Doing a Google search for mobile commerce will provide more options than most people know what to do with. As more payment experts have touted the solution as the future of retail, it is easy to understand why this might be the case, but what impact are these systems actually having in the system and what does the future look like? Thankfully a new report is answering these questions.
Released by PYMNTS.com and ROAM, the study revealed several interesting trends in the mobile point of sale ecosystem. The biggest takeaway suggests that mPOS solutions drive less than one-tenth of one percent of overall retail sales since many early adopters of mPOS solutions are the small non-card accepting merchants in sectors that account for minimal overall retail sales volume.
There is no reason to fret though as the report suggests there is an uptick coming as larger retailers start pulling out traditional cash register systems and replaces them with a mobile based solution. There are also a number of different solutions on the market, making it hard for merchants to choose a proper solutions.
"Darwin will rule. It is highly unlikely that the market can support all of the many mPOS solutions that are popping up, and so we can expect to see consolidation in the near term, especially since it is relatively painless for [small and medium sized businesses] to move between solutions (some have multiple solutions already)," a press release about the study reads.
Mobile payment options are going to be a part of the future of business, but time will tell when that actually happens.