As the need for payment solutions in many industries arises, mobile technology becomes a huge role player in connecting retailers and customers. Mobile Point-of-Sale market is one portal that provides both the business owners and customers a more feasible way to keep the business running in terms of payment reception and processing. While MPOS cannot fully replace traditional POS, it has dramatically changed the way people do business and is expected to dominate a larger part of the retail industry.
Transparency Market Research, a market intelligence company which provides global business information and reports, published a study entitled “Mobile Point-of-Sale Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024,” which shows an expansion of the MPOS market to 38.0% by 2024.
This is expected to boost the market revenue of MPOS market up to US$38.38 billion in the 8-year period from 2016-2024. The Compound Annual Growth Rate (CAGR) projection for the said period revealed continuous growth in this market segment due to the increasing demand for MPOS solutions from small and medium businesses.
MPOS solutions : user-friendly and affordable
Attributed to this seemingly rapid growth and expansion of the MPOS market are tons of benefits and solutions that can address simple to complicated daily business transactions. MPOS solutions are generally user-friendly and affordable. These are the major factors why many merchants take advantage of MPOS technologies to enhance business operability across many verticals and industries while maximizing potential revenues. Industry verticals like warehouse, entertainment, consumer utility service, restaurants, government and transport are most likely to benefit the full potential of MPOS solution in the coming years.
MPOS solutions provide many applications and wide array of technologies; among these are Near Field Communication (NFC) and Europay, Mastercard and VISA (EMV) card technologies. These two technology solutions are among the segments with reportedly largest revenue in 2015. The main reason for the demand for these technologies is low-cost, smartphone integration and increasing level of concern in data security. From the migration of the magnetic-stripe technology to concurrently much viable technologies, NFC and EMV provide much more comprehensive applications available in almost every geographical part of the world. NFC is expected to gain higher revenue in the forecast period because of the increasing concern on the integrity of vital information in terms of payment security.
The MPOS market was dominated by retail end-use segment in 2015 in revenue and shipment. MPOS major solution types are adopted by different businesses and organizations. Transportation industry and government are expected to adopt more sophisticated payment reception solutions by integrating MPOS in their operations.
The CAGR shows data that are based on a comprehensive study and might or might not be reflective of the future of MPOS technology solutions status. Nonetheless, trends in the current market and payment reception worldwide reveal most likely what we can expect in the next years.
Related articles published in EMV and Smart Payment Cards :
- EMV conversion: Neither security nor convenience sacrificed
- Chip Cards: A semi-satisfactory first birthday
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