The mobile point-of-sale devices market would be valued at US$21,063 million In 2022. The market is estimated to grow quickly and reach US$ 1,40,134.2 million by 2032 with an anticipated CAGR of 20.9%.
Mobile point of sale devices (mPOS) are wireless devices that process payments from various methods like credit cards and debit cards, recently Mobile point of sale device services have been extended to mobile wallets and NFC as well.
Mobile point-of-sale devices (mPOS) are cost-efficient and suitable for all types of businesses, Mobile point-of-sale device is equipped with SIM card slots which enables merchants at remote locations to operate smoothly.
Mobile point of sale device eliminate a single point of checkout for big businesses which enhances the customer buying experience.
Key drivers for Mobile point of sale (mPOS) devices include 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 support 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 offer 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.
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 markets 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 the Middle East and Africa are also projected to witness positive growth during the forecast period.
Major Key Players:
Key players in the Mobile Chipset Market include VeriFone Systems Inc., Square Inc., First Data Corp, LifePay ZAO, Upserve Inc., Paynear Solutions Private Limited, CardFlight Inc., Ingenico Group, Zebra Technologies Corp, and Hewlett-Packard Development Company, L.P. These companies drive innovation and competition in the market, offering a range of solutions for mobile payments, POS systems, and chip technology, shaping the landscape of digital transactions and enabling businesses to enhance their payment capabilities.
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