Mobile POS contactless payments made up just 0.01 per cent of the USs total retail POS volume in 2012, according to a report from Javelin Strategy & Research – a total of $500m (£325m).

However, the report forecasts that mobile payments will rise at a CAGR of 61 per cent, higher than any other payment method over the next five years – and by 2018, will reach $5.4bn, or 0.13 per cent of all POS volume

“The retail POS market is evolving at a remarkable rate with the increased popularity of the e-commerce and mobile payments markets,” said Aleia Van Dyke, Industry Analyst at Javelin Strategy & Research. “Todays consumers are demanding more digitized payment options to enhance their in-store shopping experience. The advanced features of non-traditional payment options like mobile and prepaid cards have encouraged adoption with todays tech-savvy shoppers.”

Overall, retail POS purchases totalled $3.98 trillion in 2012, and are expected to hit $4.2 trillion in 2018.

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