According to Mobile Payments Today, the mobile point of sale payment sector is on its way to a big change.
Recent research conducted by 451 Research found that global installation of mPOS will increase to just over 54 million units, at a 32 percent compound annual growth rate by 2019.
Currently, there are 13 million devices in use on the market today. This change can be attributed to two main factors, better technology and a growing need for a new addition to an older market.
There are now more mobile lines than customers in some areas, but for others, the growth is slow due to technology constraints and costs. For example, mobile payments are aiding commerce growth in India, due to their ease of use and installation-less requirements.
In more developed markets, such as in the U.S., mobile payments are becoming a more complementary addition to the traditional market. As technology and customers converge, many expect a speed, seamless checkout experience, one of that mobile often offers more frequently than its stationary counterpart.
Some benefits of mobile payment options include instant payments for large ticket items, giving less time to customers to change their mind before a purchase, the ability to pay anywhere in a store, and the many inventory-based capabilities.
Mobile payments are surging as the use of debit and credit cards are too. Experts estimate that the credit and debit card market will grow to 520 million cards at the beginning of 2014, with some 500 million being debit cards.