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What's Driving the mPOS Terminals Market Trends? BBPOS, Bitel Perú, Diebold Nixdorf, First Data Corporation, Ingenico Group, MICROS Systems Inc, NCR Corporation, Panasonic, Shenzhen Xingjiexun Electronics Co.Ltd, Samsung Electronics
Cloud-based mPOS solutions are expected to witness lucrative demand owing to its remarkable benefits like flexible functionalities and low cost. They offer consumers the ability to efficiently use POS platform with the help of a stable internet connection.
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Besides, mPOS software allows tracking orders, managing inventory, and storing vital customer data, helping enhance store profitability and productivity. Furthermore, these solutions deliver high level of user comfort compared to on-premise terminals as well as better functionality.
Apart from a growing number of small and medium-sized retail stores, restaurants and hotels are also adopting handheld mPOS terminals to offer a convenient payment experience to customers. Handheld terminals provide customers the option to pay via mobile wallets and credit, debit, and EMV cards. This significantly reduces the payment processing time, resulting in an improved shopping experience. Future trends will revolve around the integration of advanced technologies, such as biometric fingerprint authorization, to enable more secure transactions.
Hotels, resorts, coffee shops, amusement parks, and retirement communities are implementing the technology to enhance guest experience. The hospitality sector has experienced a significant adoption of mPOS terminals as it serves as a convenient way to handle transactions. The devices offer features such as high-level security and encryption, on-demand reporting, and handheld capabilities.
Rapid development in the technological landscape and rampant expansion across the retail sector is expected to fuel LATAM mPOS terminals market growth. Big retail firms in LATAM are now offering convenient and fast online retail services, and investing in new development activities to streamline online payment systems.
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Taking September 2018 for instance, Walmart Inc. acquired online marketplace, Cornershop to deliver on-demand grocery delivery in Chile and Mexico. With a significant increase in business expansion activities, the demand for advanced mPOS systems could bolster over 2026.
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