The global Mobile POS Terminals market was valued at USD 17.5 billion in 2017 and is anticipated to grow at a CAGR of more than 18.2% during the forecast period. Mobile POS terminals are wireless devices such as smartphones and tablets equipped with technology to serve as an electronic point of sale terminals. Mobile POS terminals enable payments through credit or debit cards without being fixed to a particular location. Mobile POS terminal requires a card reader, an internet connection, and an application downloaded for the wireless device for effective transaction of payments. A mobile device can be converted into a mobile POS terminal through a downloadable mobile app. After registering on the mobile app, the business owners are sent card readers by vendors along with optional hand-held docking stations. Mobile POS terminals can function independently as a stand-alone device or integrated with larger POS systems for additional functionalities. Mobile POS terminals enhance customer experience by simplifying financial transactions, and increasing efficiency. Mobile POS terminals are also available at affordable prices in the market enabling small businesses to conduct transactions without high investment.
The increasing popularity and ease of cashless transactions primarily drives the growth of this market. The low initial investment, affordable prices, mobility, and enhanced user experience support market growth. Mobile POS offers mobility and enables business owners to conduct financial transactions at remote locations thereby enhancing overall customer experience. Additionally, low initial costs associated with mobile POS terminals have encouraged small business owners to adopt POS terminals. Other factors driving the growth of this market include technological advancement, rising internet penetration, and decrease in costs of mobile devices. The increasing demand for mobile financial transactions from various industries such as such as entertainment, restaurants, healthcare, and retail is expected to accelerate market growth in the coming years. However, security and privacy concerns regarding sensitive customer data limits the growth of the market.
The mobile POS market is segmented on the basis of deployment, component, end-user and region. Based on type of deployment models, the market is segmented into web-based, and cloud-based. The component segment is categorized into hardware, and software. On the basis of end-users, the market is segmented into retail, restaurants, healthcare, hospitality, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, Russia, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Australia, and Rest of Asia-Pacific. North America accounted for the largest share in the global Mobile POS Terminals market in 2017.
The leading companies in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. For instance, in May 2015, SimplyTapp, PromptNow and TIS collaborated to form Asian Payments Cloud initiative for the development of end-to-end cloud-based payments solution to the banking and financial services community in the APAC region. This would enable financial institutions to enhance consumer experience by providing efficient payment transactions at remote locations. In June 2017, TouchBistro collaborated with Square to enable users of TouchBistro iPad mobile point-of-sale (mPOS) solution in UK to process payments using Square. The TouchBistro iPad mPOS assists restaurants in increasing their sales, and enhancing customer experience by simplifying tasks and deceasing serving time. The solution also provides business insights through analytics and enables effective decision making. In June 2017, Verifone introduced its portable and mobile point-of-sale (mPOS) products, Verifone V240m, and Verifone e285. Verifone V240m is a cost-effective payment solution with large 3.5” capacitive touchscreen, digital signature capabilities, and HVGA resolution. In May 2016, Upserve acquired Breadcrumb from Groupon. This acquisition combined Breadcrumb’s mobile Point of Sale with Upserve’s smart management assistant to offer POS solutions to restaurants to reduce costs, increase profitability, and enhance dining experience. Other leading players in the market include Verifone Systems Inc., PAX Technology Limited, Oracle Corporation, Toshiba Corporation, NEC Corporation, and Oracle Corporation among others.