With e-commerce commanding 1 in 10 retail dollars spent, its growth translates directly into a reduction of the retail POS channel
San Francisco, CA, December 11, 2017: The blurring divide between physical and digital retail channels, the advent of “buy online, pick up in store,” and the ever-growing graveyard of retailers who have ignored the 24/7/365 power of e-commerce have caused a shift in how consumers shop.
Javelin Strategy & Research’s new report, 2017–2021 Retail Point of Sale Payment Forecast, examines how changes in shopping preferences of consumers has altered payment methods when they checkout at the POS or pay online. A major shift in POS payments is the adoption of mobile proximity payments.
“Retailer-based mobile wallets will be an important driver in the growth of mobile proximity payments (mPOS) because they add a critical element to the mPOS value proposition that has been missing: retailer engagement,” said Michael Moeser, Director of payments at Javelin Strategy & Research. “However, FIs need to selectively target a handful of retailer mobile payment apps in order to access growth in mobile proximity payments.”
The report, 2017–2021 Retail Point of Sale Payment Forecast, evaluates payment share shifts in the physical POS channel through 2021, as the industry continues to grapple with constant change. It tracks payments channels such as mobile proximity payments, cash, paper check, credit cards, debit cards, prepaid, and gift card trends that represent both opportunities and challenges for FIs and fintech.
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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.