Mobile POS Terminals Market expected to gain momentum over 2018-2024
Date: 2018-08-22   Author: Ronak Bora  Category: #technology

Mobile POS Terminals Market expected to gain momentum over 2018-2024

The contactless options provide easy and secure transactions with the use of smartphones and banking applications. The contactless cards are embedded with several security layers for fraud protection and can work within a few meters of terminals, ensuring quick fraud detection. (mPOS) Mobile POS Terminals Market set to reach USD 55 billion by 2024. Increasing popularity of contactless and NFC-supported payments at various merchant locations is driving the mPOS terminals market growth. These payment modes promote digital and cashless payments that reduce the hassle and frauds occurring in regular transactions.

Government initiatives and regulations adopted in several countries for promoting digital transactions propel the mPOS terminals market growth at high rates. For instance, the Government of India passed the demonetization law and initiative for digital payment to reduce the amount of black and fraud transactions in the country. The government has also provided various schemes and benefits for the development of SMEs that operate various digital transaction applications. Small businesses get the advantages in easy fund and loan provisions along with creating employment opportunities in rural and urban areas.

The software solutions segment is gaining traction in the mPOS terminals market owing to the increasing usage of smartphones and digital payment applications. The software developed by major players can be used in various electronic devices such as smartphones, tablets, and laptops. The solutions allow retailers to offer improved customer services and ease of payment. The software is majorly consumed by retail shops, restaurants, food trucks, specialty store chains, and many healthcare institutions, propelling the mPOS terminals market growth. For instance, Hike developed a cloud-based mPOS software that enables multiple payment types, integration on various devices, and work offline facility. 

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The cloud-based deployment segment in the mPOS terminals market is witnessing high growth opportunities owing to the operational benefits associated with them. These deployments save the storage space required for a number of handheld and physical payment devices. Digital transactions through cloud-based technologies eliminate the calculation and accounting hassles in large retail stores, facilitating easy customer transactions. Players have developed several solutions based on the Software-as-a-Service technology, ensuring the mPOS terminals market growth.

Major consumers in the mPOS terminals market include retail and healthcare sectors owing to the benefits such as payment mobility, EMV migration, and personalized customer services. Retail shops deploy these devices and different mobile wallets at high rates to ease the payment process and maintain the daily transactions record. These devices aid retailers in obtaining and upgrading the accounting information by eliminating the human calculations and time required to perform the process.

The U.S. is dominating mPOS terminals market owing to the early adoption of advanced technologies in the country. The adoption of digitization in various business verticals across the North American region is creating high industry growth opportunities. Emerging trends of mobile and digital payments and shift to EMV and contactless card transactions are anticipating the consumption of mPOS devices. Growing use of electronic devices including smartphones and tablets in the Asia Pacific region is creating a high demand for the mPOS terminals market. Government initiatives for digitization and cashless payments in India are driving the industry growth.

Players operating in the mPOS terminals market include Verifone, Samsung Electronics, Motorola, Apple, Inc., Oracle, New POS Technology, NCR Corporation, Ingenico Mobile Solutions, and Square, Inc. Companies focus on developing technically-advanced and high-quality products that enable the recent cloud-based technologies to sustain the mPOS terminals market competition.

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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