The increasing use of mPOS can be seen across its various applications, such as bill printing, inventory management, and digital payments. Industries such as entertainment, hospitality, and retail are the key users of mPOS and are finding it highly convenient and affordable to implement its technologies and services. mPOS can provide a wide scope of freedom in the movement of commodities and can allow for a greater level of customer satisfaction than conventional payment methods. Additionally, it is an affordable solution that does not require large investments in core support software.
The cumulative impact of the above drivers along with a few others can be gathered into the CAGR of the global mPOS market, which is expected to be 38% between 2015 and 2024. This market is expected to cross US$38 bn in revenues by 2024, and had a valuation of US$2 bn in 2015.
The advent of near field communication and EMV can prove to be extremely beneficial to the growth of mPOS shipments as they provide a faster and easier way to conduct transactions and promote better inventory management techniques.
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This trend is very visible in India and China, which are the two fastest growing nations in terms of mPOS implementation. India in 2013 had retail industry with merely 7% organization. With the growth of globalization trends and the introduction of major global players into the India retail industry, the use of mPOS in tandem with an industry organization effort is making greater sense. Additionally, banks in India are also providing credit and debit cards with EMV and/or NFC enabled, thereby increasing consumer awareness towards mPOS solutions.
China is showing a similar potential in the increase in use of mPOS. Most vendors and industries are rapidly migrating towards mPOS solutions that are enabled through EMV and NFC. Additionally, the growing implementation of micro-ATMs in China’s low-rung cities and rural areas is expected to promote the use of mPOS solutions in these regions.
Some of the more common trends in mPOS solutions implementation, especially across Mexico, involve the collaboration of major banks with mPOS solutions providers to introduce mobile-based payment technologies to vendors and consumers in small and mid-sized retail stores.
Integrated Card Reader Solutions Shine among mPOS Applications
Integrated cards include the use of multiple payment techniques and can be used across many types of ecommerce websites and sales terminals. Integrated cards also fall into the groove for data analytics and other high-end utilities, thus showing its scope of increasing shipments in the near future. Similar – if not higher – growth patterns are seen in the accessories market for card reader accessories.
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Dongles are expected to show a rapid growth rate in developing economies due to its low costs, by a large number of regional vendors. Mid-sized and small vendors are expected to take up a majority of mPOS dongle consumption. Meanwhile, mid-sized companies as well as a few larger companies are preferring sleeves, due to their robust nature and the inclusion of barcode technology for a hybrid functionality. Top vendors of mPOS in the world include Ingenico S.A., VeriFone Systems, Inc., and Intuit, Inc.