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mPOS Terminals Market Size By Solution (Hardware [Handheld Terminals, Tablet], Software) By Deployment (On-Premise, Cloud-Based) By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail [Convenience Store, Department Store, Supermarket/Hypermarket, Discount Store, Specialty Store], Warehouse), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI464
  • Published Date: Jul 2021
  • Report Format: PDF

Industry Trends

mPOS Terminals Market size exceeded USD 20 billion in 2020 and is expected to grow at a CAGR of over 18% from 2021 to 2027. The global industry shipments will exceed 50 million units by 2027. The market growth can be attributed to the increasing penetration of EMV chip card technology for credit and debit card payments.

mPOS Terminals Market Overview

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The mPOS terminals is a smartphone, tablet, or wireless device that is enabled to accept card and digital payments. The device allows merchants to accept payments from customers via an internet connection without being tethered to a single location. With an application installed in the device, a credit card reader is able to accept payments from customers. The terminals are integrated hardware and software solutions, allowing easier transactions for merchants and customers.

Increasing adoption of digital payments, such as Amazon Pay and Google Pay, among consumers is one of major factors for the market expansion. For instance, in 2020, Google Pay processed 960.02 million transactions, followed by PhonePe with 868.4 million, and Paytm with 260 million transactions in India. The increased usage of contactless payments is encouraging merchants to adopt mPOS terminals to accept contactless payments directly on customers’ smartphones. The merchants are replacing their traditional POS systems with advanced terminals for accepting payment via NFC-enabled cards or apps.

The ongoing coronavirus (COVID-19) pandemic negatively impacted the mPOS terminals market in 2020. The closure of manufacturing plants of raw material and component suppliers resulted in supply chain disruptions for several players operating in the market. However, increased acceptance of contactless payments led to increased demand for mPOS terminals for conducting payment transactions.

Adoption of tablet POS terminals to increase business sales will propel the market progression

The U.S. mPOS terminals market will expand at 16% growth rate through 2027 led by a rapid shift toward secure, robust, fast business solutions, and ubiquitous tablet devices. The low installation cost and quick checkout offered by tablet POS terminals have significantly increased their usage among businesses. Tablets enable merchants to improve Return on Investment (ROI) and meet the targeted sales as well as labor efficiency. The market players are introducing solutions to allow users manage inventory, customer data, and analytics.

Deployment of cost-effective cloud-based POS terminals will accelerate the market value

mPOS Terminals Market Size

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The UK cloud-based mPOS terminals market is predicted to expand at a CAGR of more than 22% by 2027 on account of the increasing acceptance of cloud computing services among SMEs across the UK. For instance, in 2020, 51% of the UK business leaders shifted to a cloud-based model during the COVID-19 pandemic. The cloud-based deployment mode offers several benefits such as infrastructure security, high speed, scalability, and 24/7 services. The cloud-based mPOS terminals only require a proper internet connection that enables businesses to reduce the cost spent on infrastructure. Also, the increasing adoption of contactless payment technologies across several industrial sectors is driving the demand for cloud based mPOS terminals.

The need to improve customer shopping experience is fueling the acceptance of mPOS terminals among retailers in the market

The retail application segment is poised to witness high growth opportunities in the mPOS terminals market. The increasing competition with online retailers has encouraged physical brick and mortar stores to implement advanced payment solutions for attracting customers. The mPOS terminals allow retailers to accurately manage inventory and understand the sales performance of products that attract customers. The terminals enable merchants to improve the customer shopping experience by offering them fast check-out and secure payment transaction process. The mPOS terminals enables integration with inventory management, loyalty program, reporting & analytics, CRM, and e-commerce platforms.

The growing e-commerce sector is fostering the adoption of digital payments solutions among consumers

APAC mPOS Terminals Market

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Asia Pacific mPOS terminals market accounted for 30% of revenue share in 2020. The flourishing e-commerce sector in India and China has resulted in increased popularity of digital payment methods among consumers. According to India Brand Equity Foundation (IBEF), the Indian online grocery market is estimated to reach USD 18.2 billion in 2024 from USD 1.9 billion in 2019. This has encouraged online retailers to replace their conventional devices with mPOS terminals and provide customers with seamless shopping experiences across all channels.

Launch of new products forms a key strategy among market players

Key companies operating in the mPOS terminals market include Ingenico Group, First Data Corporation, Oracle Corporation, NCR Corporation, Diebold Nixdorf, Incorporated, Verifone Holding Inc., Zebra Technologies, Posiflex Technology, New POS Technology, Shenzhen Xinguodu Technology Co., Ltd, Fujian Newland Payment Technology Co., Ltd, BBPOS Ltd., SZZT Electronics, Square Inc., PAX Global Technology, and Bitel Co., Ltd. The participants are introducing innovative mPOS terminals to attract end-use customers and remain competitive in the market. Key market leaders are focusing on expanding their product portfolio and customer base.

The mPOS terminals market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2017 to 2027 for the following segments:

Market, By Solution

  • Hardware
    • Handheld terminal
    • Tablet
  • Software

Market, By Deployment

  • On-premise
  • Cloud-based

Market, By Application

  • Entertainment
  • Healthcare
  • Hospitality
  • Restaurant
  • Retail
    • Convenience stores
    • Department stores
    • Supermarket/Hypermarket
    • Discount stores
    • Specialty stores
    • Other stores
  • Warehouse
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia & New Zealand (ANZ)
    • South East Asia
  • South America
    • Brazil
    • Argentina
    • Chile
    • Colombia
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
Authors: Preeti Wadhwani, Saloni Gankar

Frequently Asked Questions (FAQ) :

The market size of mPOS terminals surpassed USD 20 billion in 2020 and will witness a CAGR of over 18% between 2021 and 2027.

U.S. market will register a CAGR of 16% through 2027 owing to increased preference for secure, robust, fast business solutions, and ubiquitous tablet devices.

UK cloud-based mPOS market will record a CAGR of over 22% through 2027 with increasing adoption of cloud computing services among SMEs in the country.

APAC market had captured over 30% global share in 2020 on account of increased popularity of digital payments driven by thriving e-commerce sector in India and China.

Some of the major mPOS terminals worldwide include First Data Corporation, Posiflex Technology, PAX Global Technology, NCR Corporation, Oracle, Square Inc., and Fujian Newland Payment Technology Co., among many others.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 39
  • Tables & Figures: 575
  • Countries covered: 22
  • Pages: 300

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