What is mPOS Terminal Market Scope?
An mPOS (Mobile Point-of-Sale) is a smartphone, tablet, or dedicated wireless device that wirelessly performs the functions of a cash register or electronic POS (POS) terminal. mPOS is useful for businesses that conduct transactions on the go. For example, any company, from market vendors to food trucks that interacted with customers outside of the company's geographic location would find mPOS useful. To implement an mPOS, a business needs an internet connection, a credit and debit card reader, and an application downloaded onto the device it intends to use for transactions. A user can then download a POS app and connect the reader to their mobile device. An mPOS can also be coupled with additional POS hardware such as a barcode scanner and a cash drawer. With mPOS implementations, service and sales organizations can conduct financial transactions in a more versatile manner without having to be tied to a single location. This improves the customer experience (CX) by accelerating service and waiting times and offering multiple payment options. It also releases valuable real estate that would otherwise be dedicated to a countertop POS. According to sources, in 2018 it was determined that the introduction of mPOS devices would increase annual mPOS transactions to approximately 87 billion by 2023, tripling from an estimated 28 billion transactions in 2018. It was also estimated that mPOS transactions would account for around 24% of all POS transactions by 2023.
The mPOS Terminal market study is being classified by Type (Hand-Held POS Terminals and Compact Smartphone/Tablet Terminals), by Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail and Others) and major geographies with country level break-up.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global mPOS Terminal market throughout the predicted period.
Ingenico (France), VeriFone, Inc. (United States), First Data Corporation (Fiserv.) (United States), PAX Global Technology Limited (Hong Kong), NCR Corporation (United States), Oracle (MICROS Systems) (United States), Diebold Nixdorf (United States), Powercraft Electronics (India), Visiontek, Linkwell Telesystems Pvt. Ltd. (India), BBPOS Limited (Hong Kong), Zebra Technologies (United States), Elavon, Inc. (United States), Castles Technology (Taiwan) and Winpos (Finland) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are BITEL EMEA (South Korea), Cegid (France), Squirrel Systems (Canada) and Newland Payment Technology (China).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global mPOS Terminal market by Type, Application and Region.
On the basis of geography, the market of mPOS Terminal has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In January 2019, Fiserv had thereby acquired First Data Corp. in the amount of USD 22 billion so as to drive or extend its payment business worldwide. The acquisition helped the company to expand its payment solutions across various industries that also include the banking sector, retail sector, and many others.
In February 2018, Ingenico Group had launched the Google Pay Smart Tap in the UK. This hereby did allow the businesses to offer consumers an enhanced payment experience during shopping, as the Smart Tap integration permits the use of offers, gift cards, as well as loyalty cards during the point-of-sale that have been saved to Google Pay.
Influencing Market Trend
- Low Installation Cost, Ease of Accessibility of the Devices, And the Availability of Renting On a Monthly Basis for Small Businesses
- Growing Trend of Online Shopping Among Consumers
- Rising Demand for Fast, Effective, and Secure Payment Processing Devices
Market Drivers
- Growth of the Mobile App and Smartphone Industry
- Global Increase in Card and Mobile Payments
- Increased Demand for Mobile Terminals with Smart Card EFT (Electronic Funds Transfer) Capabilities
- The Emergence of Mobile Wallet Technology and Increasing
Opportunities
- The Advent of Affordable Wireless Communication Technologies
- Increasing Customer Base in the Asia Pacific On Account Of Reduction in Total Cost of Ownership (TCO) and Increased SMBs
Restraints
- Data Security Concerns
- The Growing Need for Extensive Government Certifications and Regulations
Challenges
- Lack of Awareness in Rural and Under-Developed Regions
- Lack of Standardization
Key Target Audience
Providers of mPOS Terminal, Suppliers and Distributors of mPOS Terminal, End-Users, Potential Investors, Market Research Firms and Others
Customization available in this Study:
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