Any wireless device like a smart phone or a tablet that is used as a cash register at the place where a sales transaction occurs is a Mobile POS Terminal. Mobile POS devices enable connectivity at all times and are the preferred mode of operation in modern times. Increased use of mobiles and tablets, higher mobility, faster throughput, low initial investments, technological advancements and convenience of operation are the key factors leading to the popularity of Mobile POS Terminals. Low set-up costs are the most attractive feature that draws small and medium businesses towards this technology. However, complicated governmental regulations and multiple certifications may prove a hindrance to rapid growth.
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Mobile POS Terminal Systems incorporate features like VoIP, RFID, Wi-Fi, and smart card. They can also be connected to Bluetooth-enabled printers for faster checkout at retail stores. They employ technologies like Wi-Fi, CDMA, GPRS and 802.11 and offer reduced transaction costs. The advent of chip-embedded payment cards secured by personal identification number (PIN) has improved data security, thereby augmenting demand for POS terminals. Advanced POS systems are more durable as well as reliable and therefore, a better alternative to traditional systems, like cash registers. Also, better availability of affordable wireless communication systems and widespread proliferation of terminals enabled with TCP/IP connectivity will have a positive effect on the Mobile POS Terminals market.
Apple Pay, the mobile payment and digital wallet service introduced by Apple Inc. in 2014, is anticipated to take the place of traditional POS systems in future years. Also, reduced prices and the futuristic contactless technology are leading to growing demand for NFC-enabled POS Terminals.
Mobile POS Terminals feature pre-loaded software that is frequently customized to suit the user needs. There has been higher proliferation of Software as a Service (SaaS) in the Mobile POS Terminals market in recent years. The terminals are rugged and ergonomic. Implementation of hardware interface standards will have a positive effect on the POS hardware market.
Key Application Areas
Mobile POS Terminals witness strong demand from the retail sector followed by the hospitality industry. Applications in retail outlets include managing assets, conducting price checks, receiving invoices and getting customer signatures, among others. Transactional data obtained from POS Terminals is a rich source of customer analytics intelligence. Quick Service Restaurants find great use for Mobile POS Terminal Systems due to speed and convenience. Healthcare organizations are also increasingly looking towards Mobile POS Terminals as a way for streamlining their payment systems and for tracking patient data. Warehousing and inventory management are the other areas where Mobile POS Terminals are being employed. However, the key demand for Mobile POS Terminals is expected to come from the small and medium retail businesses in the forthcoming years.
The market for Mobile POS Terminals has reached maturity in developed economies of US and Western Europe. However, growing economies like China, India, Mexico and Brazil, with their increasing penetration of credit and debit cards, will provide growth opportunities in future. The expansion of retail industry in India and China is expected to boost the demand for Mobile POS Terminals in these regions.
Key market players include VeriFone Systems Inc., NEC Corporation, Panasonic Corporation, PAX Technology Ltd., Toshiba Corporation, MICROS Systems Inc., Cisco Systems Inc., Samsung Electronics Co. Ltd., Hewlett-Packard and Ingenico S.A., among others. The industry is characterized by consolidation, with mergers and acquisitions being a dominant feature for the past few years. Ingenico S.A. took over the POS terminals business of Sagem Monetel in December 2007. Similarly, Verifone Systems Inc. acquired Hypercom Corporation in August 2011. The Mobile POS Terminal market is expected to witness increased competition in the coming years as new businesses enter the industry.
Information Source: Grand View Research