Mobile POS terminal is a portable and wireless device, i.e., tablet or smartphone that plays a role of a card reader and cash register in a transaction. The mPOS terminals are considered as cost-effective terminals allowing small and medium size business owners to conduct transactions without investing for separate software and other electronic pay registration. As mPOS relies on cloud-based technology, all the data is stored in cloud and does not require extra hardware component, therefore requiring less initial cost as compared to the traditional POIS terminal[BB1] .. Apart from this, the mPOS terminals can be deployed for shorter checkouts, and during heavy traffic or rush of the customers to prevent the backups and provide easy customer service. The mPOS terminals have an ability to boost the sales and increase productivity, as the retailers can sell their products from any part of the store and other areas.
Moreover, mPOS terminals decrease the risk of data breach because all the transactions that are made via mobile POS terminals are encrypted and debit and credit card details are not stored on the terminals itself. Along with increasing data security, the mobile POS terminals stores data as per the privacy and security regulations of PCI DSS (Payment Card Industry Data Security Standard). Small and medium sized business secures and monitors its data with the help of various software vendors, similarly, large businesses store and monitor their data on their personal cloud service technologies. In addition, rising use of biometric technology in the mobile POS terminals increase the demand of the market. The inclusive of biometrics in mPOS needs to include facial recognition and fingerprint recognition software in the terminal, which can recognize the customers while doing their payments. Whereas, biometric is one of the best method for secure authentication of the customers and top companies are investing a huge amount in developing a combined terminal for customer’s authenticated payments, which will increase the demand of the mobile POS terminals market during the forecast period.
Due to onset of COVID-19 pandemic, there has been a raise in requirement of mobile point-of-sales terminals and systems due to its non-touch and contactless payments. Moreover, there is a growing demand for cashless and contactless payment during COVID-19 crisis across the world to curb the spread of the coronavirus, which in turn has increased the demand of mPOS terminals market. Also, growing need for mergers among online and offline stores and increasing sales through e-commerce is rising the adoption of mPOS terminals market.. The increasing digital services in most of the end-use industries such as hospitality, retail, entertainment and healthcare, among others, is playing a crucial role in increasing the adoption of mPOS terminals and shows high market growth during forecast period.
Furthermore, the mobile POS terminals are deployed in two types which includes on-premises and cloud based mPOS systems. Cloud-based mPOS terminals dominates the market due to increasing data security, flexibility in data monitoring and order tracking and rising mobile wallets among consumers. Moreover, the mobile POS terminals are used in various end-use industries such as retail, hospitality, healthcare and restaurant, etc. .[BB2] Retail industry segment dominates the market because of the portability of mPOS terminals, rising small and medium-sized enterprises who are using mPOS for their transactions, and due to COVID-19 pandemic, retail sector has adopted mPOS terminals as a payment option. In addition, key players of the global mobile POS terminals market are Telepower Communication Co., Ltd., Square, Inc., Vend Limited, ETP Group Pte Ltd., Newland Payment Technology, NCR Corporation, Bitel Co., Ltd., BBPOS Limited, SZZT Electronics Shenzhen Co., Ltd. and NEW POS TECHNOLOGY LIMITED.
Trends and Future Outlook:
- Rising use of biometric technology in mPOS terminals by including facial and fingerprint recognition for payment authentication of the customers
- Due to COVID-19 pandemic, most of the end-use industries and businesses are adopting mPOS terminals for their transactions