A number of consumers today are shifting away from carrying cash and credit cards and utilizing the mobile devices they are already carrying and using for so many other things throughout the day as their payment source.
Back in 2015, a survey by Business Insider found that 40 percent of millennials would give up carrying cash in their pockets if given the option to use mobile payments.
While mobile payments aren’t an entirely new option, it is growing in popularity today as merchants gain the ability to accept this form of payment via their point of sale (POS) systems.
Future of Mobile Payments
According to the latest research from Global Market Insights, the mobile POS Terminals market is expected to surpass $55B by 2024 with global shipments also exceeding 35 million in that same forecast period.
These increased growth rates are attributed to improved EMV card standards and the greater use of mobile devices such as smartphones and tablets by merchants and sellers.
Advantages for All Merchants
As merchants transition away from traditional cash registers to new technologically advanced, Internet connected POS systems, the option to have extra peripherals like card swipe dongles, printers on the go and software solutions that improve business management, are all making the choice to upgrade to mobile POS systems a no brainer.
For smaller merchants too, the ability to accept expanded payment options is an important benefit and a reason the market is seeing an uptick. These offerings provide security, take up less counter space and improve customers check out experiences.
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