Mobile payments market will continue to swell
February 08, 2013

The rapid proliferation and adoption of smartphones and tablets among U.S. consumers has led to an increase in mobile payments popularity, and more merchants are adopting integrated payment systems to cater to these new preferences. Streamlining transaction can improve profits in a number of ways, including increased customer engagement and lower operational costs.

The IDG News Service recently reported that a panel of several analysts predict that the mobile payments market will swell to $1 trillion in annual transactions by 2015. Analyst Nick Holland told the source that $7 trillion in payments are processed through the largest two credit and debit card companies, which would mean that mobile payments will grow to take up a significant portion of the total transaction processing market.

According to the news provider, analysts believe that unique and innovative payment processing solutions that can accept credit card payments through a variety of platforms, including mobile devices, will improve  convenience for customers at the point of sale. As today's consumer is always looking for the most convenient and streamlined payment processing capabilities, this strategy can help improve merchant revenues substantially.

The IDG News Service explained that mobile apps related to the payment processing industry will be the next big step for consumer-facing strategies. Smartphone and tablet developers have already started to incorporate software that improves the convenience of mobile payments through the devices, and this trend is expected to intensify in the coming years.

Merchants should consider adopting integrated payment systems as soon as possible to capitalize on the increasing consumer preference for mobile transaction capabilities. These solutions can also help incorporate loyalty and gift card programs into mobile strategies, further streamlining the customer experience and improving convenience for stronger engagement.

Nexus: G-WEBCD4