The number of individuals conducting transactions with the help of mobile credit card processing equipment continues to increase.
It was recently reported by Informa that one billion mobile subscribers will be buying products through their smartphones by the year 2016. The firm projected that 1.1 billion global users will also be accepting payments made through mobile credit card terminals by the same year.
“Many retailers have now deployed, or are in the process of deploying, mobile point of sale terminals,” said Shailendra Pandey, senior analyst for Informa Telecoms & Media. “Unlike a few years ago, many vendors are now offering mobile point of sale terminals and support services. These vendors are also offering attractive incentives to merchants and retailers to upgrade their old terminals with new mobile point of sale systems.”
The report identified the lifestyle brand Alex and Ani as proof of the ability of mobile point of sales terminals to increase revenue. That organization saw its sales rates increase by 318 percent after they switched to mobile point of sale terminals from more traditional modes of transacting payments. Informa noted that store locations that make use of these devices afford themselves the opportunity to both decrease staffing costs and increase floor space, should they eliminate some or all of their traditional checkout counters.
Regardless of the type of point of sale terminal, however, consumers are increasing the extent to which they rely on their credit cards. The latest report from the Federal Reserve noted that revolving credit – which mainly reflects money owed through credit card charges – advanced by a seasonally adjusted $4.33 billion in October.
The expansion moved total revolving debt above $856 million, the highest level recorded since September 2010, according to The Wall Street Journal.Back To Blog