Mobile POS System to Account for Almost 25% of Overall POS Transactions by 2023
According to a press release, this will represent a threefold increase over an estimated 28 billion transactions in 2018. In the study it was found that mPOS devices will drive an increased use of payment cards in upcoming markets at an average annual growth rate of 46% over next 5 years.
POS and mPOS terminals research says that the average price of an mPOS device will drop according to vendor strategies, innovation and market forecast from 2018 to 2023. This affordability and simplicity of mPOS devices make them highly attractive to smaller businesses.
Well established point of sale vendors such as Verifone, Ingenico and EPOS Direct will therefore increasingly look forward to mPOS as an area of their future growth and expanding their market reach which were previously unaddressed markets.
"As a result many traditional POS manufacturers have identified mPOS as an important way to diversify revenue streams, at a time when established revenue streams are losing momentum," Nick Maynard, who authored the report, said in the press release.