Smartphones are increasingly being used to complete a variety of tasks. Now, these devices are making their way into retail stores, as merchants are starting to accept mobile payments. However, some retailers might still be hesitant, despite this new technology providing businesses with many advantages in the form of increased revenue.

TechCrunch writes that while the use of smartphones to pay for items and services is not quite widespread, it is only a matter of time until customers are using their devices to buy from retailers. The source cites research from Deloitte, which anticipates that mobile payments will increase between 17 and 21 percent by 2016. This accounts for approximately $628 million to $782 million in retail sales. Smartphones are already being used for shopping purposes, as the research discovered that 46 percent of device owners have used them to look up information about items and retail stores.

These findings could be the reason why retailers are implementing mobile payment acceptance systems to accommodate consumers who prefer to buy items and services with their smartphones. The Wall Street Journal reports that many merchants are being encouraged by market conditions to adopt solutions that allow them process these types of payments. If they don't, they could lose out to competition.