Canada is at the forefront of mobile payments in the retail industry. According to Venture Beat, 75 percent of Canadian retailers accept mobile payments, such as transactions completed by tapping smartphones. In comparison, the source said, only 2 percent of U.S. retailers have implemented this kind of system.

BC Business reported that 80 percent of the Canadian population is expected to have "tap and pay," or contactless payment, capabilities by 2016. These transactions are facilitated by smartphones and wearable technology, which are gaining prevalence in the country. The speed and simplicity of tap and pay options provide another example of how retail POS systems are aiming to bolster sales by improving the customer experience. Venture Beat mentioned that these options are increasing per-sale purchases, driving Canadian retailers to implement the retail technology and banks to partner with technology companies on applications.

As with all POS systems, security remains a major concern. The tap and pay option might offer some advantages, though. BC Business explained that cyber criminals can't use the applications as widely as credit cards,which reduces the threat of payment information being stolen. According to Venture Beat, these processes can also make use of chip technology that is inherently more secure than credit card systems.

This entry was posted by Retail Pro on Tuesday, February 11th, 2014 at 12:07 pm .