mPOS Technology Market technology is a dedicated wireless device including smartphone and tablet that functions as a cash register or electronic point of sale terminal. Mobile devices are increasingly adopted by all types of merchants as point-of-sale terminals, and MasterCard’s Mobile point-of-sale (mPOS) program helps acquirers to capitalize on this trend. For acquiring new merchants and effectively upgrading card payments, mPOS pave the way for an increase in electronic transactions that are safe and secure. mPOS solutions acknowledge card payments from merchants of all sizes that embrace door-to-door salespeople, small businesses and large retailers, via wireless device. mPOS helps in maximizing intuitive user interfaces for both the merchant and consumer for transaction purpose.
The need for mPOS emerged to overwhelm the shortcomings of the fixed POS system and to bridge the gap between POS systems and eCommerce businesses. Using a mobile or any other wireless device as an alternate POS requires less up-front investment and are more affordable to repair or replace than traditional POS systems.
Flexible platforms enhance merchants with inventory management, sales reporting, customer relationship management tools, and many more services. mPOS devices were extremely disruptive when they first captured the market because of accessible, and affordable ways for merchants of all types to adopt accepting card payments. Since then, consumer’s demand to accept card everywhere, is as high as ever. That led the mPOS Technology Market firms to recalibrate their strategies.
With the advancement in technology, the market for mPOS has increased significantly. mPOS Technology Market offers economic benefits by reducing total ownership cost along with higher return on investments due to its streamlined acquisition, increased deployments in large retail chains and remote financial transactions which in turn enhance customer experience. Security issues like data breaching which were expected to restrain the growth of POS terminals have been reduced with the acquisition of PINs (Personal identification numbers) and Chip-embedded payment cards. Convergence of online and mobile payment channels with the significant growth of mobile app and smartphone industry has been the major driving force for the market adoption. Mobile point of sale devices enable customers with centralized data base management is another key driver for the market. However, data security issues coupled with extensive government certification and regulation requirement are expected to restrain the market growth in near future. Migration from conventional POS systems to Mobile point of sale devices (mPOS) system is also a key restrain for the market.
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The mPOS Technology Market is segmented on the basis of solutions, technology, component, application and geography. Based on the solution type, the market is segmented into integrated card reader solutions, card reader accessories, dongles, and sleeves. On the basis of application the market can be segmented into restaurants, hospitality, healthcare, warehouse, retail, and entertainment. On the basis of component, the market can be segmented into POS software, POS hardware and POS services. mPOS terminals hardware manufacturers including Verifone, Ingenico provide handheld terminals, tablets, and mobile computers. On the other hand, mPOS terminal software developers such as QVS software Inc. focus on creating software, apps and storage mechanisms that provide functionalities such as managing customer data, reporting capabilities, inventory control, and sales transaction update. Moreover, on the basis of geography the global market is classified into North America, Europe, Middle East and Africa, Asia Pacific and South America.
North America is expected to dominate the market, due to increasing demand from application industries in the region. The Asia Pacific mPOS terminals market is expected to gain traction over the forecast period.
Key vendor in the mPOS Technology Market includes VeriFone Systems Inc, Square Inc, First Data Corp, LifePay ZAO, Upserve Inc, Paynear Solutions Private Limited, CardFlight, Inc. Ingenico Group, Zebra Technologies Corp, Hewlett-Packard Development Company, L.P.
The report offers a comprehensive evaluation of the mPOS Technology Market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.