Smartphone and tablet POS solutions market top $5.7 billion worldwide

If you are hitting the stores for some shopping, there is a good chance you will see transactions conducted on mobile devices. The summer is full of farmers markets and craft fairs, and many of the merchants with booths set up are accepting payments by pulling out their smartphones or tablets. It's clear that the use of mobile devices as a point of sale solution is growing.

According to a recent study conducted by research firm IHL Group, the mobile POS market will pass $2 billion in sales of related hardware and software in North America by the end of 2013. On top of that, the current mobile retail market is $5.7 billion worldwide. The report cites it is the fastest growing retail trend since the introduction of the Internet.

One reason the market is growing is because companies of all sizes can take advantage of smartphone and tablet POS solutions.

"You do not have to be Apple to turn an iPad into a cash register in your business," the article reads. "The iPad on its own, with free or premium apps, can serve as a full-blown point of sale system for small and large businesses. If you have not been to a farmer's market recently, take a look at all the merchants who can now take more than cash."

The study also found that by the end of the year, 28 percent of North American retailers will incorporate mobile devices into their point of sale systems. With the help of a payment solution provider, any company can join this group and embrace the future.

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