The global market for Mobile Point of Sale (mPOS) terminals has reached a value of USD 20.3 billion in 2021, and it is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. The shift from cash to electronic payments and the increasing adoption of advanced payment methods such as mPOS have fueled growth in this market worldwide. The ability of mPOS to connect wirelessly with smartphones or tablets through mobile card readers is driving its adoption, and the preference for cloud-based solutions is becoming a prominent trend.
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Transition to Electronic Payments Drives Adoption of mPOS
The global mPOS terminals market is witnessing substantial growth due to the ongoing shift from traditional cash-based transactions to electronic payments. As developed and developing countries around the world increasingly embrace mPOS as a card acceptance solution, it has become a more popular option than conventional methods. The convenience of wirelessly connecting mPOS devices with smartphones or tablets is a major factor driving its adoption. Additionally, the preference for cloud-based solutions is on the rise, leading to lower operational costs compared to conventional systems.
Focus on Customer Experience and Value-Added Services Spurs Innovation
Companies are increasingly focusing on enhancing customer experiences, leading to the launch of new products and services in the mPOS terminals market. This emphasis on customer satisfaction has driven key players to expand their product offerings, including value-added services (VAS). Customized mPOS solutions are also gaining traction, further boosting adoption rates. Strategic collaborations, partnerships, and acquisitions are being employed by key players to extend their business portfolios and maintain a competitive edge.
Data Security and Lack of Standardization Pose Challenges
Despite its growth, the mPOS terminals market faces challenges related to data security, lack of standardization, and cybersecurity threats. The general lack of awareness among consumers about mobile payment platforms and contactless payments can hinder the adoption of mPOS devices. This challenge may limit the markets growth potential.
Positive Impact on mPOS Terminals Market Due to Contactless Payment Adoption
The COVID-19 pandemic has had a favorable impact on the mPOS terminals market. As consumers seek contactless payment options to mitigate the risk of virus transmission, mobile payment platforms like Google Pay and Apple Pay have gained popularity. Additionally, businesses have turned to technology-enabled payment solutions to ensure secure transactions and maintain business continuity amid disruptions. The mPOS terminal system has seen increased traction during the pandemic, catering to the growing demand for contactless payment options.
Cloud-Based Solutions and Retail Applications Drive Market Growth
Cloud-based solutions are expected to dominate the market due to their secure online storage capabilities, reduced operational costs, and lowered risk of fraud. These solutions offer encrypted online storage without the need for on-site servers, contributing to their popularity. Among various applications, the retail sector is poised for significant growth in the mPOS terminals market. The competition with online retailers has prompted brick-and-mortar stores to adopt advanced payment solutions to improve customer experiences and attract patrons.
North America Leads with Focus on Customer Experience
North America is at the forefront of the global mPOS terminals market due to its early adoption of mPOS solutions, particularly in the restaurant, retail, and hospitality sectors. The regions established network infrastructure supports the Internet of Things (IoT) and related technologies, contributing to the growth of mPOS. The Asia Pacific region is anticipated to witness substantial growth as well, driven by increasing internet penetration and smartphone adoption in emerging economies.
Companies Innovate to Gain Market Share
Key players in the mPOS terminals market are continually innovating to secure top positions and expand their product portfolios. Companies are not only focusing on mPOS hardware but also providing value-added services (VAS). The market is witnessing collaborations, partnerships, and acquisitions to enhance offerings. For instance, the partnership between Visa, Inc. and Clip in Mexico aimed at enhancing mPOS and tablet POS devices for Mexican merchants. The market is also experiencing competition based on pricing, with new vendors offering schemes that require no monthly fees and minimal ongoing maintenance charges.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/mpos-terminals-market
POS Terminals Market
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