What is the Current Scenario of the mPOS Terminals Market?

The mobile point-of-sale (mPOS) terminals market is growing on account of the rising preference for cashless payments and increasing demand for a better customer experience. As a result, the revenue generated from the sale of such machines will increase from $19.5 billion in 2019 at a CAGR of 17.9% during 2020–2030 (forecast period). An mPOS terminal is essentially a credit/debit card machine with its own internet connectivity or paired with the internet connection of a mobile phone or primary Wi-Fi.

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Retail, hospitality, food service, warehouse, sports & entertainment, healthcare, and others are the categories of the application segment. In 2019, the retail category generated the highest revenue in the market as such machines are primarily used by small and large stores to simplify the process of making payments for purchases. This allows customers to avoid the serpentine queues at supermarkets and make a payment directly from the shopping area, thus resulting in inconvenience and helping build brand loyalty.

The strongest factor propelling the mPOS terminals market growth is the constant rise in the volume of cashless transactions. Governments around the world are encouraging such transactions as they help save paper money and allow income tax departments to keep a tab on spending anomalies. Moreover, such payments allow people to complete the transaction from wherever they are, without having to stand in long queues. Thus, seeing the rapid shift in consumer preference, which is, in part, credited to their rising knowledge on the new technologies, retail and other sectors are procuring mPOS machines.

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Asia-Pacific (APAC), which held the largest share in the mPOS terminals market during the historical period, will also grow the fastest over the forecast period. This would be because of the large number of retail stores, hotels, restaurants, and other settings that serve the public. Moreover, the huge population of the region is now demanding more convenience while shopping, which is prompting retailers to adopt mPOS machines. Similarly, China is the largest e-commerce market in the world, which drives the demand for such devices in the country.

Hence, the market is growing with the changing shopping patterns and preferences, which are now categorized by a heightened need for more convenience.

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