The mPOS terminals market is anticipated to experience a remunerative growth phase over the coming years owing to the increasing popularity of card-based payments and the increasing adoption of mobile wallets in emerging economies.
The development of digital wallet solutions is impelling organizations to deliver cloud-based POS systems that are also compatible with digital wallet solutions. For instance, ePaisa, a prominent Mumbai-based mPOS app, provides omnichannel payment acceptance like digital wallets, cards, UPI, as well as QR scans. This empowers SMBs to run their business effectively, increasing profitability and efficacy.
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The demand for mPOS hardware solutions, which includes tablets and handheld terminals, is expected to grow substantially in the near future. Hardware solutions are highly affordable and allow vendors to enhance customer experience. Leading hardware manufacturers such as Ingenico, PAX Global Technology, Verifone, and First Data are focusing on developing advanced tablets, handheld terminals, and mobile computers.
mPOS software solutions, on the other hand, can serve as standalone systems that is connected to the business’ bank account. The data is encrypted and stored on the cloud instead of the devices to better protect the data of cardholders.
Today, mPOS systems are widely used in retail, hospitality, healthcare, entertainment, warehousing, and restaurant applications. The retail sector includes convenience stores, supermarkets & hypermarkets, specialty stores, departmental stores, and discount stores.
The adoption of mPOS technology across the retail industry has increased significantly in recent years. Retail giants such as Apple, Inc., Urban Outfitters, Disney, The Home Depot, and Gucci, are increasingly implementing the technology to provide customers with a quicker and convenient payment experience. The growing expansion of the retail sector worldwide will positively impact the mPOS terminals market outlook.
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In terms of the regional outlook, the mPOS terminals market in North America is likely to witness a notable growth over the next few years. The regional trends are being driven by constant technological advances and the widespread adoption of digital payment solutions. The widespread shift towards EMV chip-based card payments, mainly in the U.S., is expected to complement the regional outlook.
Prominent market players, which include PAX Global Technology, NCR Corporation, and Ingenico Mobile Solutions, among others, are expanding their product offerings so as to increase their market presence. Citing an example, Verifone, back in January 2015, announced the launch of its new android-based POS solutions thereby targeting large retailers.
Major Key Points from Table of Content:
Chapter 4. mPOS Terminals Market, By Solution (Revenue, Shipment)
4.1. Key trends by solution
4.2.1. Market estimates and forecast, 2015 – 2026
4.2.2. Handheld terminal
18.104.22.168. Market estimates and forecast, 2015 – 2026
22.214.171.124. Market estimates and forecast, 2015 – 2026
4.3.1. Market estimates and forecast, 2015 – 2026
Chapter 5. mPOS Terminals Market, By Deployment (Revenue)
5.1. Key trends by deployment
5.2.1. Market estimates and forecast, 2015 – 2026
5.3.1. Market estimates and forecast, 2015 – 2026
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