To misquote Mark Twain, reports of the death of cash have
been greatly exaggerated. Make no mistake, the use of cash to make purchases
has most certainly been on a steady decline in recent years. In a 2012 survey
by Mastercard (NYSE: MA), nearly three-quarters of Americans said that they
used cash less than they did a decade earlier. Reaffirming this point, a 2013
study indicated that a massive 80 percent of consumer spending in the U.S. was
cashless. Despite this popularity, a total shift away from paper money is
unlikely in the short-term, and, according to a report on Strategy Eye Digital,
that’s a result of a lack of truly compelling digital alternatives.
“One thing we need to do is work out the needs of merchants
where cash traditionally is prevalent,” James Allgrove, head of growth at
Stripe UK, stated at London Fintech Week. “Take Uber and cabs – magical
experience of not having to pay tips and split fares. We need to understand the
needs of each industry and build payments for that industry rather than one
size fits all.”
Alternet Systems, Inc. (OTCQB: ALYI) is playing a key role
in the transformation of the payments market. Through its strategic partnership
with MUXI, a Brazilian leader in multichannel technology solutions for the
electronic point of sale industry, the company is in a strong strategic
position to introduce innovative, brand-agnostic point of sale terminals and
disruptive payment technology to the U.S. market, which includes the largest
outdated legacy point of sale infrastructure in the world.
MUXI’s technology enables a full range of vital payment
solutions – including the implementation of mobile point of sale infrastructure
across tablets and smartphones. Demand for these mobile solutions is high
across a host of industries due to their affordability and versatility, as
compared to fixed point of sale terminals.
The hospitality industry, in particular, represents a strong
opportunity for Alternet. In a 2014 study by Hospitality Technology, more than
two-thirds of restaurants surveyed intended to add new functionality, features
or modules to their current point of sale solutions in 2015. Additionally,
approximately 38 percent of restaurants planned to develop and deploy point of
sale solutions for use on mobile devices.
Expanding implementation of new features such as mobile
wallet services and contactless payment solutions, as well as the ongoing EMV
migration, is creating a strong opportunity for Alternet to establish a
sustainable foothold in the $37 billion global point of sale market. Look for
the company to increase its market share by continuing to rely on the unique
benefits of its innovative multichannel solutions.
“The prevalence of cash can be somewhat attributed to
inertia,” Dave Wascha, global digital product director of Travelex, stated at
the Fintech conference. “It’s up to this industry to decide how long it stays
around.”
For more information, visit www.alternetsystems.com
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