“Mobile Point of Sale (POS) Terminals Market by Solution (Hardware [Handheld Terminals, Tablet], Software) Deployment (On-Premise, Cloud-Based) Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail [Convenience Store, Department Store, Supermarket/Hypermarket, Discount Store, Specialty Store], Warehouse), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of mPOS terminals will reach $80 billion by 2026. The growing adoption of digital payment methods among customers will drive market growth.
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The emergence of digital wallet solutions is encouraging companies to provide cloud-based POS systems that are compatible with digital wallets. ePaisa POS offers omnichannel payment acceptance such as cards, digital wallets, UPI, and QR scanner. This enables SMBs to run their business efficiently, increasing profitability and efficiency.
Handheld mobile POS terminals will experience high demand from small and medium-sized retail outlets to improve the customer shopping experience. These terminals will allow customers to pay through credit, debit, EMV/chip cards, and mobile wallets, reducing the payment processing time. The introduction of advanced technology, such as biometric fingerprint identification, will aid users to have secured & authorized transactions.
Cloud-based mPOS terminals market is anticipated to register substantial gains through 2026. The software provides users the ability to access the platform using an internet connection. These systems are gaining a high adoption among small businesses due to their low cost and flexible functionalities. The software enables user to manage inventory, track orders, store customer data, aiding them to improve productivity and profitability. These systems offer better functionality and a high level of comfort compared to on-premise devices.
The hospitality sector is experiencing high adoption of mPOS terminals to enhance guest experience and provide them a convenient way to process transactions. The device provides on-demand reporting, high-level security & encryption, visual reports, and mobile/handheld capabilities for hotels, resorts, amusement parks, coffee shops, and retirement communities. Several companies are offering these systems, allowing them to manage inventory and stock.
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The expansion of retail firms and an increase in technological advancements are expected to drive the mobile point of sale terminals market across Latin America. Large retail firms are focusing on providing fast and convenient online retail services to their customers.
For instance, in September 2018, Walmart Inc. announced the acquisition of Cornershop, an online marketplace, to offer on-demand delivery of groceries in Mexico and Chile. With such expansion, the demand for implementing enhanced payment solutions to improve customer shopping experience will increase during the forecast timeline.
Some major findings of the Mobile Point of Sale (POS) terminals market report include:
- Increasing card-based payments and adoption of mobile wallets in the developing countries will propel the market revenue.
- Card payments accounted for 46% of all transaction in Europe and the number of card payments increased by 4% to 544 million in 2018.
- The increasing smartphone penetration and internet connectivity globally will propel the adoption of mobile POS terminals.
- Growing usage of cards for payments is forcing industries to install devices compatible with credit & debit card payments.
- Major mPOS terminals market players include New POS Technology, PAX Global Technology, BBPOS, Diebold Nixdorf, Fujian Newland Payment Technology Co., Ltd., Ingenico Mobile Solutions, Bitel Co., Ltd., Oracle (Micros), First Data Corporation, Posiflex Technology, Shenzhen Xinguodu Technology Co., Ltd., Square, Inc., SZZT Electronics, Verifone, Zebra Technologies, and NCR Corporation.
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