Mobile Point-of-Sale (mPOS) Terminals Market: Surging Adoption of mPOS Terminals based on NFC Technology

Numerous end-use industries scramble towards mobile point-of-sale (also known as mPOS) terminals, away from fixed POS systems and old cash registers, given the attractive propositions such as low maintenance, ease of transaction, and real-time inventory management. With the convergence of digitalization and businesses across various industries, the demand for mPOS terminals has evinced a vertiginous trajectory, which has been reported in an exclusive study on the mobile point of sale terminals market published by Transparency Market Research (TMR).

According to the research, the mPOS terminals market is poised to grow ~30X during 2017-2027, and the penetration of smartphones coupled with the affordability and reliability attributes of the Internet network reflect on the surging mobile point-of-sale terminals market growth. Several initiatives taken by central authorities to encourage the concept of cashless economy are projected to inspire consumers towards debit/credit card-centered payments. However, the rise of mobile wallets that appeal to consumers with attractive deals and cashback offers could pose as a huge challenge.

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In Focus: Surging Adoption of mPOS Terminals based on NFC Technology

Recent advancements brought into wireless technologies are extending the bounded scope of mobile point of sale terminals beyond designated functions to serve as retail management systems, and administer multiple aspects, ranging from inventory to sales, and customer management. The incorporation of cloud-based solutions further reduces business hassles for end users with the 'monitor business anytime, anywhere' ease, which has accounted for sizeable revenue of the mobile point-of-sale terminals market.

Mobile point-of-sale terminal solutions based on biometrics, have, and will continue to cement their leading stance among other authentication solutions, given the high grade of consumer data security that this system offers. However, in the near future, mandatory implementation of the EMV chip, PIN, and Near field communication (NFC) will dim the popularity of biometric systems. Based on value, biometric solutions will advance at a CAGR of ~38%, which is ~7% lower than the exponential growth of mobile point-of-sale terminal solutions based on NFC authorization.

The convergence of mPOS terminals and the retail sector has drawn new tangents to improve the rate of consumer satisfaction, owing to the quick billing process that reduces wait times. That being said, mPOS terminals offer retailers the ease of carrying out efficient business even during peak hours, which has been a viable feature for retail businesses of all scales. Besides retail, the government sector holds promising opportunities for portable POS terminals for the collection of electricity tax and toll.

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