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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.
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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.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | USD 20 Million |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 18% |
2027 Value Projection: | USD 70 Billion |
Historical Data for: | 2017 to 2020 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 575 |
Segments covered: | Solution, Deployment, Application, Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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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.
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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 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.
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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.
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.
Market, By Solution
Market, By Deployment
Market, By Application
The above information has been provided for the following regions and countries: