The payment industry has been experimenting with mobile commerce for some time. Over the last few years, the adoption rate of the technology has increased because the functionality of the hardware and software has improved and the platform has become more secure. According to a new study, things are going to pick up in 2014.
At the most recent TRANSACT 2014 conference, CAN Capital conducted a survey of payment professionals and executives to determine what their thoughts were on mobile payment technology and other trends.
According to 42 percent of respondents, new payment technology is the trend that will gain the most traction by the end of the year. This is followed by product integration (24 percent), increased partnerships (23 percent) and company consolidation (11 percent).
"As consumers continue to turn to mobile to complete everyday tasks and purchases, payments providers must be able to offer innovative mobile transaction solutions in order to remain competitive," said Daniel DeMeo, Chief Executive Officer of CAN Capital. "In our partnerships with companies in the payments industry, we've seen firsthand how important it is for both processors and their customers to stay ahead of the curve in terms of new industry technology."
Taking it a step further, 61 percent of payment professionals cited mobile payment technology as the fastest-growing merchant product offering during the previous 12 months. Other mobile related processes included mobile shopping (44 percent) and the mobile wallet (11 percent).
Whether it is consumers shopping on a smartphone or using a tablet POS solution, mobile commerce is going to pick up speed in 2014.