Global Mobile Point of Sale (POS) Market: Introduction
Mobile POS is an integrated device like a tablet or smartphone that operates as an electronic point of sale terminal. Mobile POS constitutes hardware and software.
The mobile POS hardware is equipped with Wi-Fi, smart card, and radio frequency identification (RFID), among other modern features.
These hardware mechanisms allow POS terminals to accept payments remotely utilizing wireless applications.
The mobile POS terminals are also utilized to control assets and inventories, send and receive invoices, send digitize notes, and record signatures at the counters.
This dedicated mobile equipment can also be changed into compensation terminals through the use of dongles or sleeves.
These are equipped with utilities such as Radio Frequency Identification (RFID), Wi-Fi, Voice over Internet Protocol (VoIP), and Smartcard.
Global Mobile Point of Sale (POS) Market:
The global mobile POS market size has been estimated to reach USD 24.26 Billion in 2022 and is anticipated to grow at a CAGR of 21.9%, reaching a value of USD 118.27 Billion in 2030.
The global mobile point-of-sale systems market is expected to propel phenomenal growth owing to Technical Advancements in payment technologies coupled with the shift towards Euro pay, MasterCard or Visa chip card reimbursement.
MPoS (Mobile Point of Sale) system is dedicated to incorporated mobile equipment such as tablets and smartphones that work as electronic POS terminals.
Mobile POS terminals are additionally utilized to administer receive and send invoices, inventory/assets, dispatch digitizes notes, and takes signatures at respective counters.
These abilities allow MPoS terminals to acknowledge payments even distantly by wireless applications.
Another driver that is expected to propel growth over the forecast period is MPoS gives its users to offer loyalty options to their prospective customers.
Key Trends: Growth Determinants and Challenges:
- Rapid mobile and internet penetration combined with increased banking network
The mobile and internet penetration has increased notably in the recent past among businesses and consumers. The propelled growth of the internet across the globe as transformed the way commerce and monetary functions take place. Also, the number of credit and debit card users are increasing rapidly, owing to increasing number of bank account holders globally.
According to data from the World Bank, there was a 20% decline in the size of the unbanked population between 2011 and 2014. Moreover, larger retail chains are focusing on enhancing consumer engagement and providing high levels of convenience to their customers. This, in turn, has increased the demand for MPoS.
- Replacement demand due to EMV migration
At present, the older mPOS systems are being replaced by new mPOS solutions as there is a liability shifts toward the adoption of EMV chip and pin after October 2015. These regulations are included, in order to lower the security risks related to card-based payments at POS terminals, namely mPOS. However, transforming to EMV chin and pin-based mPOS would require several years.
Competitive Landscape:
- Ingenico Group, First Data Corporation
- Oracle Corporation
- NCR Corporation
- Diebold Nixdorf
- Incorporated
- Verifone Holding Inc.
- Zebra Technologies
- Posiflex Technology
- New POS Technology
- Shenzhen Xinguodu Technology Co., Ltd
- Fujian Newland Payment Technology Co., Ltd
- BBPOS Ltd.
- SZZT Electronics, Square Inc.
- PAX Global Technology
- Bitel Co., Ltd
Major Developments:
- In December 2020, Intuit acquired Credit Karma, the consumer technology platform with more than 110 million members in the US, Canada, and the UK.
- Key market players are involved in merger and acquisition activities, in order to gain a significant advantage in the market. For instance, in February 2020, Worldline S.A., a French payment service company, acquired Ingenico S.A. for US$ 8.6. Billion.
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Major questions answered in the report:
- What are the major contributing companies in the global Mobile point of sale market?
- Which regional segment is holding the largest share in the global mobile point of sale market?
- What are the growth factors, recent trends and challenges in the global mobile point of sale market?
Key Takeaways from the Report:
Regional insights along with other segmental analysis
Growth contributors, trends and challenges.
The global mobile POS market size has been estimated to reach USD 24.26 Billion in 2022 and is anticipated to grow at a CAGR of 21.9%, reaching a value of USD 118.27 Billion in 2030.
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