Are Mobile Devices the New Currency?
The Point of Sale News asks, “How Close Are We to Cashless Commerce?” and answers with 2020 vision: the prediction that mobile payments may replace cash and credit cards by as soon as 2020 according to the Pew Research Center’s Internet & American Life Project on “The Future of Money.”
With the surge in POS technologies, especially in the hospitality and retail industries, and the “notable uptick in Smartphone penetration over the last year” in “nearly every major demographic group,” the report concludes, “it’s wise for businesses to make the payment process as easy as possible” despite the challenges of mobile payments (issues with various phones, software and apps).
A majority of experts agree that smart-device swiping provides convenience and security among other benefits, making an obvious option to eventually replace traditional forms of payment. Some, however, “expect this process to develop generationally, with younger users jumping to abandon cash and credit cards while their parents and grandparents may make the move to mobile payments slowly, if at all.”
Impressive Timetric statistics out of Sweden indicate that with its smaller population and higher proportion of online transactions, the Scandinavian nation “is moving closer to a cashless economy” which “could be a harbinger for the rest of the global economy.”
Be sure that you’re ready to take on mobile payments with a robust POS system. Sintel Systems is a quality provider of tailored Point of Sale systems across retail, restaurant and service industries, including frozen yogurt shops, pizzerias, sushi restaurants, cafés and retail stores.
As a single source for business solutions, our experienced, knowledgeable team negotiates the complex POS landscape to enable you to find the right POS system for your business and budget. Hardware – Software – Support