Mobile Point-of-Sale (mPOS) Terminals Market to reach US$ 64.79 Billion by 2031: TMR Study
mobile point of sale terminal market. Image from Mastercard
Mobile Point-of-Sale (mPOS) Terminals Market to reach US$ 64.79 Billion by 2031: TMR Study.
Rapid pace of adoption of products by SMEs and micro-merchants offers massive avenues to service providers in mobile point-of-sale (mPOS) terminals market; firms offering value-added and customized services to capture revenues
Product differentiation strategy to unlock new opportunities; Asia Pacific to witness vast lucrative avenues, underpinned by rise in application of mPOS devices in emerging economies.
WILMINGTON, Del., Aug. 8, 2022 – The demand for mobile point-of-sale (mPOS) terminals is growing among large retailers mainly for their role in enhancing in-store shopping experience. The increasing trend of use of devices for digital transactions has spurred vendors to offer integrated NFC and QR-based payment solutions through POS terminals. The global mobile point-of-sale (mPOS) terminals market is projected to expand at CAGR of 15.1% from 2022 to 2031.
Emerging economies are expected to offers early-mover advantages to several players in the mobile point-of-sale (mPOS) terminals market. Continuously expanding customer base for use of payments through NFC and Europay, Master Card, and Visa (EMV) are expanding the avenue. Solution providers are reiterating on multiple key benefits of mobile point-of-sale (mPOS) to merchants in restaurants, hospitality, and retail industries.
mPOS has enabled businesses in the retail and hospitality industries to boost customer engagements and manage inventory management. A case in point is the use of mPOS terminals to track loyalty programs. Demand among SMEs and micro-merchants creates enormous revenue potential in the mobile point-of-sale (mPOS) terminals market.
Key Findings of Mobile Point-of-Sale (mPOS) Terminals Market Study
Providers Offering Value-added Services to Capture Substantial Profits: Key vendors in mobile point-of-sale (mPOS) market are geared toward offering augmented products. They are offering services to make value-addition to their offerings. These include use of mPOS devices to offer end users mobile discounts, promotional offers such as gift cards and vouchers. Furthermore, the study has found that their ceaseless focus on product differentiation will unlock new profitable avenues in the mobile point-of-sale (mPOS) market. Declining total cost of ownership (TCO) is incentivising SMEs and micro-merchants to increasing adopting these mPOS terminals.
Future of Digital Payments: Mobile Point-of-Sale (mPOS)—mPOS solutions are expected to shape the contours of the future of digital payment. In large part, this is ascribed to the trend of burgeoning penetration of smartphones. Rise in use of smart devices such as tablets for digital transactions will enrich the prospects of the mobile point-of-sale (mPOS) terminals. For instance, mPOS vendors in recent times prefer waiving of monthly fees and reduce maintenance charges to attract merchants.
Mobile Point-of-Sale (mPOS) Terminals Market: Key Drivers
Rise in digital payment coupled with massive penetration of smart devices among retail merchants of all sizes is a key driver of the mobile point-of-sale (mPOS) terminals market.
Advancement made in payment technologies cnotably in EMV and NFC, supported by governments to promote digital payments, is a key driver for application of mobile point-of-sale (mPOS) terminals.
Mobile Point-of-Sale (mPOS) Terminals Market: Regional Growth Dynamics
The Asia Pacific mobile point-of-sale (mPOS) terminals market is projected to expand at the most attractive CAGR during the forecast period of 2022–2031. The region is witnessing substantial lucrative opportunity from the growing trend of use of NFC-enabled debit and credit cards for payment among consumers in the retail industry. Furthermore, initiatives by governments to step up digital payments in emerging economies have catalyzed the growth. Moreover, growing number of mobile micro-ATMs in some countries has spurred the sales of mPOS terminals.
North America held the major share of the global mobile point-of-sale (mPOS) terminals market in 2021. Rise in uptake of mPOS solutions among large and small merchants alike has steered the revenue growth.
Mobile Point-of-Sale (mPOS) Terminals Market: Key Players
Some of the key players in the mobile point-of-sale (mPOS) terminals market are Toast, Inc., Newland Payment Technology, NCR Corporation, Oracle Corporation, Lightspeed, Clover Network, Inc., NEC Corporation, Intuit, Inc., Square, Shopify Inc., VeriFone, Inc., and Ingenico Group S.A.
Mobile Point-of-Sale (mPOS) Terminals Market Segmentation