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- Rapid pace of adoption of products by SMEs and micro-merchants offers massive avenues to service providers in mobile point-of-sale (mPOS) terminals market; firms offering value-added and customized services to capture revenues
- Product differentiation strategy to unlock new opportunities; Asia Pacific to witness vast lucrative avenues, underpinned by rise in application of mPOS devices in emerging economies
WILMINGTON, Del., Aug. 8, 2022 /PRNewswire/ — The demand for mobile point-of-sale (mPOS) terminals is growing among large retailers mainly for their role in enhancing in-store shopping experience. The increasing trend of use of devices for digital transactions has spurred vendors to offer integrated NFC and QR-based payment solutions through POS terminals. The global mobile point-of-sale (mPOS) terminals market is projected to expand at CAGR of 15.1% from 2022 to 2031.
Emerging economies are expected to offer early-mover advantages to several players in the mobile point-of-sale (mPOS) terminals market. Continuously expanding customer base for use of payments through NFC and Europay, Master Card, and Visa (EMV) are expanding the avenue. Solution providers are reiterating on multiple key benefits of mobile point-of-sale (mPOS) to merchants in restaurants, hospitality, and retail industries.
mPOS has enabled businesses in the retail and hospitality industries to boost customer engagements and manage inventory management. A case in point is the use of mPOS terminals to track loyalty programs. Demand among SMEs and micro-merchants creates enormous revenue potential in the mobile point- of-sale (mPOS) terminals market.
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Key Findings of Mobile Point-of-Sale (mPOS) Terminals Market Study
- Providers Offering Value-added Services to Capture Substantial Profits: Key vendors in mobile point-of-sale (mPOS) market are geared toward offering augmented products. They are offering services to make value-addition to their offerings. These include use of mPOS devices to offer end users mobile discounts, promotional offers such as gift cards and vouchers. Furthermore, the study has found that their ceaseless focus on product differentiation will unlock new profitable avenues in the mobile point-of-sale (mPOS) market. Declining total cost of ownership (TCO) is incentivising SMEs and micro- merchants to increasing adopting these mPOS terminals.
- Future of Digital Payments: Mobile Point-of-Sale (mPOS)—mPOS solutions are expected to shape the contours of the future of digital payment. In large part, this is ascribed to the trend of burgeoning penetration of …
Full story available on Benzinga.com
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