mPOS terminals market growth is fueled by increasing sales transaction via card-based mode of payment. Penetration of contactless payment methods as well as ubiquitous internet connectivity have resulted in upgradation of traditional registers further accelerating the market growth. Benefits like free floor space, paper-free receipting services, enhanced security features and reduced wait times for customers have also enabled the expansion of (mPOS) mobile POS terminals market.
What are the principal factors that will drive the mPOS terminals market?
EMV card standards being universally accepted across developed regions, which include the U.S. and UK primarily, are the major drivers of mPOS terminals market growth. Previously considered to be a generic payment processing option, the devices could now offer sophisticated analytics with store management functionalities like customer or inventory behavior tracking, wireless communication support, and superior processing capability.
A surge in the volume of card transactions is predicted to positively impact the mPOS terminals market growth. Furthermore, the rising trend of mobile wallet technology coupled with the proliferation of tablets and smartphones, have resulted in converting consumer electronics to checkout terminals, which is estimated to drive the mPOS terminals market growth.
How will the prevailing smartphones/tablets sales trend impact the market?
The decline in tablet devices’ average selling price over the past few years has triggered a sudden growth across regions such as Mexico, Brazil, India and China. Smartphones or tablets could also be converted into payment terminals via mobile apps and by using dongles or sleeves for card swipe. An obligation for efficient line-busting schemes has increased the demand for scalable, more effective, and faster checkout solutions leading to growth in adoption of the devices across vertical markets. A number of online portals and mobile wallet channels have created increased revenue growth opportunities for key industry players, which would further boost the mPOS terminals market growth.
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What initiatives are taken by governments around the world with respect to this industry?
Government efforts for promoting as well as accelerating cashless transactions via digital payments works as a major driving factor for the growth of mPOS terminals market. For example, demonetization in India, in 2016, led to a shift into card transaction payment modes from cash-based payments. Additionally, the transition toward universally accepted EMV (EuroPay, Visa, MasterCard) chip card aids to improve the security and reliability of a cashless transaction. A study from the Federal Reserve across the U.S. anticipated that in 2015 more than US$ 178 trillion in non-cash payments were made in the nation. Rising number of cashless transactions is expected to work as a crucial driving force for the global mPOS terminals market
How will technological advancements impact the market?
Integration of new technology solutions, like the VoIP (Voice Internet Protocol), RFID (Radio Frequency Identification), and biometric identification, alleviates the performance and security of mPOS devices, stimulating the global mPOS terminal market growth. Growing penetration of contactless payment and Near-Field Communication (NFC), along with the EMV technology’s standardization are anticipated to facilitate the growth of mPOS terminal market. Concerns of data security with regards to the wireless technology devices in addition to the rising cybercrimes are few of the growth restraints of mPOS terminals market.
What are the strategies implemented by notable industry players?
Industry players in mPOS terminal market are investing to develop advanced software solutions for tracking of customer data, multiple platform support, and data analytics. For instance, mobile commerce leader PredictSpring has recently launched an all-in-one in-store technology solution for brands and retailers which provides powerful, mobile-based features like Clienteling, store pickup (BOPIS), Endless Aisle and mPOS. The platform helps sales associates in engaging with consumers by providing fast and efficient transactions, and highly personalized interactions. Moreover, corporations have also been focused on building revenue channels through accessories like peripheral devices, mobile printers, and dongles and card readers for card swipe.