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Sunday, July 21, 2013

Mobile payment technology: Changing the face of the retail industry

Each year through 2016 mobile technology use is expected to rise 46%
Mobile tech. is used in retail sales
By Jean McDaniels

Mobile payment technology has definitely changed the face of the retail industry in more ways than one and at a speed you may never even think possible. As a matter of fact, in an interview with CSPNet.com, the director of product strategy for WorldPay US Inc. claimed that the evolution of mobile payment or m-payment technology is, by far, the biggest fundamental paradigm shift that took place in this generation.

In just a few short years, mobile technology has invaded and greatly influenced the retail industry. While mobile shopping, QR codes, mobile coupons and in-store guide apps have previously been unheard of, these have now become one of the primary staples of the industry. Needless to say, it is really quite amazing how mobile technology continues to evolve and engage customers. And it's just getting started. Believe me, the best is yet to come.

Mobile payment technology: Some interesting facts you need to know

According to Investopedia.com, mobile payment technology basically refers to "money rendered for a product or service (or money send to family and friends) through a portable electronic device such as a cell phone, smartphone or PDA". Interestingly enough, this technology was first popularized in Asia and Europe before it was adopted in the US and Canada.

M-payment technology benefits both the consumers and the business owners. For consumers, this technology presents an easier, more secure and less complicated way of paying for their purchases while business owners will surely appreciate the ease by which they can use the system to accept payments.

Mobile payment or m-payment technology is expected to get even more popular in the near future. Consider what the experts have to say:

  • According to a press release distributed by Gartner.com in May 2012, the total number of m-payment users is expected to increase from 160.5 million in 2011 to 212.2 million in 2012. They also projected that the volume and value of mobile transactions will experience a 42% annual growth rate from 2011 to 2016.
  • Juniper Research projected that active mobile money users will double by 2013. They also predicted that about 2.5 billion consumers will buy digital goods using their mobile devices by 2015.
  • ABI Research projected that mobile shopping will generate $119 billion in 2015.
  • IDC research estimated that global mobile payments for 2017 will top the $1 trillion mark in 2017.
Now, if you want to experience how using mobile payment technology can help take your business to the next level, consider doing business with a reputable transaction processing company such as PayMeSecure to make sure you are getting the best mobile payment solution for your business.

About the author: Jean McDaniels has owned a quick mart for the past 7 years, but recently took a leap of faith with a food truck business of selling burritos. He has found success with using PayMeSecure’s wireless services to help with credit card processing for his business.

* Image license: Ozetsky; RGBStock.com

1 comment:

  1. Mobile payment technology has definitely changed the face of the retail industry in more ways than one and at a speed you may never even think possible. Mobile Money Code