The digitization of payments, from cash to electronic, has promoted the adoption of advanced payment systems such as mPOS terminals. A mobile point-of-sale (mPOS) is a dedicated wireless device that performs the functions of a cash register or electronic point-of-sale terminal (POS terminal). Over the last decade, both developing and developed countries have witnessed the standardization of mPOS as the card acceptance solution. Its feature to connect smartphones or tablets with a mobile card reader to enable smooth transactions has raised the mPOS terminals to fame. Moreover, increased product launches apropos to payment acceptance solutions for mobile devices are instrumental in boosting market growth. Paced demand for user-friendly, faster, and scalable payment solutions in businesses is leading the global mPOS terminals market to maturity.
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Surge in Cases of Data Breaches and Cyberattacks to Aid in mPOS Terminals Market Expansion
With the growing digitization, the cases of data breaches and cyberattacks have also significantly increased. As a result of this, merchants are inclined towards cloud-based mPOS terminals as it offers more security than on-site-based terminals. It mitigates the risk of fraud associated with credit cards by reducing merchants' security liability and the chances of cybercriminals performing data breaches. In addition to this, it streamlines transactional processes by providing multiple payment options and automatically sending invoices via the preferred method. This eliminates the need to host and maintain an on-site server. Such a scenario is expected to steepen the growth curve for the global mPOS terminals market in the years to come.
Increased Competition Among Retailers to Unlock Substantial Business Opportunities
Online retailers are attracting customers with online payments and automated invoice generation. To keep abreast of market competition, various physical brick-and-mortar stores are also implementing advanced payment solutions including mPOS terminals. The deployment of mPOS terminals helps retailers manage their inventory and better understand the sales performance of products. Besides, these terminals enhance the shopping experience for customers by providing them with fast check-out and secure payment transaction processes. That said, the mPOS terminals can easily be integrated with reporting & analytics, loyalty programs, inventory management, CRM, and e-commerce platforms. Analyzing these aspects, various players have surged the investments in the domain. Owing to these trends, POS terminals are adopting more secure payment methods, such as EMV standards. These advancements are propelling the global mPOS terminals market to fruition.
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North America to Slate Dominance with Rising Adoption of mPOS Terminal Among Small Merchants
The growing awareness of mPOS solutions among smart merchants and its faster adoption in the restaurant, retail and hospitality sectors has fuelled the demand for mPOS terminals in North America. The region also has a network infrastructure that encourages the implementation of the Internet of Things (IoT) among different businesses. Since IoT enables an organization to monitor and control its activities, this in turn will benefit mPOS. These factors are projected to propel exponential growth across the mPOS terminals market in North America.
Leading Market Players
Some of the major players in the mPOS terminals market include Castles Technology Co. Ltd., AURES Technologies SA, Hewlett Packard Enterprise Co., Francisco Partners Management L.P., Fiserv Inc., NCR Corp., Panasonic Corp., PayPal Holdings Inc., PAX Global Technology Ltd., Newland Digital Technology Co. Ltd., New POS Technology Ltd., Zebra Technologies, Shenzhen Xinguodu Technology Co., and Oracle Corp.
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