FOR IMMEDIATE RELEASE
Respondents rank mobile POS as the dominating and most secure payment technology in next three years
ELK GROVE VILLAGE, Ill. – Jan. 9, 2014 – Leading mobile point-of-sale (POS) device provider Infinite Peripherals, Inc. (IPC) today introduced the results of the Infinite Peripherals 2014 Payment Technology Trends Survey, an annual study of online and in-store retailers, app developers, mobile device manufacturers and resellers. Sixty-seven percent of respondents to the inaugural survey report that mobile technology innovation is the overwhelming priority of retailers, driving payment technology trends. The risk of fraud and criminal payment activity is a distant second at 38 percent. Thirty-five percent of respondents confirmed that customer preferences will drive retail priorities, above the influence of payment providers (29 percent) or payment legislation (16 percent).
Given this focus on mobility and consumer preferences, it is not surprising that respondents expect swipe on mobile POS device to dominate the payment technology market in the future. It is rated highest by respondents (30 percent) who were asked which single payment technology they thought would lead the market over the next three years. Swipe at register technology is expected to remain the most utilized payment technology for only 17 percent of respondents in three years. And, when it comes to security, 23 percent of respondents are concerned that swipe at register payments will be unable to keep up with the evolving threat of fraud and theft in the future. Only four percent of respondents are concerned about the ability of swipe on mobile POS device to meet or exceed security expectations in three years.
“Resoundingly, mobile payment technologies are referenced as the most exciting and secure innovation in the sector and are seen as the consumer’s champion payment technology,” said Andrew Graham, president of IPC. “As consumer demands continue to drive developments in payment technologies, successful retailers will pay close attention not just to what their consumers buy, but how they prefer to buy.”
Additional highlights of the Infinite Peripherals 2014 Payment Technology Trends Survey include:
Key Finding: Swipe on Mobile POS Device is Viewed as the Most Reliable and Secure Payment Environment in Next Three Years
- 96 percent of respondents expect swipe on mobile POS device to meet or exceed security expectations over the next three years, compared with only four percent who have concerns.
- 23 percent are concerned that swipe at register payments will be unable to keep up with the evolving threat from fraud and theft in the coming three years.
- Only 28 percent of respondents believe fraud losses justify the cost of implementing Europay, MasterCard and Visa (EMV)/Chip & PIN payment technology, the payment technology most frequently promoted as a solution to losses from fraud and theft.
Key Finding: Swipe at Register and Swipe on Mobile POS Device Currently Dominate the Market
- 74 percent of respondents have a Swipe at register payment option.
- However, 62 percent of respondents have also developed some form of swipe on mobile POS device payment option.
- Over 35 percent of respondents are using EMV/Chip & PIN payment technology.
Key Finding: Swipe on Mobile POS Device Will Dominate Market in Next Three Years
- 30 percent of respondents expect Swipe on mobile POS device to dominate the payment technology market within the next three years, exceeding all other forms of payment.
- EMV comes in second, with 25 percent of respondents expecting Chip & PIN to become the primary payment technology of retailers.
- Swipe at register technology is expected to remain the most utilized payment technology for only 17 percent of respondents in the next three years.
Key Finding: Consumer Use of Mobile Technology will Drive Future of Payment Trends
- 69 percent of respondents see the increased consumer use of mobile technology in everyday life as the single-most influential factor in future payment technology trends.
- 52 percent also see an increasing demand from consumers for mobile shopping as driving payment technology trends in the next three years.
About the Survey
The Infinite Peripherals 2014 Payment Technology Trends Survey was sent to more than 6,000 recipients across North America, including online and in-store retailers, app developers, mobile device manufacturers and resellers.
Twenty-one percent of the respondents were CEOs, 17 percent were other C-level decision makers, 24 percent were VPs/directors, 14 percent were managers and 24 percent were technologists.
To request the full report, please visit http://ipcprint.com/about-us/2014-trends-survey.html
Visit IPC at the NRF Big Show (Booth #3181) Jan. 13-14 in New York City to hear more about the survey and view our newest products that are transforming the way retailers do business.
Infinite Peripherals Background
Since 1993, Infinite Peripherals, Inc. (IPC) has been fueling mobility with cutting-edge mobile peripheral devices, receipt printers, mechanisms and receipt printer-related components. Numerous major retailers in the United States are moving to mobile POS with IPC’s Linea Pro® and Infinea TabÒ, helping to transform shopping, drive traffic and increase customer conversion rates. Anticipating trends and pre-empting solutions for a constantly evolving business landscape, IPC enhances operations in retail and other industries, including healthcare, hospitality, transportation, warehouse and logistics, entertainment and security. For more information, please visit www.ipcprint.com. Connect with us at www.facebook.com/infiniteperipheralsinc and www.twitter.com/infiniteperiph.
Linea Pro and Infinea Tab are registered trademarks of Infinite Peripherals, Inc. All other trademarks are protected by their respective owners.