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Payment processing techniques continue to evolve

August 13, 2013

Payment processing systems – and the methods of accepting credit card payments – continue to evolve.

Payment processing systems – and the methods of accepting credit card payments – continue to evolve. Only the industry isn’t getting bigger, it’s getting smaller. In fact, it’s going mobile.

Mobile point-of-sale terminals will become much more prolific over the ensuing years, according to a press release featuring figures obtained by TechNavio. The firm predicts a compound annual growth ratio of more than 11 percent for the mobile POS industry, starting with figures recorded from last year and stretching out toward their annual projections leading up to 2013.

“From the exhibit, it is clear that with the increasing value of transactions during the forecast period, there will be an increase in the adoption of mobile POS systems,” said a representative from the firm.

Credit card processing software will no doubt experience a seismic shift as a result of retailers adapting to mobile sales terminals. According to figures released last month by Juniper, the transition has already begun en masse. 

The firm found that mobile commerce transactions should reach a total revenue level of over $3 trillion dollars by 2017 – up from revenues of less than half of that amount during 2013. Customers want to buy products using their cell phones and tablets – and retailers are quickly coming up with ways to accept payments via that technology as well.

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