An mPOS or mobile point-of-sale or mobile POS is a portable point on a smartphone or tablet that functions as a register. In the recent past, there has been growth in the number of mPOS solution providers as well as the launch of mPOS solutions outside North America and Europe. Today, mPOS providers are increasingly focusing on tapping the mPOS potential of emerging markets such as Brazil, Russia, India, Mexico, and China (BRIMC).
Market Statistics:
The global mobile point-of-sale (mPOS) market is expected to surpass 2,934.05 Mn Units in terms of Volume by the end of 2028.
Global Mobile Point-of-Sale (mPOS) Market: Drivers
Advantages such as ease of use and low cost of ownership are expected to propel the global mobile point-of-sale (mPOS) market growth over the forecast period
Mobile point-of-sale offers various advantages against fixed POS including low cost of ownership, easy to use, mobility, etc. Since merchants have smartphones and tablets, they only have to invest in low-cost sleeves or dongles. mPOS is also a cost-effective solution for small business owners. Small merchants with lower card volumes, who find the price of purpose-built POS terminals too high for profitable card acceptance, are finding mPOS solutions highly attractive for business. Therefore, these factors are expected to propel the global mobile point-of-sale (mPOS) market growth in the near future.
Global Mobile Point-of-Sale (mPOS) Market: Opportunities
Rising cashless transactions in various countries can provide key business opportunities in the global mobile point-of-sale (mPOS) market
Many sector and retail business owners are increasingly adopting cashless transactions. Cashless transactions are convenient and significantly safer as compared to cash-based transactions. Governments of many countries of developed unique payment systems for safer cashless transactions. For instance, in April 2016, National Payments Corporation of India (NPCI) introduced Unified Payments Interface (UPI), an instant real-time payment system to facilitate inter-bank transactions.
Global Mobile Point-of-Sale (mPOS) Market: Recent Developments
Key Developments
- Major companies are involved in partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in July 2020, PAX Technology Ltd. partnered with Loyalzoo to launch Digital Loyalty app PAXSTORE.
- Key companies are involved in mergers and acquisitions, in order to enhance the market presence. For instance, in May 2017, First Data Corporation acquired CardConnect Corp, a technology-oriented commerce solution provider.
- In November 2019, Ingenico partnered with FinTech Pundi X to enable crypto transactions around the world. Pundi X completed the integration of its XPOS software with the Point-Of-Sale (POS) APOS A8 devices of Ingenico.
Global Mobile Point-of-Sale (mPOS) Market: Restraints
Lack of standardization is expected to hamper the global mobile point-of-sale (mPOS) market growth over the forecast period
Currently, there is lack of standardization when it comes to mPOS, which is hindering its adoption. Furthermore, low consumer awareness regarding wireless technology, especially in emerging economies such as India, China, and Brazil is hindering adoption of mPOS. Hence, these factors are expected to hamper the global mobile point-of-sale (mPOS) market growth over the forecast period.
Global Mobile Point-of-Sale (mPOS) Market - Impact of Coronavirus (Covid-19) Pandemic
Emergence of Covid-19 and increasing use of smart payments is expected to benefit the global mobile point-of-sale (mPOS) market. Globally, as of 5:09pm CEST, 18 October 2021, there have been 240,260,449 confirmed cases of COVID-19, including 4,890,424 deaths, reported to WHO. The pandemic has prompted launch of contactless payment services. For instance, in May 2021, Brescia Mobilità, a bus company in Italy, introduced contactless payment services across its entire bus fleet in Italy.
To know the latest trends and insights prevalent in the Global Mobile Point-of-Sale (mPOS) Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/mobile-point-of-sale-market-4860
Key Takeaways:
- The global mobile point-of-sale (mPOS) market was valued at 139.15 Mn Units in 2020 and is forecast to reach a value of 2,934.05 Mn Units by 2028 at a CAGR of 46.7% between 2021 and 2028.
- The Retail end use segment was valued 46.32 Mn Units in 2020 and is expected to witness a notable CAGR over the forecast period. Owing to the increasing number of transaction in the retail sector is encouraging towards the application of the mobile point of sale devices (mPOS).
Market Trends:
India Trends
According to estimates based on data from the World Bank, by 2014 India had around 6.9 POS terminals per 1,000 people. India presents huge potential for the growth of the mPOS market due to its large population, growing smartphone and Internet penetration, and rising technological awareness. The Indian retail sector is highly fragmented; of this, unorganized retail still forms a major chunk. According to the India Brand Equity Foundation (IBEF), the Indian retail market was valued at USD 490 billion in 2013, of which only 7% was organized. Thus, a significantly large market still remains to be tapped for mPOS. Growing technological awareness would help such merchants use mPOS to accept payments and thus help them grow their business. Government and bank initiatives are seen to be playing a key part in the growth of the mPOS market in India.
Mexico Trends
According to estimates based on data from the World Bank, by 2014 Mexico had around 8 POS terminals per thousand people. According to the National Banking and Securities Commission, Mexico, the country had an installed base of 27.8 million credit cards by December 2014. Thus, the high penetration of payment cards has been boosting the growth of cashless payment technologies such as mPOS. In November 2014, Visa and the Mexican tax authority (Sistema de Administración Tributaria) in conjunction with Mexico’s National Confederation of Chambers of Commerce, Services and Tourism announced the Tableta CONCANACO, a scheme which provides mPOS to SMBs.
Global Mobile Point-of-Sale (mPOS) Market: Competitive Landscape
Major companies operating in the global mobile-point-of-sale (mPOS) market are Ingenico S.A., PayPal Holdings, Inc., PAX Technology Ltd, iZettle AB, Oracle Corporation, First Data Corporation, Worldline S.A., VeriFone Systems, Inc., Intuit, Inc., Anderson Zaks, Hewlett-Packard Development Company L.P., and Toshiba Corporation.
