Updated time: Aug 19, 2020 , 09:39 (UTC+03:00)
Market Size - $ 11.54 bn in 2016, Market Growth - CAGR of 19.0%, Market Trends – Rising adoption in numerous industry sectors
Delaware, June 07, 2016 (GLOBE NEWSWIRE) -- (mPOS) Mobile POS Terminals Market size is forecast to hit USD 48.77 billion by 2023; as per a new research report by Global Market Insights, Inc.
Escalating demand for economical wireless communication technologies is predicted to propel global mobile POS terminals market growth from 2016 to 2023.
Rising need from numerous industry applications such as entertainment, restaurants, healthcare, hospitality, retail and warehouse is predicted to fuel mPOS terminals market demand. Hospitality and retail sectors are likely to experience potential growth prospects owing to growing usage of these products for making payments. It also aids in improving customer experience by eliminating delays in payment processing caused due to long queues.
The technology involves the use of wireless devices in order to execute payments for products and services. Wireless technology aids in streamlining numerous processes ranging from renting a cab to buying food items. This enables cost reduction per transaction, especially in high telecommunication costs regions owing to usage of technologies such as GPRS, 802.11, Wi-Fi, and CDMA. According to Research Papers and Annual Report all over the world, there’s some characteristic with the market:
Global acceptance accompanied by high software compatibility offered by these systems is likely to provide businesses with convenience of portable sales. Furthermore, along with cost optimization, wireless communication system is likely to enhance the efficiency of individual workers and also eliminate delay involved during sales or service.
Lack of awareness regarding need, scope and the benefits offered by PCI Data Security Standards (DSS) may result in resistance while making merchants PCI-compliant. The PCI non-compliance to is likely to increases the possibilities of card data breaches, which is likely to result in financial as well as non-financial impact that includes loss of reputation of the representatives and customer trust.
Price fixing along with anti-competitive trade practices in the credit card industry is the result of high interchange fees, which has doubled in the past. For instance, in the U.S., interchange fee on average is approximately 2% of the total transaction value. However, increase in the transparency of interchange process in the country has reduced interchange fees resulting in condensed merchant service charges. Rising implementation of such regulations in this highly competitive industry scenario may result in development of new measures in order to prevent fraudulent losses.