Mobile POS Market: Coronavirus Pandemic: Short and long-term actions taken by Key Player? Fortune Business Insights
Posted on Sep 11 2020 7:26 AM
"Top Key companies summarised include PAX Technology, Toast, Inc., iZettle AB., Lightspeed, Square, Inc., HP Development Company, L.P., VeriFone, Inc., and Ingenico Group., among others."
The continuing transition of payment methods from cash to electronic payments has directed businesses and people towards the adoption of advanced payment methods like Global Mobile Point of Sale Market across the world. Many developed and developing countries around the world seen adopting mPOS as card acceptance solutions which have become popular than traditional payment methods. The capability of Mobile Point of Sale Market to connect with smartphones or tablets with mobile card reader wirelessly enhances its adoption day by day. Additionally, the system advantageous features of low initial cost, quickly onboarding, transparent pricing, and facility to add value-added services are increasing interest of merchants and retailers potentially.
This potential interest for the mPOS system expected to boom the market in upcoming years. Banks and government are offering schemes and support for encouraging card adoption which is expected to contribute substantially in the growth in the market. Earlier, as acceptance of Mobile Point of Sale Market over traditional POS is seen by many small and medium enterprises, this is expected to boom market with an increasing number of start-ups and SMEs. Moreover, large enterprises are also projected to adopt the mPOS system due to its capability of integrated payment and gathering of customer data with enhancing customers' in-shopping experience. Subsequently, rapidly growing demand for debit and credit cards offers opportunities for Mobile Point of Sale Market.
Key Market Driver –
- Government support and regulation for cashless payment drives the Mobile Point of Sale Market growth
- Increasing number of SMEs and micro merchants expected to boom industry
Key Market Restraint -
Cyberattacks on mPOS terminals or smartphones leading towards security concerns
Key Players Covered:
With the rapid growth in the Mobile Point of Sale Market, key players are struggling to achieve top market positions by enhancing and expanding product offerings. Along with mobile POS hardware, value-added services (VAS) are increasingly being offered by key players. Although, the development of customized mobile point of sale is likely to upsurge adoption daily. Moreover, key players are expanding their business portfolio through strategic collaborations, partnerships, and acquisitions. For instance, In November 2019, Visa, Inc. collaborated with Clip to expand Mobile Point of Sale Market and tablet POS devices throughout Mexican merchants.
Other Key companies summarised include PAX Technology, Toast, Inc., iZettle AB., Lightspeed, Square, Inc., HP Development Company, L.P., VeriFone, Inc., and Ingenico Group., among others.
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North America is presumed to be the largest contributor to the mobile point of sale market. Moreover, the presence of large numbers of small and medium enterprises and micro-merchants drives the mPOS terminal market across North America. A cloud-based flexible, secure, and fast mPOS system has motivated the European mobile point-of-sale (mPOS) market. The rising adoption of advanced technologies by the merchants and retailers expected to drive the market of mPOS terminal across Europe. Besides this, Banks across the regions have taken initiatives to support the Mobile Point of Sale Market to provide a lesser charge on payments to users. Besides, technologically developing Asian countries like India, China, Indonesia, and Japan among others are seen to be taken initiative to total cashless payment methods. Although, increased card-based payment acceptance expected to drive the growth of the mPOS market in the Asia Pacific. Strategic partnerships, collaborations, and innovative product offerings are expected to expand the Mobile Point of Sale Market terminal portfolio across Middle East & Africa in the forecasting period.
Global Mobile Point of Sale Market Segmentation
By Enterprise Size
- Large Enterprise
- Small & Medium Enterprises (SMEs)
- Others (Government, Transportation, etc.)
By Geography Mobile Point of Sale Market
- North America (the U.S. and Canada)
- Europe (the U.K., Germany, France, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
Key Industry Developments
- October 2019: Samsung Electronics partnered with Mobeewave Inc., to deploy highly secure, contactless and NFC-enabled payment acceptance on mobile devices worldwide
- June 2018: National Bank has launched a mobile point of sale market solution named National Bank Easy Pay (“Easy Pay”), in collaboration with Mobeewave, Inc. National Bank is becoming first Canadian financial institution to offer specifically to SME clients. By adopting this, Easy pay solution retailors can able to accept payments via customers digital wallet or contactless credit card.
Key Research Objectives
- Mobile Point of Sale Market size and growth rate by various segments at global and regional level for the 2015-2026 period, with 2015-2017 as historical data, 2018 as base year and 2019-2026 as forecast period
- Overall market size and growth rate for key countries for the 2015-2026 period
- Market dynamics - Market drivers, restraints, trends and opportunities
- Technological and market developments shaping the market
- Competitive analysis
- Profiles of key companies operating in the Mobile Point of Sale Market
- Key insights
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