Press release
Why mPOS Terminals Market is growing rapidly? Diebold Nixdorf, First Data Corporation, NCR Corporation, PayPal, iZettle, Shopify, BBPOS, Diebold Nixdorf
The development of digital wallet solutions is impelling organizations to deliver cloud-based POS systems that are also compatible with digital wallet solutions. For instance, ePaisa, a prominent Mumbai-based mPOS app, provides omnichannel payment acceptance like digital wallets, cards, UPI, as well as QR scans. This empowers SMBs to run their business effectively, increasing profitability and efficacy.
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Handheld mPOS terminals are likely to experience a high demand from small & mid-sized retail outlets as they focus on enhancing the shopping experience for their customers. These terminals will permit customers to make payment through debit cards, credit cards, mobile wallets, and EMV/chip cards, thereby reducing the payment processing time.
The introduction of innovative technologies, like biometric fingerprint identification, will further help users carry out secured as well as authorized transactions.
Cloud-based deployment segment will witness high growth in the mPOS terminals market. The software gives users capability to access the platform through an internet connection. Additionally, cloud-based systems are also observing high adoption by small businesses owing to their low cost as well as flexible functionalities.
The software also allows user to track orders, store data of customer, and manage inventory, helping them to enhance profitability and productivity. Additionally, these systems provide a top-level of comfort and better functionality in comparison to on-premise devices.
The hospitality sector is observing a high adoption of mPOS terminals to improve guest experience and to offer them a way to process their transactions more conveniently. The device offers on-demand reporting, visual reports, high-level security and encryption, as well as handheld/mobile capabilities for coffee shops, retirement communities, hotels, amusement parks, and resorts. Numerous firms are also providing these systems, permitting them to manage inventory and stock.
Meanwhile, technological advancements and expansion of retail firms are anticipated to drive the mPOS terminals market throughout Latin America. Prominent retail firms are also aiming on delivering convenient and fast online retail services to its customers. Citing an example, Walmart Inc., in September 2018, announced the acquisition of online marketplace, Cornershop, to facilitate on demand delivery of groceries in Chile and Mexico.
The demand for implementing improved payment solutions to enhance the shopping experience for customers will further increase during the estimated timeframe, creating a remunerative growth impetus for the mPOS terminals market.
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Overall, the aforementioned trends are likely to offer an array of business growth opportunities for mPOS terminals market. The competitive market landscape is home to companies like Shenzhen Xinguodu Technology Co., Ltd., Square, Inc. First Data Corporation, NCR Corporation, PAX Global Technology, Oracle (Micros), Verifone, Fujian Newland Payment Technology Co., Ltd., Zebra Technologies, BBPOS, SZZT Electronics, Diebold Nixdorf, Posiflex Technology, New POS Technology, Bitel Co., Ltd., Ingenico Mobile Solutions among others.
Prominent market players, which include PAX Global Technology, NCR Corporation, and Ingenico Mobile Solutions, among others, are expanding their product offerings so as to increase their market presence. Citing an example, Verifone, back in January 2015, announced the launch of its new android-based POS solutions thereby targeting large retailers.
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