Smartphone and tablet-based mobile point-of sale (POS) terminals will handle 40% of all retail transaction value by 2021, up from an expected 12% in 2016, a new study from Juniper Research showed.
The research firm forecasts that the use of mPOS systems will account for more than 1 in 3 POS terminals by 2021, driven by larger retailers adopting mPOS as part of an array of point-of-sale options.
The new research, "Worldwide mPOS Markets: Devices, Technologies & Growth Opportunities 2016-2021," found that mPOS will enable retailers to ‘queue bust’ in stores, reducing lines and developing more targeted and situational campaigns as well as offering automatic ordering systems in restaurants.
“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,” commented research author James Moar.
“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.”
The research has also found that mPOS is enabling smaller merchants in emerging markets, particularly across India, Southeast Asia and Latin America, to accept card payments and grow their businesses. Much of the growth in these regions being supplied mostly by local vendors, such as Banamex, Digio, PagSeguroand SmartPesa.