June 6, 2016 -
According to a recent Juniper Research report, mobile point-of-sale (MPOS) terminals will take on a significant role in businesses, handling 40% of all retail transaction value by 2021, up from 12% in 2016.
Driven by larger retailers as part of an array of point-of-sale options, the use of MPOS systems will account for more than one in three point-of-sale (POS) terminals by 2021, according to a report in IT Web.
The study points out that MPOS will let retailers ‘queue bust’ in stores, reduce lines and initiate more targeted and situational campaigns. James Moar, senior research analyst at Juniper Research said, “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.”
451 Research also notes that MPOS growth continues to accelerate as the technology expands and deepens its reach across vertical industries, merchant tiers and geographies.
Technavio says the competition in the MPOS market is expected to intensify due to the increasing number of solution providers and acquisitions of small and medium enterprises. The research firm anticipates large retailers to integrate MPOS into their businesses during the forecast period.
Juniper Research also found that MPOS is enabling smaller merchants in emerging markets, most noteably in India, Southeast Asia and Latin America, to accept card payments and grow their businesses.