Point of sale device (mPOS) performs the function of electronic point of sale terminal or cash register with the help of a smartphone, tablet or dedicated wireless device. Mobile point of sale devices (mPOS) are wireless devices and process the payments from various methods like credit cards and debit cards, recently the Mobile point of sale device services are extended to mobile wallets and NFC as well. Mobile point of sale device (mPOS) are cost efficient and suitable for all types of businesses, Mobile point of sale device is equipped with SIM card slot which enables the merchants at remote locations to operate smoothly. Mobile point of sale device eliminates a single point of check out for big business which enhances customer buying experience.
Mobile point of sale Devices (mPOS) Market Drivers, Restraints, Segmentation, Regional Outlook and Competition Landscape:
Key driver for Mobile point of sale (mPOS) devices includes 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 locations and supports the merchants who has no fixed place, other drivers include high level of customization basing on the requirement of the customer. Mobile point of sale devices also offers the customers with centralized data base management. Migration from conventional POS systems to Mobile point of sale devices (mPOS) system is one of the key restrains 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 Mobile point of sale devices market. Security risks associated with Mobile point of sale device is also one of the key restraints.
Mobile point of sale devices market is mainly segmented by By Solution Type: Integrated Card Reader Solutions, Card Reader Accessories, Dongles, Sleeves; By Technology: Hybrid Technology Solutions, EMV Chip, Pin Magnetic-Stripe Chip, Sign Near Field Communication (NFC), Biometrics; By End-use: Restaurant Hospitality (Lodging), Healthcare, Retail Warehouse/Distribution, Entertainment; On the basis of 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 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.
Key vendor in the Mobile point of sale (mPOS) Devices 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.
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