Mobile POS Terminals Market in Retail Sector is Projected to Witness an Upward Growth Over 2018-2024 | Key Players are Fujian Newland Payment Technology, NCR Corporation, Posiflex Technology, Diebold Nixdorf, and Ingenico Mobile Solutions

The mobile POS terminals market in the retail sector is expected to witness an upward growth due to the significant expansion of the e-commerce sector. The retailers are implementing these devices to enhance the shopping experience for the customers. Features, such as geolocation, allow the sellers to send sale or discount alerts, coupons, and codes to the customers. These solutions also help the retailers to build customer profiles that store and analyze the purchases and preferences of customers.

Mobile POS terminals market is projected to surpass USD 55 billion by 2024. Lower installation costs as compared to the traditional POS systems will propel the mobile POS terminals market growth. The traditional systems require a telephone connection or a SIM card in addition to the card swiping machine. On the contrary, the mobile systems are available at a fraction of the costs as compared to the traditional systems or affordable rental prices.

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The mobile POS terminals market is characterized by the compliance of these systems with industry standards such as EMV2 and PCI, making them highly secure. Additionally, a high degree of security allows these systems to perform well with high transaction success rates. The implementation of technologies is increasing the capabilities of these devices to perform fraud detection in case of any anomalies in the system. For instance, the geo-tagging facility allows the devices to track the place and the time of the transaction.

The key trend of the growing adoption of cloud-based solutions is expected to impact the mobile POS terminals market positively. Cloud solutions allow the merchants to store and access the product and customer data across multiple platforms. Increasing penetration of internet and smartphones is allowing an increased number of vendors to integrate the systems with cloud-based solutions.

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Hardware mobile POS terminals market is expected to gain momentum over the forecast timespan due to the increasing penetration of smart handheld devices such as smartphones. The handheld terminals are witnessing a large-scale adoption due to low costs and the easy setup of these systems. Also, these systems do not require a high degree of technical expertise for their operation. The retailers are buying multiple devices for their delivery personnel or installing multiple devices on their billing counters to enhance the customer experience.

Europe mobile POS terminals market will experience a significant growth due to the increasing adoption of these systems in the BFSI sector. The banks in the region are adopting these systems to offer customers lesser transaction fees. For instance, in June 2016, Spire Payments has partnered with a leading European bank to implement SPm2 devices in the branches of the bank. The solution will allow roaming services to serve bank customers from anywhere within the branch.

The retail industry has been one of the major consumers for mobile POS terminals market, as smartphones and tablets are becoming increasingly ubiquitous and are being more rapidly used by retailers all over the world. This spurt in mobile usage has commenced to not only provide customers with easier payment options but also to compete with digital giants who have been, for a while now, gaining a substantial proportion of the retail industry share. Google swept the headlines when its digital payment platform Google Pay was launched.

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Key players in the mobile POS terminals market include Fujian Newland Payment Technology Co., Ltd., NCR Corporation, Posiflex Technology, Diebold Nixdorf, and Ingenico Mobile Solutions. These companies are constantly competing to gain the majority share and implementing strategies such as product development for customer-specific requirements. For instance, First Data launched Clover Mobile, a Mobile POS solution that adds versatility and flexibility to the Clover Station. The solution allows more personal engagement by taking payment experience from off-the-counter to the floor.

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