- Development of preinstalled security system in mPOS devices is expected to create lucrative opportunities.
- Availability of various modes of digital payment options is a major factor expected to hamper growth.
- The market in North America accounted for highest revenue share in the global mPOS terminal market.
An mPOS or mobile point-of-sale terminals is a portable point of sale (POS) on smartphone or tablet used for electronic transaction. The mobile POS terminals are replacement for the traditional cash registers and point-of-sale devices. The global mPOS terminal market is estimated to value at around $6 billion in 2019, and is expected to register a CAGR of 20.7%.
Global mPOS Terminal Market: Market Dynamics
An mPOS is widely used in retail outlets owing improve Customer Relationship Management (CRM) as they enable easy access to data and help to track records of single or multiple customers, thereby making returns or exchanges of products timely and efficiently. In addition, easy portability and low costs of mPOS terminals helps to decrease retailers’ cost of operations, and currently available mPOS hardware can process both chip-card and magnetic-stripe payments.
EMV migration is underway in many countries, and various merchants are still looking for robust payment solutions that will allow them to accept EMV card payments. mPOS solutions provide merchants with a less expensive option that can help them quickly become EMV-enabled. mPOS solutions are easier to deploy and faster to set up. By migrating to EMV, merchants can avoid being responsible for chargebacks caused by fraudulent credit card transactions.
However, availability of various modes of digital payment options such as mobile wallet, digital payment apps, Internet banking, etc. is a major factor expected to hamper growth of the global market over the forecast period. In order to protect customer details and business information from data breaches, maintaining security standards of mPOS terminals is very important. Currently, smartphones are vulnerable to malware attacks due to continuous 3G and 4G connectivity. Therefore, it is necessary for manufacturers to test and get certification for their solutions, which can prove that they are safe to use.
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Development of preinstalled security system (software) in mPOS devices to ensure more secure data security and alleviate concerns related to theft or fraud is expected to create lucrative opportunities for prominent players to develop and offer more advanced mPOS devices in the market
Global mPOS Terminal Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global mPOS terminal market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global mPOS terminal market is expected to expand at a moderate CAGR of 20.7% during the forecast period.
Global mPOS Terminal Market: Segmental Snapshot
The market report has been segmented on the basis of application and region. The application segment includes financial institutions and third-party payment institutions. The region covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Application: The third-party payment institutions segment accounted for highest revenue share contribution as compared to financial institutions segment, and is expected to maintain its dominance over the forecast period. The third-party payment institutions segment is projected to register highest CAGR of over 21% over the forecast period.
By Region: The market in North America accounted for highest revenue share in the global mPOS terminal market in 2019 whereas the Europe market is projected to register highest CAGR of over 22.5% over the forecast period.
Global mPOS Terminal Market: Competitive Analysis
The research report on the global mPOS terminal market includes profiles of some of major companies such as Ingenico Group, Verifone Systems, Inc., Fujian Newland Payment Technology Co., Ltd., Fujian LANDI Commercial Equipment Co., Ltd., Shenzhen Xinguodu Technology Co., Ltd., New Pos Technology Ltd., Bitel LLC, Cybernet Manufacturing, Inc., Castles Technology Co., Ltd., and SZZT Electronics Shenzhen Co., Ltd.
The Global mPOS Terminal Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2018–2023 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global mPOS terminal market for 2017–2023.