CORONA, Calif., July 31, 2013 /PRNewswire/ -- AVT, Inc. (OTC Markets: AVTC) (www.autoretail.com), a technology leader in developing automated retailing systems, customized kiosks and micro-stores, is positioned to benefit from the explosion in the mobile wireless payment market.
The market research firm Forrester is predicting big growth for the mobile payments market. In a new report, the research firm is anticipating that the U.S. mobile payment market will see $90 billion spent in 2017, an incredible 48 percent compounded annual growth rate over the $12.8 billion that was spent in 2012.
With the mobile payments market growing so fast, the mobile vending and cashless payment markets are also expected to explode. Because of its affirmed patent, AVT expects to benefit directly from the growth of the market.
"Mobile payments adoption will be fueled by unprecedented growth in proximity payments. Lower barriers to adoption, increased convenience, and early entrants striving for scale will be important drivers of growth," according to Forrester.
"Consumer interest is growing, and initiatives like ISIS and Google Wallet are actually launching and usable in real-world locations, so there's every reason to believe that we're on our way to that $90 billion mark," according to TechCrunch.
The Intelligent Vending Machine market is also forecast to grow rapidly, globally. Mobile payments are a lynchpin for growth of this market.
AVT's recently affirmed patent is expected to change the industry
AVT is using its protected patent position as a two-pronged revenue driver, both to generate recurring revenue license streams, and as a competitive edge versus non-licensed entities. AVT's wireless patent applies directly to the rapidly growing vending mobile payment market, with several of their 19 approved claims dealing with the receipt and processing of a wireless payment from a purchaser.
For more information on AVT, visit the website at: www.autoretail.com, or call 800-240-5175.
To read the Forrester Research Report, visit: http://blogs.forrester.com/denee_carrington/13-01-16-us_mobile_payments_forecast_2013_2017_mobile_payments_to_reach_90b_by_2017
To read about AVT's patent, visit:
About AVT, Inc:
AVT is a leading developer of customized automated retailing systems, Micro-Stores, and self-service solutions. Divisions include design, manufacturing, software engineering, leasing, media, and technology licensing. AVT is able to work with any size company to design a custom automated retailing solution that drives traffic, increases sales, improves security, and lowers overhead. AVT is uniquely qualified to take projects from concept to completion with speed, economy and ingenuity. For more information, visit: www.Autoretail.com
AVT's stock is traded through the OTC Markets, Ticker Symbol: AVTC
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SOURCE AVT, Inc.