What does 2014 have in store for the payments industry

What will 2014 have in store for the payments industry.

There have been several innovations over the last few years in the retail industry that are geared toward pushing the cash register to a new level. This trend is just getting started.

A recent article from Business News Daily examined the retail landscape, calling 2013 a "monumental year" in the industry. This declaration is made with the backing of technology solutions that have taken hold and altered the POS process. These include services like mobile commerce and online shopping.

One of the more interesting changes that will gain steam in 2014 is mobile wallet adoption by consumers. According to the article, in November 2013, there were 100 million users in China that relied on the Alipay Wallet - a mobile payment application. Consumers that use the app are able to purchase products in participating brick-and-mortar stores, pay bills online, surf eCommerce sites, receive deals and discounts, manage financial information and make money through fund services.

"This trend will catch on in the U.S. and challenge existing and new players to come up with products that are friendly to use and transform the way people pay, play, save and communicate," the article reads.

This can already be seen as more businesses are adopting tools that can handle mobile commerce solutions like near-field communication (NFC), specific mobile applications and soon to be mandatory EMV chip cards.

The POS system is evolving quickly, and with the help of a retail solution provider that specializes in these new systems, any merchant can deploy them successfully.

by Ty Hardison

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