Mobile Payment Processing Is the Most Demanded Retail Technology

April 18, 2017, Written By Lynn Oldshue
Mobile Payment Processing Is the Most Demanded Retail Technology

The push for mobile payment processing continues to grow. According to a new study from Zynstra, 65% of retail IT managers believe mobile payment capabilities are in high demand, followed by self-checkout services (49%) and scan while you shop programs (44%).

70% of businesses said technology upgrades could help them meet the demands of their customers, but 37% said they lack the technical infrastructure to make that happen. Others said issues with network connectivity or knowledge in their IT departments could hinder their growth. Only 48% of survey participants said they had all the tools and expertise needed to expand to new technology.

Zynstra surveyed IT professionals in the United States and the United Kingdom. In America, 59% of participants said they had issues with the cost of managing remote systems. 52% said they faced challenges maintaining the security of their technology.

Mobile wallets like Apple Pay, Samsung Pay, and Android Pay are becoming more common with each passing day. A forecast from Research and Markets predicts global mobile wallet usage will grow 35.5% each year through 2021. Now that stores have started creating their own mobile payment apps (such as Walmart Pay and CVS Pay), the need for NFC payment processing is more important than ever.

The information contained within this article was accurate as of April 18, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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