An MPOS (mobile point of sale) terminal is a device that allows businesses to accept card payments using a mobile phone or tablet. This can be done either through a physical card reader that is attached to the device, or by using the device’s built-in NFC (near-field communication) capabilities.
MPOS terminals are becoming increasingly popular as businesses look for ways to make it easier for their customers to pay. They offer a convenient and easy-to-use alternative to traditional point of sale terminals, and can be used in a variety of settings, such as retail stores, restaurants, and even at events.
MPOS terminals offer a number of benefits for businesses. They are easy to use and can be set up quickly. They are also less expensive than traditional POS systems. In addition, MPOS terminals can be used anywhere that accepts card payments, which makes them ideal for businesses that are on the go.
There are a number of different MPOS terminals on the market, from a variety of different manufacturers. Some of the most popular options include the Square Reader, the Paypal Here reader, and the Intuit GoPayment reader. Other major players operating in the MPOS Terminals market are Ingenico Group, Verifone Systems, Inc., PAX Technology Limited, First Data Corporation, NCR Corporation, and Clover Network, Inc.
The MPOS terminals market is expected to grow significantly in the coming years, as more businesses adopt mobile point of sale solutions. This growth will be driven by the increasing popularity of mobile devices, the continued shift away from cash payments, and the need for businesses to offer more convenient payment options to their customers.
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Key Trends and Drivers
The major factor driving the growth of the market is the increasing adoption of mobile point of sale (mPOS) terminals by small and medium enterprises (SMEs). The mPOS terminals offer several benefits to the SMEs, such as easy setup, low cost of ownership, and portability. Moreover, the mPOS terminals are integrated with several features, such as inventory management, customer relationship management (CRM), and loyalty programs, which further help the SMEs to manage their business effectively.
The other factor driving the growth of the market is the increasing adoption of contactless payments. The contactless payments are fast, convenient, and secure, which are the major factors driving the growth of the market. Moreover, the contactless payments help to reduce the queue time and the chances of errors.
The rising number of smart phone and tablet users is another factor driving the growth of the market. The increasing penetration of Internet of Things (IoT) and adoption of cloud-based mPOS solutions are also expected to contribute to the growth of the market.
The increasing number of mPOS terminal deployments in the healthcare sector is another factor expected to contribute to the growth of the market. The rising number of mPOS terminal deployments in the hospitality sector is also expected to drive the growth of the market.
Challenges and Restraints
Some key challenges that need to be addressed in order to further accelerate the growth of this market are:
One of the biggest challenges is the lack of standardization. There are currently many different types of MPOS terminals available in the market, which makes it difficult for businesses to choose the right one for their needs. This also makes it difficult for software developers to create applications that are compatible with all types of MPOS terminals.
Another challenge is the high cost of MPOS terminals. Although the prices have been dropping in recent years, they are still relatively expensive compared to other types of payment solutions such as point-of-sale (POS) terminals. This makes it difficult for small businesses to adopt MPOS terminals.
Finally, another challenge that needs to be addressed is the security of mobile payments. Although MPOS terminals are generally more secure than traditional POS terminals, there have been some high-profile security breaches in recent years. This has made some consumers hesitant to use mobile payments, which could limit the growth of the MPOS terminals market.
Market Segments
By Solution:
- Hardware
- Handheld terminal
- Tablet
- Software
- Services
By Deployment
- On-premise
- Cloud-based
By Application
- Entertainment
- Healthcare
- Restaurants
- Retail
- Events
- Utilities
Key Players
- Ingenico Group
- First Data Corporation
- Oracle Corporation
- NCR Corporation
- Diebold Nixdorf
- Zebra Technologies
- Posiflex Technology
- Dspread Technology, Inc.
- Intuit Inc.
- PAX Technology Ltd.
- Square
- Paypal
- Verifone
- Clover Network
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