The number of mobile point of sale terminals grew from 4.5 million in 2011 to 9.5 million in 2012, registering an annual growth of 111%.
Lewes, DE -- (SBWIRE) -- 09/05/2013 -- Initially mobile point of sale (MPOS) technology was targeted at small enterprises who could not afford a conventional point of sale (POS) solution, either because of financial restrictions or because of the mobile nature of their business operation. However, developments in the retail and service sectors suggest that the technology is not only making inroads into large stores but areas not previously outlined for its use. Demand is being driven by the number of benefits the technology offers, such as improved levels of customer service. MPOS solutions process card payments at anytime and in any location. During 2011-2012, the global MPOS industry registered significant growth in terms of the volume of terminals in operation, registering an annual growth of 111%. Driven by the high adoption in emerging markets, the industry is further expected to expand at a CAGR of 42.7% over the next four years.
The key factors that are driving MPOS growth are:
- Increases customer convenience.
- Reduction of cost.
- Higher sales.
- Ability to tap seasonal demand.
- Competitive differentiation.
- Affordability by micro and small business operators.
- Flexibility of payment on the go.
For more information visit : 2020 Foresight Report: Mobile Point of Sale Technology
Competitors such as Square, iZettle, mPowa, SumUp, VeriFone, Intuit and PayPal are aiding the growth of MPOS technology by making it accessible to smaller enterprises. Over the forecast period, the volume of terminals is expected to increase, driven by growth in the retail sector, increased online trade, a rise in smartphone usage and card penetration.
MPOS technology is spreading at a very fast pace across the key economic regions of the globe, including developed and emerging markets with a number of startup organizations as well as established players in the payment industry who have chosen to venture into this sector.
Countries like the US, Canada, the UK, Germany, Japan and Australia are current hotspots for MPOS technology due to high investment as well as favourable market drivers such as rising card penetration, smart-phone and internet users. The adoption of this technology in emerging economies such as India, China, Brazil and Russia is also beginning to catch up. They are fast becoming key areas of future investment due to a combination of the positive macroeconomic factors and the favourable demographics.
MPOS solutions have high adoption levels in more developed economies such as the UK, France and Germany with firms such as VeriFone, Square, Intuit, iZettle, PayPal and Motorola leading the charge. Countries in the Asia-Pacific region such as India, China, Malaysia, Singapore, and Hong Kong are now emerging as new destinations for investment in this technology.
Recent technological innovations have allowed turning smart-phones and tablets, which run on platforms such as Apple’s iOS, Blackberry and Android, to be used as MPOS systems. Many providers of MPOS solutions provide dongles, which can be attached to a smart-phone through the headphone jack, a USB port or a proprietary connector, capable of reading card information.
Reasons to buy-
- Receive a comprehensive analysis of the size and future growth prospects of the technology market.
- Understand analysis on the various market drivers and key challenges.
- Understand detailed analysis of the business strategies adopted by key players in the market to expand their customer base and operations.
- Review a global snapshot of MPOS technology and its adoption in various regions across the world.
- Save funds by narrowing budget allocation for online and digital marketing.
- Gain an edge by reviewing case studies showcasing the impact of MPOS adoption and detailed analysis of competitor landscape along with their business strategies.
- Financial service & MPOS companies.
- Suppliers to financial service companies.
- Contractor research organizations.
- Trade body, academia or other industry observers
- Companies involved at any stage in the manufacturing, procurement and marketing process.
- Marketing and advertising agencies.
- Technology Companies.
The market size of MPOS technology is growing at a fast pace. The key growth drivers are expected to comprise MPOS-enabled smartphones, investment in MPOS technology in the emerging economies of Asian and Africa, the large-scale adoption of MPOS technology by small enterprises and the clearance of regulatory hurdles.
The retail sector is considered the main area of adoption for MPOS services due to the volume of transactions. Even though the sector’s growth rate has been volatile due to the economic crises, the size of the sector has continued to expand.
Spanning over 81 pages, 2 tables and 48 figures, “2020 Foresight Report: Mobile Point of Sale Technology” report provides a comprehensive analysis of mobile point of sale technology along with key drivers and challenges.
In addition to covering the Mobile Point of Sale Terminals (MPOS) Market Dynamics, Global Market Size and Drivers, MPOS Strategies, Implementing Mobile POS, Competitive Landscape and Industry Dynamics. The report covers 10 companies; Nordstrom, Nebraska Book Company, Gaylord Hotels, Motorola, VeriFone, Intuit, iZettle, Square, SumUp, The Home Depot.
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