Individuals are still using cash to pay for products and services, but the emergence of new technology has catapulted the popularity of card purchases, and mobile payments is following close behind. If retailers fail to implement systems capable of processing a variety of payment methods, they risk significant losses in customer retention and loyalty.

According to recently released report from Javelin Strategy & Research, the retail point of sale market is rapidly changing, and if businesses don't adapt to it, their operations could suffer. The study estimates that mobile payments will reach $5.4 billion over the next five years. While individuals will still pay with cash, and more so with their credit and debit cards, mobile devices will be the driver behind this payment trend as it provides more convenience not only for patrons, but for merchants as well.

With these findings, and similar results from other studies, it should be apparent that retailers need to make the move now to implement point of sale software into their operations. By doing this, companies can ensure they are able to accept a variety of payments from customers, accommodating individuals making purchases with cash, cards or their mobile devices.

This entry was posted by Retail Pro on Wednesday, May 1st, 2013 at 8:15 am .