At Money2020, a bunch of us “payment geeks” are gathering to talk about the future of the industry. What technology will lead, who will win, digital wallets vs. mobile wallets, NFC vs. the cloud, etc. Other than driving consumer adoption, there is one thing that I’m sure we all agree on, the industry is poised to undergo a profound transformation in the next several years because of new key drivers, which include the mobile phone, cloud technology, sensors and the proliferation of tablets entering the market. Coupled with innovation from the tremendous creativity of the developer community, the future is bright with innovation!
Over the last several months at PayPal we have been listening, learning and engaging with players in the payments industry (influencers, analysts, merchants, solution providers and more) and a number of consumers to understand the biggest drivers of change in the point-of-sale (POS) market. Based on that research we pulled together our analysis of the current and future state of the industry. You can check-out the full analysis here: The Future of POS: Point of Sale Evolution and Its Impacts
I will give you a hint at a few things:
- POS is poised for profound transformation. Momentum is building for solutions that integrate POS and back-office systems
- A new set of drivers are emerging in the evolution of POS. Mobile, sensors, developers, and the cloud are the new key innovation drivers
- POS evolution enables new and uniquely personalized customer experiences. A window of competitive opportunity for SMBs is opening
- New business models are emerging. Data-driven business models are a critical paradigm shift
- PayPal and eBay will play a central role in helping to shape the POS future. PayPal and eBay are uniquely positioned for this emerging market opportunity
I welcome your feedback surrounding this paper and welcome you to leave comments and feedback below.