An Research report has been added to the portfolio of WiseGuyReports titled, “2019 Global and Regional Mobile POS Systems Market Research Report Forecast 2025”.
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Report Overview:
Mobile Point-of-sale or mPOS devices can be a tablet, smartphone or a wireless device that can perform the function of a cash register. To install the mPOS device internet connection, credit or debit card reader and an application to run the machine, are needed. mPOS device can be linked with a barcode scanner or cash drawer as well. These are portable, easy to use devices. mPOS has enabled e-commerce sites to reach out to their customer and offer them a solution for hassle-free transactions.
Advancement in new technologies has developed mPOS, which are better equipped and compatible with various e-wallet systems. Credit or Debit cards that can communicate with these systems with a simple tap or wave gesture have been developed, this also helps in bring those customers who are reluctant in providing their PIN number during the transactions. Small and medium-scale industries are getting benefitted, as they don’t have to invest in electronic or manual registers anymore. mPOS installation cost is less and it is also effective in bringing down the operational cost.
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These mPOS transactions are safe as it does not hold or record any credit or debit card information. The transaction details are encrypted, thus limiting the business liability. However, these devices can be still targeted for hacking, which is why the developers are constantly trying to device new counter hacking measurements. Another concern is the power source, these products are generally battery-driven, so when they are not charged properly, they might not last a full transaction period.
Segments:
Global mobile POS system business is witnessing a consistent growth. Many companies are investing in their R&D to understand the strength and opportunity of the market. The main objective of the mPOS is to streamline the transaction process to make life easier. Based on the application the mPOS can be segmented into retail and restaurant. Though most of the applications are same for both the applications, devising a tailored one is always recommended. These systems are versatile, portable, convenient and affordable, making it more popular among the customers.
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A mobile point of sale (mPOS) is an electronic payment system that transfers funds by debit and credit cards at POS terminals situated at retail outlets. mPOS systems are equipped with capabilities such as smart card capabilities, RFID, Wi-Fi and VoIP. These systems are used to check price, manage assets at retail stores, receive and send invoices, capture signatures and to send digitized notes. This helps the retailer to exchange data within and out of store sites through wireless applications. mPOS systems are attached with Bluetooth-enabled printers which allows them for faster checkout during heavy traffics. mPOS systems aid retailers to deliver value-added facilities, with the necessities of speed and convenience being accomplished.
Demand Scenario
The global Mobile POS Systems market was USD 163.5 million in 2018 and is estimated to reach USD 540.92 million by 2025 registering a CAGR of 18.64% during the forecast period
Growth by Region
Asia Pacific is estimated to be the fastest growing region in the POS system market, due to rise in digital payments, growth of regional retails and hospitality industries. Europe and the United States are also significantly contributing a market share, any change in the strategy from United States might affect the development trend of Mobile POS Systems.
Drivers vs Constraints
The primary growth driver for Mobile POS market is the growing demand for mobile payments. The increasing use of mobile Internet allows the user to rapidly process mPOS and close the sales process. Furthermore, the rise in the use of smartphones and tablets across the globe permits the merchants and retailers to integrate mPOS into their payment process. However, lack of high-speed network connectivity due to lack of network infrastructure is a major setback in mobile POS systems market. This challenge is dominant in developing countries as compared to that of developed countries.
Industry Trends and Updates
In Aug 2017, Samsung Electronics America Inc. and NCR CORPORATION launched NCR Silver Quantum an all in one POS commerce station. The feature in this system includes loyalty scanner, mobile wallet acceptance capability and customer display, all integrated in a Samsung Galaxy tablet. This technology helps in back-office operations and improved customer POS transactions.
In Jan 2018, Epson America Inc. launched new OmniLink multi-function thermal POS receipt printer. It allows users to have interactive transaction experience, using mobile devices and also helps them to scan and check their items and print receipts online.
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Source: MarketersMedia
Release ID: 88925600
