According to the report titled “2013 Retail POS Forecast: Mobile and Prepaid Opens New POSsibilities” issued by consultancy company Javelin Strategy & Research, the growing popularity of the digital realm has 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 percent of total retail POS volume in 2012, mobile devices have 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 is expected to help propel mobile payments to higher growth and is set to allow mobile POS proximity payments to reach USD 5.4 billion by 2018.
Finally, the report has found that retail POS purchases totaled USD 3.98 trillion in 2012 and are expected to reach USD 4.2 trillion in 2018. Additionally mobile payments are expected to have the highest compound annual growth rate over all other forms of payments methods over next five years. Prepaid card volume at the POS is also expected to surpass that of gift card by 2015.
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