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The continuing transition of payment methods from cash to electronic payments has directed businesses and people towards the adoption of advanced payment methods like Mobile Point of Sale (mPOS) across the world. Many developed and developing countries around the world seen adopting mPOS as card acceptance solutions which have become popular than traditional payment methods. The capability of mPOS to connect with smartphones or tablets with mobile card reader wirelessly enhances its adoption day by day. Additionally, the system advantageous features of low initial cost, quickly onboarding, transparent pricing, and facility to add value-added services are increasing interest of merchants and retailers potentially. This potential interest for the mPOS system expected to boom the market in upcoming years. Banks and government are offering schemes and support for encouraging card adoption which is expected to contribute substantially in the growth in the market. Earlier, as acceptance of mPOS over traditional POS is seen by many small and medium enterprises, this is expected to boom market with an increasing number of start-ups and SMEs. Moreover, large enterprises are also projected to adopt the mPOS system due to its capability of integrated payment and gathering of customer data with enhancing customers' in-shopping experience. Subsequently, rapidly growing demand for debit and credit cards offers opportunities for mPOS in the market.
Key Market Driver -
• Government support and regulation for cashless payment drives the mPOS market growth • Increasing number of SMEs and micro merchants expected to boom industry
Key Market Restraint -
• Cyberattacks on mPOS terminals or smartphones leading towards security concerns
With the rapid growth in the mPOS market, key players are struggling to achieve top market positions by enhancing and expanding product offerings. Along with mobile POS hardware, value-added services (VAS) are increasingly being offered by key players. Although, the development of customized mobile point of sale is likely to upsurge adoption daily. Moreover, key players are expanding their business portfolio through strategic collaborations, partnerships, and acquisitions. For instance, In November 2019, Visa, Inc. collaborated with Clip to expand mPOS and tablet POS devices throughout Mexican merchants.
Other Key companies summarised include PAX Technology, Toast, Inc., iZettle AB., Lightspeed, Square, Inc., HP Development Company, L.P., VeriFone, Inc., and Ingenico Group., among others.
Growing popularity of е-соmmеrсе and саѕhlеѕѕ trаnѕасtіоns ѕuсh аѕ МаѕtеrСаrd, Vіѕа (ЕМV) саrdѕ and ЕurоРау in dеvеlореd as well as dеvеlоріng соuntrіеѕ is drіvіng growth of the global mobile РОЅ tеrmіnаl market. Adoption of cloud-based mPOS is seen to be favourable by соnvеntіоnаl ѕtоrеѕ, rеtаіlѕ оutlеtѕ, ѕuреrmаrkеtѕ, rеѕtаurаntѕ, еtс. Due tо dаtа ѕесurіtу fеаturеѕ and еаѕу ореrаtіоn.
North America is presumed to be the largest contributor to the mobile point of sale market. Moreover, the presence of large numbers of small and medium enterprises and micro-merchants drives the mPOS terminal market across North America. A cloud-based flexible, secure, and fast mPOS system has motivated the European mobile point-of-sale (mPOS) market. The rising adoption of advanced technologies by the merchants and retailers expected to drive the market of mPOS terminal across Europe. Besides this, Banks across the regions have taken initiatives to support the mPOS to provide a lesser charge on payments to users. Besides, technologically developing Asian countries like India, China, Indonesia, and Japan among others are seen to be taken initiative to total cashless payment methods. Although, increased card-based payment acceptance expected to drive the growth of the mPOS market in the Asia Pacific. Strategic partnerships, collaborations, and innovative product offerings are expected to expand the mPOS terminal portfolio across Middle East & Africa in the forecasting period.
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