Many developed and developing countries around the world seen adopting mPOS as card acceptance solutions which have become popular than traditional payment methods. The capability of mPOS to connect with smartphones or tablets with mobile card reader wirelessly enhances its adoption day by day. Additionally, the system advantageous features of low initial cost, quickly onboarding, transparent pricing, and facility to add value-added services are increasing interest of merchants and retailers potentially. This potential interest for the mPOS system expected to boom the market in upcoming years. Banks and government are offering schemes and support for encouraging card adoption which is expected to contribute substantially in the growth in the market.
Growing popularity of е-соmmеrсе and саѕhlеѕѕ trаnѕасtіоns ѕuсh аѕ МаѕtеrСаrd, Vіѕа (ЕМV) саrdѕ and ЕurоРау in dеvеlореd as well as dеvеlоріng соuntrіеѕ is drіvіng growth of the global mobile РОЅ tеrmіnаl market. Adoption of cloud-based mPOS is seen to be favourable by соnvеntіоnаl ѕtоrеѕ, rеtаіlѕ оutlеtѕ, ѕuреrmаrkеtѕ, rеѕtаurаntѕ, еtс. Due tо dаtа ѕесurіtу fеаturеѕ and еаѕу ореrаtіоn.
North America is presumed to be the largest contributor to the mobile point of sale market. Moreover, the presence of large numbers of small and medium enterprises and micro-merchants drives the mPOS terminal market across North America. A cloud-based flexible, secure, and fast mPOS system has motivated the European mobile point-of-sale (mPOS) market. The rising adoption of advanced technologies by the merchants and retailers expected to drive the market of mPOS terminal across Europe.
KEY INDUSTRY DEVELOPMENTS
October 2019: Samsung Electronics partnered with Mobeewave Inc., to deploy highly secure, contactless and NFC-enabled payment acceptance on mobile devices worldwide
June 2018: National Bank has launched a mobile point-of-sale solution named National Bank Easy Pay (“Easy Pay”), in collaboration with Mobeewave, Inc. National Bank is becoming first Canadian financial institution to offer specifically to SME clients. By adopting this, Easy pay solution retailors can able to accept payments via customers' digital wallet or contactless credit card.
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