Global mPoS Terminals Market 2017-2021
About mPoS Terminals
A standard PoS system consists of a computer, PoS software, monitor, barcode scanner, cash drawer, receipt printer, weight scale, and sometimes credit/debit card readers. Mobile point of sale (mPoS) terminals are used to facilitate cashless transactions for sales of goods and are used by retailers to manage information related to their inventory, customers, and cash flows. They are mainly used for retail sales management. mPoS terminal is a secure and convenient way to turn a mobile device, such as a smartphone or a tablet, into a payment or card terminal. mPoS terminal allows the user to accept payments and perform the transaction directly without updating the cash register.
Technavio’s analysts forecast the global mPoS terminals market to grow at a CAGR of 32.84% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global mPoS terminals market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of mPoS terminals by vendors in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global mPoS Terminals Market 2017-2021
Technavio recognizes the following companies as the key players in the global mPoS terminals market: Ingenico, PAMPOS TERMINALS Technology, SZZT Electronics, and Verifone.
Other Prominent Vendors in the market are: NEC and Samsung.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is adoption in contactless transactions. Contactless payment guarantees customers a quick, helpful, and secure approach to make payments, permitting sellers to enhance the in-store payment experience by diminishing the counter lines and offering a large group of loyalty opportunities. It also diminishes the use of cash essentially as found in various early adopting countries. The rising use of contactless installment has assisted contactless payment frameworks with gaining market footing. Transactions are done using NFC chip innovation display in transmitters (of cards, cell phones, and smartwatches) and readers. The card should be placed 5cm inside for a contactless reader to acknowledge payment. The card details can likewise be entered in cell phones with NFC innovation to make installments.”
According to the report, one of the major drivers for this market is ease of implementation. The mPoS terminal is easy to operate, provided the vendor adheres to the operating requirements of the terminal. It needs a handheld wireless device, which is preferably small and portable. The device used is mostly a smartphone that is combined with Bluetooth and swipe-and-chip-based payment devices along with a payment app, which must be mPoS enabled.
Further, the report states that one of the major factors hindering the growth of this market is slow adoption rate. With the changing economic scenario, the complexity of business operations has increased. Hence, merchants are forced to adopt new technologies to remain competitive in the market. However, companies are delaying their purchase of mPoS terminals waiting for an all-in-one technology that best suits their requirements and business model. Thus, there is a trade-off between the technology upgrade and the cost of implementation. In developing countries, the adoption is slower than that of the developed countries because of the low importance attached to overall sales data integration. This hinders the growth of the global mPoS terminals market.
Ingenico, PAMPOS TERMINALS Technology, SZZT Electronics, Verifone, NEC and Samsung.