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mPOS Terminal Market Size - By Component (Hardware, Software, Service), By Product (Handheld Terminal, Tablet) By Application (Entertainment, Healthcare, Hospitality, Restaurant, Retail, Warehouse), By Deployment Model, By Technology & Forecast, 2024 - 2032

  • Report ID: GMI464
  • Published Date: Jun 2024
  • Report Format: PDF

mPOS Terminal Market Size

mPOS Terminal Market size was valued at USD 40.2 billion in 2023 and is estimated to register a CAGR of over 9% between 2024 and 2032. Smartphones are becoming increasingly available and affordable worldwide. This penetration makes it easier for small and medium-sized businesses and individual entrepreneurs to adopt mPOS solutions without investing in expensive traditional POS hardware. Both Android and iOS now natively support mPOS applications, making it easier for developers to create and deploy mPOS solutions.

mPOS Terminal Market

Modern smartphones come equipped with features like NFC (Near Field Communication), high-resolution cameras, and robust processing power. These capabilities enable them to support advanced mPOS functionalities. In June 2023, Apple added new capabilities to its iPhones. It allows them to function as mPOS devices without additional hardware, using only NFC for contactless payments. These capabilities enable them to support advanced mPOS functionalities, such as contactless payments, barcode scanning, and real-time transaction processing.

The global expansion of 4G and 5G infrastructure provides the high-speed, reliable internet connectivity necessary for real-time transaction processing, essential for effective mPOS operation. Investments in telecommunications infrastructure in developing markets improve connectivity, enabling businesses in these regions to adopt mPOS solutions and reach new customers.

The increasing availability of broadband and Wi-Fi services, especially in developing markets, ensures that even remote and small-scale businesses can access the internet required for mPOS terminals. According to the World Bank in November 2023, global internet penetration surpassed 60%, with significant growth in regions like Africa and South Asia due to infrastructure investments. This gives rise in internet availability in developing markets, propelling growth in the mPOS terminal market.

mPOS systems often process sensitive information such as credit card details and personal data, making them attractive targets for cyberattacks. Security vulnerabilities can arise from inadequate encryption, weak authentication methods, or compromised devices. mPOS   terminals rely heavily on mobile networks and internet connectivity, which can be unreliable in some areas, affecting transaction completion rates and overall reliability.

mPOS Terminal Market Trends

There is a strong consumer shift towards online shopping due to its convenience, variety, and often lower costs. This trend creates a demand for integrated payment solutions that can seamlessly handle both online and in-store transactions. Consumers expect a seamless shopping experience across all channels, including mobile, online, and in-store. mPOS terminals enable businesses to provide a consistent and smooth checkout experience. Retailers aim to create a unified commerce experience and mPOS systems enable this by providing flexible and mobile payment options that can integrate with e-commerce platforms.

In November 2023, Shopify announced that its merchants’ e-commerce sales grew by 35% year-over-year. mPOS systems facilitate unified commerce, integrating online and in-store sales. They provide a consistent checkout experience and synchronize inventory in real-time, reducing discrepancies and improving operational efficiency.

Governments often invest in the development of infrastructure necessary for digital payments, such as broadband networks, digital identity systems, and cybersecurity frameworks. This supports the widespread deployment and usage of mPOS systems. Governments promote digital payments to enhance financial inclusion. mPOS systems play a crucial role by providing affordable and accessible payment solutions for businesses. Government provides financial incentives and subsidies to encourage small and medium-sized enterprises (SMEs) to adopt digital payment solutions, including mPOS terminals. These initiatives lower the entry barriers for businesses to adopt modern payment technologies.

In December 2023, India’s Ministry of Electronics and Information Technology launched a subsidy program to cover up to 50% of the cost of digital payment infrastructure for SMEs, including mPOS systems. This initiative aimed to increase digital transaction volumes and reduce the dependency on cash.

mPOS Terminal Market Analysis

mPOS Terminal Market Size, By Product, 2022 – 2032, (USD Billion)

Based on product, the market is categorized into handheld terminal and tablet. The handheld terminal segment is projected to hold over 45% by 2032. Handheld terminals provide integration capabilities with business management systems, including inventory tracking, customer relationship management (CRM), and enterprise resource planning (ERP) systems Emerging markets show strong adoption of handheld terminals due to increasing digital payment acceptance and government initiatives promoting cashless transactions. It supports various payment methods, including EMV chip cards, contactless payments, and mobile wallets.

Technological advancements in handheld terminals include better connectivity options, longer battery life, and enhanced user interfaces, making them more efficient and user-friendly. Handheld terminals are in high demand due to their portability, allowing businesses to process transactions and manage operations on the go. In February 2024, VeriFone launched the Engage e285, a handheld POS terminal designed for portability with features like Wi-Fi and Bluetooth connectivity. It caters to retail environments requiring mobile checkout solutions. These devices are particularly useful in retail and hospitality for line-busting, in-aisle checkout, and table-side payments.

mPOS Terminal Market Share, By Component, 2023

Based on component, the mobile POS terminal market is divided into hardware, software, and software. The hardware segment accounted for a market share of around 80% in 2023. Hardware-based mPOS solutions cater to businesses that require additional peripherals to handle diverse payment methods, including credit/debit cards, mobile wallets, and contactless payments. It offers robustness and reliability in environments with high transaction volumes.

Hardware-based mPOS systems integrate seamlessly with broader retail ecosystems, including inventory management, CRM, and e-commerce platforms. It supports a wide range of payment methods, including EMV chip cards, NFC contactless payments, and QR codes. It offers customization options to cater to industry-specific requirements, such as those in hospitality, retail, or transportation, providing tailored features to meet specific operational needs.

Hardware-based mPOS solutions often come with advanced security features, such as encrypted card readers and PIN pads. In March 2024, Square updated its contactless card reader to include enhanced encryption technology and support for biometric verification. It improves transaction security and compliance and helps to comply with stringent security standards like PCI-DSS (Payment Card Industry Data Security Standard).

Asia Pacific mPOS Market Size, 2022 -2032, (USD Billion)

Asia Pacific mPOS terminals market held around 30% of the revenue share in 2023 and is expected to cross USD 36 billion by 2032. The demand for mPOS terminals in the APAC region is surging, driven by the rapid adoption of digital payments, notably in emerging economies such as India, China, and Southeast Asia. These markets are swiftly adopting contactless payments and mobile wallets, bolstered by strong mobile network infrastructures and soaring smartphone penetration rates. Governments in APAC are actively promoting cashless transactions through regulatory frameworks and policies, encouraging the adoption of mPOS terminals among small and medium enterprises (SMEs) and micro-merchants.

In July 2023, India's Ministry of Electronics and Information Technology extended subsidies and incentives for businesses adopting mPOS terminals. It aimed to boost digital financial inclusion and digital payment acceptance. It helps to drive the demand for secure and efficient payment solutions across the retail, hospitality, and transportation sectors.


Businesses in the U.S. and Canada are increasingly integrating mPOS terminals with comprehensive retail management systems, including inventory management, CRM, and e-commerce platforms, to streamline operations and improve customer engagement. The regional mobile POS terminals market is driven by widespread adoption in retail, food services, and entertainment sectors. The region sees continuous innovation in payment technologies. In March 2024, Square launched its latest mPOS solutions tailored for small businesses in North America. It integrates advanced features like contactless payments and real-time analytics. It focuses on enhancing customer experience and operational efficiency.

mPOS Terminal Market Share

Ingenico Group, VeriFone Systems, Inc., and Square, Inc. dominate the market with around 10% of the market share. Square, Inc. is known for its comprehensive suite of financial services and innovative payment solutions. Square initially gained traction with Square Reader, a small, portable card reader that transformed smartphones and tablets into payment terminals. Since then, Square has expanded its offerings to include a range of mPOS devices such as the Square Terminal and Square Register, catering primarily to small and medium-sized businesses (SMBs) across various industries including retail, food services, and professional services.

VeriFone Systems, Inc. has been a provider of secure electronic payment solutions. Specializing in hardware-based mPOS terminals and payment processing technologies, VeriFone serves a global customer base across retail, hospitality, transportation, and financial services industries. The company offers a wide range of mPOS products including countertop terminals, mobile terminals, and integrated POS systems, designed to support various payment methods such as EMV chip cards, contactless payments, and mobile wallets. VeriFone is recognized for its robust security features and compliance with industry standards like PCI-DSS.

mPOS Terminal Market Companies

Major players operating in the mPOS terminal industry are:

  • Diebold Nixdorf
  • Epicor Software Corporation
  • Ingenico Group
  • Micros Systems, Inc.
  • NCR Corporation
  • NEC Corporation
  • Panasonic Corporation
  • PAX Technology
  • Square, Inc.
  • VeriFone Systems, Inc.

mPOS Terminal Industry News

  • In May 2024, VeriFone announced a new all-in-one mPOS terminal with enhanced security features. It highlighted its latest product offerings and advancements in security features. It aims to provide secure and user-friendly payment solutions that meet the needs of modern businesses and consumers.
  • In April 2024, in order to enhance the omnichannel retail experience, Square launched new features that link its mPOS systems with popular e-commerce platforms like WooCommerce and Magento. It allows merchants to manage both in-store and online sales from a single interface and mPOS systems providing flexible and mobile payment options that can integrate with e-commerce platforms.

The mPOS terminal market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and Shipment (Units) from 2021 to 2032, for the following segments:

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Market, By Component

  • Hardware
  • Software
  • Service

Market, By Product

  • Handheld terminal
  • Tablet

Market, By Deployment Model

  • On-premises
  • Cloud

Market, By Technology

  • Biometric
  • Traditional

Market, By Application

  • Entertainment
  • Healthcare
  • Hospitality
  • Restaurant
  • Retail
    • Convenience Stores
    • Department Stores
    • Supermarkets/Hypermarkets
    • Discount Stores
    • Specialty Stores
    • Others
  • Warehouse
  • Others

The above information is provided for the following regions and countries: 

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia
    • Rest of MEA


Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of mPOS terminal reached USD 40.2 billion in 2023 and is set to witness 9% CAGR between 2024 and 2032, led by the expansion of digital wallets and fintech services.

The handheld segment held 45% of the mPOS terminal industry share in 2023, owing to increasing adoption handheld mPOS terminals in emerging markets driven by cashless initiatives.

Asia Pacific market is expected to reach USD 36 billion by 2032, driven by rapid digital payment adoption and government-backed cashless transaction initiatives.

Diebold Nixdorf, Epicor Software Corporation, Ingenico Group, Micros Systems, Inc., NCR Corporation, NEC Corporation, Panasonic Corporation, PAX Technology, Square, Inc., and VeriFone Systems, Inc.

mPOS Terminal Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 360
  • Countries covered: 24
  • Pages: 240
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