Apr 16, 2021 (The Expresswire) -- The global mobile point of sale (POS) market size is projected to grow exponentially owing to escalating cashless transactions amid the coronavirus pandemic, finds Fortune Business Insights™ in its report, titled “ Mobile Point of Sale (POS) Market Analysis, Share and Industry Analysis, By Component (Hardware, Software), By Enterprise Size (Large Enterprise, Small and Medium Enterprises (SMEs)), By End-use (Restaurants, Retail, Healthcare, Entertainment, Others (Government, Transportation, etc.)) and Regional Forecast, 2020-2027 ”. A recent report by the Oxford Business Group revealed that global cashless payments have increased significantly since the outbreak of the COVID-19 pandemic. In Saudi Arabia, for example, online retailers experienced 200% rise in average sales in the early months of 2020. Similarly, the Bank of Indonesia recorded a 102.5% increase in year-on-year digital transactions across the country in early stages of the coronavirus. In Kenya, the government is advising people to make payments through digital means such as mobile POS instead of cash to avoid contact with each other and contain the spread of the virus. Thus, it is evident that the COVID-19 pandemic is likely to give an unprecedented boost to digital payments around the world and drive the mPOS market growth in the process.
Request Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/mobile-point-of-sale-pos-market-102994
Highlights of the Report:
Actionable insights into the factors and trends shaping the growth trajectory of the market;
Comprehensive analysis of the market restraints;
In-depth evaluation of all the Mobile Point of Sale (POS) Market segments; and
Detailed study of the regional dynamics and competitive environment characterizing the market.
Expanding Smartphone Ownership Worldwide to Foster Market Growth
One of the key factors driving the mobile point of sale market growth is the steadily expanding smartphone ownership around the globe. According a report by Pew Research Center in 2019, there are more than 2.5 billion smartphone connections in the world today. Across the advanced economies such as South Korea and Israel, Pew found that more than 90% of the people own smartphones. On the other hand, smartphone ownership stood between 40% and 60% in developing nations such as South Africa, Kenya, and Brazil. While developed countries already utilize digital payment solutions, their adoption, particularly of mobile POS, is expected to skyrocket in the emerging economies as economic growth is leading to greater usage of smartphones in these countries. Moreover, the coronavirus has given an additional boost to digital transactions in these countries, which will foster long-term growth of this Mobile Point of Sale (POS) Market.
Robust Digital Payment Infrastructure to Favor the North America Market
Geographically, North America is anticipated to dominate the mobile point of sale market share in the coming years on account of a well-established and robust infrastructure to support digital transactions in the region. Additionally, proliferation of small and medium enterprises in the region has surged the demand for mPOS terminals.
In Europe, active adoption of next-gen mobile POS solutions, such as those based on cloud platforms, by merchants and retailers is fueling the growth of the regional market. In Asia Pacific, governments in rapidly developing countries such as India and China are providing strong policy support to promote the utilization of digital payment portals and transform the country into a cashless economy.
Transactional Efficiency and Convenience to be the Core Focus of Market Players
Heightened demand for cashless transactions around the world is encouraging key players in the mPOS market to innovate and develop solutions that ensure not only efficiency but also convenience in transactions. Companies are focused on introducing point of sale solutions that can facilitate quick, safe, and secure payments, whilst exploring ways to reduce costs associated with such transactions.
February 2020: US-based First Data Corporation, part of the financial services conglomerate Fiserv, announced that it will now allow merchants to use their personal tablets and phones to accept payments, without needing any extra hardware. This novel PIN on mobile feature will prove beneficial for small businesses and retailers that operate remotely.
January 2020: Samsung released its enterprise-grade smartphone, the Galaxy XCover Pro, which will be pre-installed with Visa’s Tap to Phone app. The app has been developed to enable retailers using Android devices to accept cashless payments without requiring the installation of any additional hardware.
List of Players Covered in the Mobile Point of Sale Market Report:
HP Development Company, L.P.