The global point of sale software
industry climbed to $3.2 billion in 2014, according to TechNavio, and
additional growth is expected in the years to come. While the market has
traditionally been led by major players such as Verifone (NYSE: PAY), First
Data (NYSE: FDC) and Oracle (NYSE: ORCL), evolving consumer preference and the
emergence of new payment technologies – including self-checkout and wireless
point of sale terminals – has created inviting conditions for companies with
innovative products that address unmet demands. Just last week, mobile payments
firm Square (NYSE: SQ) reaffirmed these conditions when it commenced trading on
the NYSE as one of the most anticipated public debuts of the year.
Alternet Systems, Inc. is
targeting the point of sale industry by delivering technology products that can
manage a wide range of payment channels. The company’s products and application
development engines extend the capabilities of existing payment technologies by
enabling processing across a collection of capture devices while delivering
channel-specific abilities. In August, Alternet, through wholly-owned
subsidiary Alternet Payment Solutions, extended its market reach when it
announced the execution of a strategic partnership with MUXI, the Brazilian
leader in multichannel technology solutions for the electronic point of sale
industry.
“The partnership with MUXI allows
us to introduce an innovative, brand agnostic point of sale terminal and
disruptive payment technology offering to the U.S.,” Henryk Dabrowski, chief
executive officer of Alternet, stated in a news release. “We envision MUXI’s
products fitting an underserved market consisting of the largest outdated
legacy point of sale infrastructure in the world.”
North America currently represents
roughly 32 percent of the global point of sale market, which is expected to
achieve a compound annual growth rate of 11.6 percent from 2014 to 2020. Across
the continent, retailers of all sizes are turning to mobile point of sale
technologies in an effort to cut costs and increase operational efficiency. In
2013, research firm IHL Group estimated that North American mobile point of
sale hardware and software sales totaled $2 billion, and approximately 85
percent of larger retailers are expected to implement these devices by 2016.
Following the announcement of its
partnership with MUXI, Alternet is a favorable strategic position to capitalize
on this market growth by providing innovative products that address underserved
needs within the point of sale industry. Look for the company to leverage the
ongoing modernization of point of sale infrastructure and software in order to
promote sustainable growth in the months to come.
For more information, visit
www.alternetsystems.com
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