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Global Mobile Point-of-Sale (mPoS) Market: Emergence of EMV, NFC Technologies to String out Demand Worldwide, observes TMR

Posted on Mar 10, 2017

As a number of players endeavor to extend their clientele, entry in the global mobile point-of-sale (mPoS) market makes for a tough nut to crack. As a result of the high competition prevailing in the market, it has become exceedingly difficult for players to diversify their products and make a mark upon the minds of their potential customers, observes Transparency Market Research (TMR). 

The leading players in the global mobile point-of-sale market in 2015 were Ingenico S.A., VeriFone Systems, Inc., and PAX Technology Ltd. Ingenico Group established a partnership with Vodafone Hungary in February 2015. By means of this partnership, mPoS-managed services will be provided by Ingenico for the ReadyPay policy of Vodafone designed for SOHO businesses and SMEs. Also, a new version of its native application was launched by this firm in March 2015. Another significant partnership was achieved by PAX Technology Ltd. in March 2016 with CCV Deutschland GmbH, wherein a multimedia and multilane retail terminal named PAX PX7 was launched. 

mobile-point-sale-market

In 2015, the global mobile point-of-sale market was pegged at US$2,086.1bn in terms of revenue. The market is slated to expand at a whopping CAGR of 38.0% over the forecast period between 2016 and 2024, attaining a revenue of US$38,384.3bn by the end of 2024, predicts TMR. 

Asia Pacific to Emerge as a Major Contributor 

In terms of geography, the global mobile point-of-sale market is led by Europe in terms of revenue generated. The market was valued at US$738.4 mn in 2015 and is expected to achieve US$11,747.2 mn by the end of 2024. Countries such as India and China have been exhibiting rising demand for mPoS devices. Significant encouragement is also received from government initiatives, such as the creation of mobile micro-ATMs deploying mPoS devices in remote, rural areas in China. Further growth of the mPoS market in China is promised by a shift toward NFC and EMV-based payments, necessitating replacements of older mPoS solutions, thereby accelerating the growth of the market in this region. 

Another country with substantial potential for growth is India, where the vast population base, popularity of smartphones and the Internet, together with growing awareness about technological advancements have been contributing towards growth. Moreover, NFC-enabled credit and debit cards are being introduced by Indian banks. In 2015, for example, the State Bank of India, Axis Bank, and ICICI Bank launched NFC-enabled debit cards.  

Use of Debit, Credit Cards to Amplify Growth 

Lower total cost of ownership (TCO), coupled with the ease of use offered by this technology, has been the key growth driver in this market. Growing preference for card payments, rising disposable incomes of the people, and the widespread use of smartphones are also responsible for growth. 

Usage of various cards such as magnetic-stripe, NFC, and EMV have stoked the demand for hybrid technological solutions, boosting market expansion to a significant degree. The user-friendly design and increased speed offered by NFC technology is likely to position this technology segment at the fore. Furthermore, a number of developers and manufacturers have been working towards the enhancement of security levels so as to ensure complete security while conducting NFC transactions. The robust growth of the e-commerce industry along with the emergence of home delivery facilities has further ensured the growth of the market. 

The information presented in this review is based on a Transparency Market Research report, titled, “Mobile Point-of-Sale (mPoS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024. 

Key segments of the Mobile Point-of-sale (mPoS) market 

By Solution Type

  • Integrated Card Reader Solutions
  • Card Reader Accessories
    • Dongles
    • Sleeves

By Technology

  • Hybrid Technology Solutions
  • EMV Chip and Pin
  • Magnetic-stripe
  • Chip and Sign
  • Near Field Communication (NFC)
  • Biometrics

By End-use

  • Restaurants
  • Hospitality
  • Health Care
  • Retail
  • Warehouse/Distribution
  • Entertainment
  • Transportation
    • Public Transport
    • Rental Cars and Intercity Buses
  • Government
  • Consumer Utility Services

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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