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.”