customizable for SMEs - it may begin to integrate inventory tracking and chargeback protection, as well as provide enhanced ways for customers to use their debit and credit accounts without having to utilize their actual card.

Consumer awareness may lead to innovations in mobile payments
With the use of smartphones and tablets exploding among U.S. consumers and businesses, SMEs will continue to see new advancements in mobile technology. According to the "Pew Internet Smartphone Ownership 2013" study, 56 percent of consumers own a smartphone. Since February 2012, the number of Americans who own an enhanced portable device has risen 10 percent.

This significant increase in the adoption of smartphones indicates customers are more aware of the devices' enhanced capabilities, such as mobile payments. With the boost in consumer awareness about using portable devices to purchase products and services, SMEs may see a jump in the number of customers looking to use MPOS. Because of this, merchants will see mobile payments evolve.

PYMNTS.com estimates MPOS may change from being software to hardware, offering advanced solutions in the process. While the integration of mobile devices into business functions may take years, SMEs that accept debit and credit card payments should consider investing in mobile payment processing to ensure they are part of the mobile evolution.

Nexus: G-WEBCD2