As per the report made available by Radiant Insights, Inc.; the global and Chinese mobile point-of-sale (mPOS) market is anticipated to experience a healthy growth rate during the forecast period (2013 to 2023). Mobile point-of-sale terminals are wireless devices used in providing a seamless transaction experience to consumers. Technologies such as Wi-Fi, 802.11, and General Packet Radio Service (GPRS) are assisting the market in minimizing costs and increasing adoption of mPOS terminals.
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The market for mobile point-of-sale is driven by high demand for economical wireless communication technologies. Need for POS terminals in retail and hospitality sectors is expected to augur market growth over the forecast period. The rise in cashless transactions and demand for ease in financial transactions are projected to further spur the market. However, lack of awareness about payment card industry (PCI) standards by merchants may hamper market growth over the forecast period.
Online shopping and the transition of ecommerce stores into the physical world are expected to transform the overall market. This is evident by the establishment of Amazon Go and the acquisition of Whole Foods to acquire a large consumer base by Amazon. The integration of mobile commerce (m-commerce) technologies into POS terminals for safer transactions has led to various companies adopting the technology. Magnetic secure transmission (MST) and near-field communication (NFC) are new technologies being integrated into POS terminals to make transactions seamless.
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The global and Chinese mPOS market is segmented by component, application, and region. By component, the market is bifurcated into software and hardware. Key applications include entertainment, warehouse, healthcare, hospitality, retail, restaurants, and others.
Regions covered in the Chinese mobile point-of-sale (mPOS) market report include North America, Asia Pacific (APAC), Europe, Latin America, Middle East and Africa (MEA), and China. The Latin America and APAC markets are expected to experience a significant growth rate over the forecast period owing to low-cost of products and high demand across various industries. Rising demand from small and medium businesses and reduction in total cost of ownership (TCO) are factors anticipated to influence regional market. Initiatives by governments in Vietnam and India to reduce paper consumption and pursue the digital route of conducting transactions are expected to entice business owners in procuring these devices.
The China mPOS market for mobile point of sale is predicted a high growth rate due to the burgeoning demand for smartphones and tablets. In addition, the ambition of the country to transform its regions into smart cities is expected to lead to adoption of latest technologies. Tourist destinations, hotels, restaurants, and retailers are using government payment technologies to cater to the growing number of tourists visiting the country. In addition, behemoths such as Alibaba and WeChat partnering with domestic players to move into the mobile payment market are also expected to influence the market.
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The North America Chinese mobile point-of-sale (mPOS) market is anticipated to enjoy a steady growth rate in the forthcoming years owing to major retailers such as Apple, Home Depot, and Nordstrom accepting card payments. The establishment of wireless payment channels and the boom in the smartphone and mobile applications sector is expected to propel demand in the regional market. The Europe market for mPOSis home to various traditional companies and retail outlets with a need for POS systems to reduce their overhead expenses. The launch of Square, SetPay, Leven, Juspand other mPOS software can entice customers to accept this form of payment.
Prominent competitors in the mobile point-of-sale (mPOS) market include Oracle Corporation (Micros); Verifone; Ingenico Group; Posiflex Technology, Inc.; and Panasonic Corporation. Acquisitions and partnerships are some of the chief strategies used by players to expand their share in the market. For instance, In November 2017, SumUp, a European company, and BancoEstado de Chile commenced a joint venture by offering mobile POS services to small business owners. This move would cement the former’s status in South America market and increase its consumer base.
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