The number of global mPOS will increase by 4 times in 2019. Asia Pacific becomes the largest market.
If you are overwhelmed by the mobile POS market, you will feel good for the next four years, as this market will continue to grow in the future. According to the latest data from 451 Research, the number of mobile POS in the world will increase from the current 13 million to 54 million in 2019, reaching an annual growth rate of 32%.
Jordan McKee, a senior analyst at 451 Research, believes that there are two important factors driving the rapid growth of mobile POS.
"Standing in a big environment, the development of mobile networks and the ubiquitous mobile phones enable people to stay online at all times," he said. "With this trend, it is easy to think of this emerging market in India. Card payment is developing rapidly. Due to the cost problem, the development of traditional POS is far behind the development of the market. mPOS has satisfied the status quo of these emerging markets to a certain extent, and has met the commercial needs of bank card payment. It can be said that mPOS is a good over-provision."
On the other hand, in some developed markets like the United States, mPOS can complement traditional POS. According to the mobile payment network, this complementary trend will continue for several years.
“In the past, we only saw mPOS in some very small retail stores, but now we notice that this situation is slowly changing and mPOS is being used in more other industries.â€
At this year's National Retail Conference in New York, it was learned that mobile payment for mPOS providers is to let retailers attract customers, rather than doing it in the traditional way. Despite this, mPOS has shown good prospects, but McKee does not believe that mPOS can completely replace traditional POS in the future.
McKee believes that in some emerging companies, mPOS has the opportunity to replace traditional POS. In these emerging companies, traditional POS is not so attractive. But in other industries, especially in some traditional industries, mPOS is not a substitute for traditional POS, at least not in recent years.
McKee believes that the Asia Pacific region will become the world's largest mPOS market by 2019. Finally, he said that in the Indian e-commerce market, the cash on delivery approach still occupies a very important position. In the next few years, the development of mPOS will completely open the door to e-commerce bank card payment. According to the mobile payment network, as of 2014, there are 520 million bank cards in the Indian market, of which 500 million are savings cards.
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