The Future of Mobile Payments
With the advancement in mobile technology (iPhones are no big surprises here), the mobile payment landscape is taking its own shape, and will become an integral part of our lives in the years to come.
According to Grand View Research, mobile point-of-sale systems will account for a 12% increase in the 37 Billion dollar, global point-of-sale systems market, in the next 5 years.
What does that mean for consumers and the hospitality industry?
Like the iPhone disrupted the smartphone market, so will mobile payment apps that enable us to ditch our wallets. That means the hospitality industry (specifically, restaurants and bars) had better prepare for this shift, by implementing mobile point-of-sale systems — now.
And the benefits are tremendous — a restaurant that has a mobile technology in place to cater to walk-in customers turns tables 4 times, compared to 1.5 times when it operates mainly on reservations (The Globe and Mail). Mobile point-of-sale terminals enable restaurants to process tabs quickly, resulting in increased revenue, and a lot of happy customers. Ching Ching.