09/08/11

By Karen Moss

The imminent launch of Google’s wallet could see pressure heaped on retailers to upgrade their payment terminals, according to CTS Retail. Google Wallet is set to hit the retail market in August, enabling customers to pay for items via their mobile phone.

It comes in the form of a mobile app and allows your phone to store virtual versions of all your debit/credit cards, along with any money saving coupons. Google Wallet can be used at participating retailers by simply tapping your phone on the reader to complete the payment.

Retailers may have no option but to upgrade their EPoS provision to cope with rising demand by customers to use the technology on the High Street, according to CTS Retail. Their MD, Scott Storey, says retailers upgrade their EPoS systems on average every five - seven years, so a huge number could be using outdated systems that lack the technology needed to drive such an offering.

Storey believes a transition is inevitable, but feels many retailers will hold off from being early adopters. He says this is reflected by the low take up of contactless payment terminals, despite their widespread introduction to the marketplace earlier this year.