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.
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
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