Asian mPOS use booming
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The fast-growing population of smartphones and tablets are driving an Asian mPOS boom.
Mobile point-of sale (POS) terminals will take on a significant role in businesses, handling 40 per cent of all retail transaction value by 2021, up from an expected 12 per cent in 2016, finds Juniper Research.
The company says mPOS is enabling smaller merchants in emerging markets, particularly across India, Southeast Asia and Latin America, to accept card payments and grow their businesses.
With larger retailers adopting mPOS in retail sales, Juniper forecasts the use of mPOS systems to account for more than one in three POS terminals by 2021
“We are seeing several vendors tailor their software to the needs of specific industries, integrating mPOS capabilities as part of broader cloud-based business software,” said James Moar, research author.
“These additional services can then make use of the sales data directly to manage inventory, monitor staff performance and other functions, which can all add more value to a business and justify a higher margin.”
Questions & Answers
Q.What is driving the increased use of mPOS systems in Asia?
What is driving the increased use of mPOS systems in Asia?
The rapid growth in the number of smartphones and tablets is identified as the primary factor behind the expansion of mobile point-of-sale systems. This technological shift is making mPOS more accessible and practical for businesses.
Q.Which specific regions are benefiting most from mPOS adoption?
Which specific regions are benefiting most from mPOS adoption?
Smaller merchants in emerging markets, particularly across India, Southeast Asia, and Latin America, are experiencing significant advantages. MPOS allows them to accept card payments, which helps in expanding their business operations.
Q.How much of the total retail transaction value is mPOS expected to handle by 2021?
How much of the total retail transaction value is mPOS expected to handle by 2021?
By 2021, mobile point-of-sale terminals are forecast to handle 40 per cent of all retail transaction value. This is a substantial increase from the expected 12 per cent in 2016, indicating rapid growth.
Q.What additional benefits do integrated mPOS systems offer businesses?
What additional benefits do integrated mPOS systems offer businesses?
Integrated mPOS capabilities, especially when part of cloud-based software, allow businesses to manage inventory, monitor staff performance, and other functions using sales data. These services can add significant value and justify higher margins.
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