Mobile point-of-sale shipments to reach 245 mln units by 2022 - report

The report focuses on the global market with in-depth analysis of four countries namely, China, India, Brazil, and Mexico.

According to Transparency Market Research, the market is estimated to expand at a CAGR of 47% during the forecast period from 2014 to 2022.

The global mPOS market is expected to observe massive growth outside North America and Europe, considering the untapped potential markets in fast developing countries. The widespread adoption of Internet and adoption of technology in emerging countries are important factors driving the mPOS market.

India is expected to witness huge growth in terms of mPOS shipments with an estimated CAGR of 55.8% during the forecast period (2014 – 2022). This growth is expected due to the presence of large number of small merchants in India, high growth in smartphone and internet penetration in the country, and favorable government policies. Moreover, top banks in India have launched NFC-enabled debit and credit cards.

Furthermore, China is expected to expand at a CAGR of 53.3% in terms of mPOS shipments during the forecast period. Government regulations for branchless banking in China and the ongoing efforts in China to create mobile micro-ATMs in rural areas will drive the market for mPOS devices. China is also expected to see high growth in shipments of NFC mPOS solutions, due to the preference for NFC technology over the older mPOS.

Moreover, Brazil and Mexico are projected to be the other emerging economies to focus on the mPOS market. Banks in Mexico are taking efforts to promote card payment methods, by partnering with mobile payment technology vendors. In Brazil, the large retailers play a major role in adoption of mPOS solutions, while small and medium scale businesses are anticipated to fast adopt mPOS devices in the coming years. The adoption of mPOS in mature markets such as North America and Europe is expected to grow due to the replacement of older mPOS devices.

Some of the major companies operating in the mPOS market include Ingenico, MasterCard, PAX Technology, American Express, Oracle, VeriFone, Hewlett-Packard Development, Toshiba, Intuit, First Data, iZettle, PayPal, and Square.