The popularity of electronic payments has fundamentally altered the nature of POS, as retailers embrace m-payments and e-commerce, said the annual retail POS 2013-2018 Forecast from Javelin Strategy & Research.

By identifying key drivers of market change and tracking payments data, the report revealed that the POS retail market towers above the online market at 93% of total US retail dollar volume.

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However, continued growth of electronic payments has changed the POS market, as retailers have had to adopt mobile and online channels in order to remain competitive, the report.

"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, an industry analyst with the prominent research firm.

According to the mobile payments solution provider, PayAnywhere, the popularity of m-payments comes down to increased flexibility in terms of POS:

"In large department stores, a salesperson can ring up customers directly from the floor – securing sales on the spot while sparing customers of long, sluggish lines. With mobile devices on hand, merchants can also give customers the options of digital receipts, which save on paper while providing permanent verification of every sales transaction."

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The Javelin Strategy & Research report forecast that an industry-wide push for mobile technology will provide for astonishing growth in mobile payments over the next six years. This will allow mobile POS proximity payments to reach $5.4bn by 2018.

Van Dyke added: "Today’s 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 today’s tech-savvy shoppers."

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