Mobile payments market continues to thrive
February 12, 2013

Many economists and experts forecast the global economy to approach a cashless landscape in the coming decades, a trend that has been clearly evidenced by the decreasing use of paper money and rapidly growing preference for plastic cards and mobile payments. Merchants should consider adopting the necessary systems to accept credit card payments through a variety of methods, such as mobile and plastic, to ensure that all transactions are finalized at the point of sale.

Early adoption of integrated payment systems may help to put merchants at a competitive advantage in the coming years, as many retailers have been reluctant to procure the technology and offer the capabilities to customers. More reports continue to indicate that the modern customer is looking for technologically advanced and convenient payment processing capabilities from the stores they choose to frequent.

Breaking through challenges
The IDG News Service recently listed several challenges that the mobile payments industry still has to overcome before experiencing more widespread adoption rates in the United States and abroad. The source asserted that mobile devices have become a popular transaction method among consumers because of the increased convenience.

According to the news provider, a lack of knowledge among merchants regarding the options available to enable acceptance of mobile payments may be the biggest barrier facing the market today. At a panel during the recent Apps World conference, some speakers explained that complex terminology and other confusing information has led some retailers astray from the capabilities.

However, becoming knowledgeable in the associated technology and offering the capabilities to customers as soon as possible will set merchants apart from the competition. Integrated payment systems are not as complex as some choose to believe, and rather streamline the processing strategy without the headaches common with traditional transactions.

Can't stop the trend
MarketsandMarkets recently released the results of a report titled "Mobile Money Market: Advanced Technologies, Value Chain, Adoption Trends and Worldwide Market Forecasts (2013-2018)," which revealed that the mobile payments market will continue to grow rapidly through the next five years. The firm forecasts the mobile payments market to grow from $13.8 billion this year to $278.9 billion by 2018, which represents a more than 82 percent compound annual growth rate.

Merchants should consider adopting the necessary technology as soon as possible to improve engagement among consumers and streamline payment processing for maximum profits. 
 

Nexus: G-WEBCD4