Mobile point-of-sale (mPOS) is a portable system that can be installed on a tablet or smartphone to allow the payment process. Mobile POS system aids the merchants to serve their customers at any place, as this system is operable by only installing it on their mobile devices like smartphones or tablets.
New York, March 23, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Mobile POS Terminals Market Size, Share & Industry Trends Analysis Report By Component, By
Mobile POS has rapidly evolved as a primary tool that allows merchants to accept cards payment irrespective of their size.
One can use the mPOS system to allow customers to pay on the go or remotely. They make it possible for the shopper outside the immediate geographic location, for instance, a storefront, to securely and rapidly complete their payments. A mobile POS system is ideal for a more flexible and convenient payment experience for customers.
A mobile POS sale system can accept the following types of frictionless payments like contactless credit cards, QR code payments, debit and credit cards with EMV chips or magnetic stripes, digital wallets, and from technologies like click-to-play that user near field communication (NFC). To operate the mobile POS system, one needs a stable internet connection, an app downloaded from their wireless device to process and accept transactions, and a card reader.
Depending on the mPOS system the user is investing in, some may even have an offline mode to accept payments even if the internet connection stops. Once the step is completed, the user can download a point-of-sale app and connect the reader to their mobile device, after which the device is ready to process and accept mobile payments. A can also connect their mPOS system with other POS hardware like a cash drawer or barcode scanner for extra convenience.
COVID-19 Impact Analysis
COVID-19 positively impacted the mobile POS terminals market. Digitization in the retail and hospitality sector has increased due to the rising emphasis on social distancing to avoid COVID-19. Many financial service providers have increased the limit of contactless payment, allowing simpler and more smooth cashless transactions. Due to this, mobile POS terminals attained popularity as they give a faster and more seamless payment option. The growth of the mobile POS terminals systems during the pandemic enabled the interaction of customer relationship management (CRM) and other financial solutions for organizations.
mPOS vendors must provide customized solutions for mPOS that suit the needs of specific industry verticals. Some of the significant VAS (value-added service) contain gift cards & vouchers, reward and loyalty programs, cash-back promotions, and mobile discounts. The usage of mPOS is expected to increase to encourage pre- and post-shopping activities through reward schemes. Moreover, services like the ordering cycle, the customer’s buying pattern, and analytics that give recommendations to the merchants are related to the optimal inventory. Such innovative features of the mPOS are likely to increase the adoption and drive the growth of the mobile POS terminals market in the projected period.
The rising preference towards digital payment
Mobile POS systems accept digital payments through near-field communication (NFC), a contactless communication between devices that allows a user to wave the device over another NFC-compatible device to initiate a contactless payment. Contactless NFC mobile payments save both customers and the business during the time of transaction and maintain the privacy of the transaction while also ensuring the customer and the mPOS user remain socially distanced during the whole process. The benefits associated with digital payments and the rise in their popularity, especially after the pandemic, is expected to surge the mobile POS terminals market’s growth.
Cyber attackers use mobile point-of-sale apps to steal sensitive and personal information, such as information on the credit or debit card, which results in damaged credit standings for unsuspecting customers and financial losses. Customers are more likely to buy from retailers that they believe will protect their information. Compromised retailers suffer consequences from point-of-sale hacks, as their customers may choose other retailers. Also, they have might have to go through the burden of a potential lawsuit, which could hamper the business’s image and profits. The lack of security in the mobile POS terminals market is expected to hamper the market growth in the projected period.
