Advent of NFC technology is anticipated to revolutionize the mPOS terminals market. A mandate issued by MasterCard has stated that all POS terminals are expected to be contactless by 2020.
Sellbyville, DE -- (SBWIRE) -- 10/12/2018 -- The Asia Pacific mPOS terminals market is projected to experience high growth owing to increased demand from SMBs. The demonetization move by the Indian government has influenced the growth of cashless transactions and have propelled the growth of various mobile payment apps such as Paytm and PayPal fuelling the market growth in India.
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(mPOS) Mobile POS Terminals Market accounted for over USD 10 Billion in 2015. Growing adoption of cloud based solutions is anticipated to fuel the mPOS terminals market during the forecast timespan. The transition towards a customer-centric business has led to retailers emphasizing on big data analytics to improve their customer service provision. These systems aid in the customer-staff engagement process and increase the chances of compulsive purchases.
Additionally, all the devices are continuously connected to the ERP systems of retail outlets and the information obtained from the various touch points are stored on the stores database. Security concerns regarding the theft of customer data by unauthorised third parties, have led to the prominence of regulations such as the EMV initiative and PCI PA-DSS standards which are required mandatorily to be integrated into all systems and is projected to fuel the growth of the mPOS terminals market.
Advent of NFC technology is anticipated to revolutionize the mPOS terminals market. A mandate issued by MasterCard has stated that all POS terminals are expected to be contactless by 2020. From a merchant's point of view, NFC enabled systems are less expensive to install and accept various kinds of payment cards. The rising consumer inclination towards mobile payments and online wallets such as Android Pay and Apple Pay is generating a demand for these systems.
Despite government initiatives to enhance security, cases of data or identity theft are encountered often and is a major cause of concern for vendors in the mPOS terminals market. As the terminal must be continuously connected to the retail outlet's systems, an internet connection is a prerequisite for their functioning.
Retail sector application of the mPOS terminals market is projected to grow at approximately 15% CAGR owing to increase in the number of SMBs integrating them into their operations. These systems consume less space and massively reduce the customer waiting time. Owing to the high demand for terminals that are mobile and wireless to boost convenience, the entertainment industry is anticipated to account for high growth.
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Players operating in the global mPOS terminals market include Oracle, VeriFone, Ingenico, First Data Corporation, and Zebra Technologies. The industry is characterized by many start-ups investing heavily in the development of this technology. TouchBistro, for instance, manufactures iPad based mPOS systems, that are specifically developed for restaurants. Lightspeed has designed a cloud based POS platform with a high focus on mobile analytics.
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