In 2022, it is expected that the market for mobile point-of-sale devices would be valued US$21,063 million. The market is estimated to grow quickly and reach US$ 1,40,134.2 million by 2032 with an anticipated CAGR of 20.9%.
In 2022, it is anticipated that the market for mobile point-of-sale devices would be valued at US$ 21,063 million. The market is estimated to grow quickly and reach US$ 1,40,134.2 million by 2032 with an anticipated CAGR of 20.9%.
A mobile point-of-sale device (mPOS) uses a smartphone, tablet, or other specialized wireless device to execute the duties of an electronic point-of-sale terminal or cash register.
Mobile point of sale devices (mPOS) are wireless devices that process payments using a variety of ways, including credit cards and debit cards. Recently, mobile wallets and NFC have been added to the list of supported payment methods.
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The mobile point-of-sale device (mPOS) is affordable and appropriate for all types of enterprises. It has a SIM card port, allowing merchants in remote regions to conduct business without difficulty.
For large enterprises, the mobile point-of-sale system eliminates a single point of checkout, improving the shopping experience for customers.
Mobile Point of Sale Devices (mPOS) Market Drivers and Restraints
Key drivers for Mobile point of sale (mPOS) devices include a low cost of devices.
Mobile point-of-sale devices (mPOS) can be equipped with any existing smartphone, mobility is another key driver for the Mobile point-of-sale device market, Mobile point-of-sale devices can be operated at any remote location and supports merchants who have no fixed place, other drivers include a high level of customization basing on the requirement of the customer.
Mobile point-of-sale devices also offers customers centralized database management.
Migration from conventional POS systems to Mobile point of sale devices (mPOS) systems is one of the key restraints for the market.
Preference for cash transactions rather than Mobile point of sale devices (mPOS) transactions by micro and small merchants is another restraint for the Mobile point of sale devices market.
Security risks associated with Mobile point-of-sale device is also one of the key restraints.
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Mobile point of sale (mPOS) Devices: Regional Outlook
Based on regions, Mobile point of sale (mPOS) Devices can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa.
North America and Western Europe Mobile Point of Sale (mPOS) Devices market is predominantly mature as compared to the other regional market as they are fast in the adoption of technology.
Mobile point of sale (mPOS) Devices in Asia Pacific excluding Japan and Japan are expected to possess maximum potential in the forecast period.
Mobile point of sale (mPOS) Devices in Latin America and Middle East and Africa are also projected to witness positive growth during the forecast period.
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Mobile point of sale (mPOS) Devices Market: Competition Landscape
Key vendor in the Mobile point of sale (mPOS) devises market includes VeriFone Systems Inc, Square Inc, First Data Corp, LifePay ZAO, Upserve Inc, Paynear Solutions Private Limited, CardFlight, Inc. Ingenico Group, Zebra Technologies Corp, Hewlett-Packard Development Company, L.P.
Regional analysis for the Mobile point of sale (mPOS) Devices market includes the development of these systems in the following regions
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Mobile Point Of Sale Devices (mPOS) Market review , outlook , forecast , demand , size , share , key trends , analysis , Research , overview
Jun 12, 2023
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