A highly competitive market awaits those looking to provide mPOS
services, says Transparency Market Research (TMR) in a new report.
There are already a large number of players in the market. As a
result, it is difficult for players to achieve substantial
differentiators for themselves to set their services apart.
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TMR finds that Ingenico S.A., PAX Technology Ltd., and VeriFone
Systems, Inc. were the leading providers of mPOS services in 2015
through a flurry of positively received innovative efforts. The
former has also made heavy investments in making mPOS available
across all three major smartphone operating systems: Android, iOS,
and Windows and has also covered a landmark acquisition of ROAM Data,
Inc. in 2012. Additionally, players such as VeriFone are investing
significant amounts into improving their customer engagement
practices and methods.
Large Influx of
New Players to mPOS Services Expected
The number of mobile point-of-sale (mPOS) vendors has increased
significantly over the recent past, thanks to the ease with which
companies can establish their presence in this space. The concept
allows small business owners to set up their own POS services to help
them carry transactions with their customers.
They can do this without the need for heavy investments in support
software, further increasing the appeal of mPOS for vendors. These
services are capable of speeding up transactions, simultaneously
improving consumer experience and support, making mPOS a highly
sought-after service by a large portion of global vendors in various
industry verticals.
NFC-enabled mPOS
Out to Make a Mark With High Global Proliferation
One of the greater trends for mPOS is the migration of mPOS services
on to near field communication devices. Apple was the key driver for
this segment after the introduction of Apple Pay in 2014. After that,
the launching of the now majorly used services such as the mPOS
variants for PayPal and Google Wallet.
Additionally, the use of NFC in mPOS is expected to increase even
further after a wider scale of implementation of host card emulators.
Most of the major names in the global banking industry, such as
Barclays Bank PLC and ING Group have planned to create a global usage
of HCE mPOS. The same can be visible through its high scale
implementation in China and India, where mPOS is generating high
traction.
India and Other
Emerging APAC Nations Show Major Scope of Growth in mPOS Sales
“As revealed by the World Bank, India had nearly 6.9 POS terminals
for every thousand individuals. This low number of terminals, coupled
with the smartphone sales boom, and the high population density of
the country, have placed it at the top of the charts for growth
potential in mPOS,” says a TMR analyst.
A few challenges still exist for players in the mPOS market. For one,
the Indian market for mPOS is largely unorganized. According to the
IBEF, only 7% of the Indian retail market was organized in 2013. This
makes India a highly potent untapped market for organized retail and
the large scale introduction of mPOS technologies and services. Banks
have already begun providing mPOS enabled cards, further increasing
the scope of awareness and use of mPOS.
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Expanding at a 38.0% revenue-based CAGR between 2014 and 2022, the
global mPOS market is expected to reach US$38 bn by 2023. It was
recorded at US$2 bn in 2015. Imparting a major chunk of revenue to
this market and its meteoric rise is its product segment of card
reader accessories, which is progressing at a CAGR of 43.3% within
the same forecast period.
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