mPOS Terminals Market Future Challenges and Industry Growth Outlook by 2020-2024
Date: 2020-02-27   Author: Ronak Bora  Category: #market

mPOS Terminals Market Future Challenges and Industry Growth Outlook by 2020-2024

Technology has always been a key enabler of advancements across the finance-oriented industry verticals. mPOS terminals market is probably one of the largest recipients of the transformed payment landscape. The pay-tech revolution is allowing modern digital payment modes to address payment efficiency, speed, risk detection as well as user experience, providing SMEs the access to tailor their operations in sync with the latest advancements. In this regard, cloud based mPOS terminals market is gaining a mass popularity across the globe primarily on account of its enlarged storage facility, ease of operation, and better functionality. Incidentally, this has encouraged a host of new vendors to include SaaS-based solutions in their offerings like Toast, Square, Springboard Retail, and Touchbistro.

Say for instance, NewNet Communication Technologies and its partner Neubits have recently made it to the headlines with the successful trial of STC (Secure Transaction Cloud) on AWS (Amazon Web Services) in Singapore. The trial has already set a major benchmark in mobile POS terminals industry after successfully testing transactions for mobile payments via smart POI devices, mPOS terminals, and web payment clients. Reported to be available on AWS marketplace, NewNet’s STC allegedly supports usages in private, public, or hybrid cloud infrastructure with advanced level point-to-point encryption, and data security. Inherently stimulated by such highly developed web-based payment models, cloud based mPOS terminals market is slated to grow at a CAGR of 20% over 2018-2024.

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Hardware mPOS terminals market is expected to gain momentum over the forecast timespan due to the increasing penetration of smart handheld devices such as smartphones. The handheld terminals are witnessing a large-scale adoption due to low costs and the easy setup of these systems. Also, these systems do not require a high degree of technical expertise for their operation. The retailers are buying multiple devices for their delivery personnel or installing multiple devices on their billing counters to enhance the customer experience.

The retail industry has been one of the major consumers for mobile POS terminals market, as smartphones and tablets are becoming increasingly ubiquitous and are being more rapidly used by retailers all over the world. This spurt in mobile usage has commenced to not only provide customers with easier payment options but also to compete with digital giants who have been, for a while now, gaining a substantial proportion of the retail industry share. Google swept the headlines when its digital payment platform Google Pay was launched. Under the latest rollout, Contis, a leading end-to-end provider of banking, processing and payment solutions in UK and Europe, has also announced that it is working with Google Pay to offer more customers innovative ways to pay. The company has integrated Google Pay into its end-to-end platform that processes payments in real-time. The aforementioned incidences thus validate the extensive contribution of the retail sector toward mPOS terminals market share.

Enabling mPOS payments from mobile devices has proved to be a convenience for both customers and retailers. While customers have been able to bypass the long checkout lines, sales associates have been enabled to provide pricing and product information, order out of stock items and send them to the homes of customers. With more customers carrying smart devices like tablets, phones and wearable technology, alternate means of payment are now in considerable demand. According to the Interactive Data Corporation, an estimated 1.9 billion smartphones will be shipped around the globe by 2019. This humongous surge in smart device ownership will lead to enterprises permitting customers to use their devices in the retail setting, further adding to the growth of mPOS terminals market from retail applications.

Europe mPOS terminals market will experience a significant growth due to the increasing adoption of these systems in the BFSI sector. The banks in the region are adopting these systems to offer customers lesser transaction fees. For instance, in June 2016, Spire Payments has partnered with a leading European bank to implement SPm2 devices in the branches of the bank. The solution will allow roaming services to serve bank customers from anywhere within the branch.

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As the payment landscape continues to evolve, the presence of an omnichannel is becoming much more of a reality and can become one of the determining factors for the future growth potential of a business. Mobile POS is the natural next step in a multi-channel payment distribution system to provide customers with a seamless shopping experience across all retail networks. The methodology offers a tangible approach for retailers to create points of connection with customers at the right time and place to build a more robust relationship. In fact, one study noted a 42% rise in sale in enterprises using mPOS than enterprises that do not use mPOS. With the rapidly increasing deployment of these terminals and the expanding growth prospects of the retail, hospitality, and the entertainment sectors, mPOS terminals market size is anticipated to surpass $55 billion by 2024.

Some Points from Table of Content: 

Chapter 4.   mPOS Terminals Market, By Solution (Revenue, Shipment)

4.1.  Key trends by solution

4.2.  Hardware

4.2.1. Market estimates and forecast, 2013-2024

4.2.2. Market estimates and forecast, by region, 2013-2024

4.2.3. Handheld terminal    Market estimates and forecast, 2013-2024    Market estimates and forecast, by region, 2013-2024

4.2.4. Tablet    mPOS terminals market estimates and forecast, 2013-2024    Market estimates and forecast, by region, 2013-2024

4.3.  Software

4.3.1. Market estimates and forecast, 2013-2024

4.3.2. Market estimates and forecast, by region, 2013-2024

Chapter 5.   mPOS Terminals Market, By Deployment (Revenue)

5.1.  Key trends by deployment

5.2.  On-premise

5.2.1. Market estimates and forecast, 2013-2024

5.2.2. Market estimates and forecast, by region, 2013-2024

5.3.  Cloud-based

5.3.1. Market estimates and forecast, 2013-2024

5.3.2. Market estimates and forecast, by region, 2013-2024

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for algosonline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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