Market Size of MPOS Terminals Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 44.26 Billion |
| Market Size (2029) | USD 80.58 Billion |
| CAGR (2024 - 2029) | 12.73 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Americas |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
mPOS Terminals Market Analysis
The MPOS Terminals Market size is estimated at USD 44.26 billion in 2024, and is expected to reach USD 80.58 billion by 2029, growing at a CAGR of 12.73% during the forecast period (2024-2029).
The mobile POS or mPOS terminals or market denotes the mobile devices used to make transactions, including smartphones or tablets and dedicated payment devices, to make payments at the point of sale.
- In this case, the payment is made by scanning a QR code, debit and credit cards, cash, or UPI transfers. The mPOS systems make it accessible for businesses to accept payment in different forms, making it easy for customers to pay conveniently. Since these systems can process all the payment modes and keep track of the transactions, they help reduce the overall cost and improve efficiency.
- Mobile POS systems are gaining traction as they allow sales and service industries to conduct the transaction at the customer's location, adding flexibility to the whole process and improving customer experience. The growth in e-commerce globally and the entangling of brick-and-mortar and online retail practices are also expected to affect the future growth of the terminals. In fact, with the option of cash on delivery provided by major e-commerce platforms, a sudden surge in the adoption of mobile POS terminals has been recognized.
- Data protection is paramount as mPOS devices may not have security protocols as robust as their POS counterparts, especially if using commercial-off-the-shelf (COTS) devices such as Apple or Android smartphones and tablets.
- Towards the end of the forecast period, the market is anticipated to grow as vends increase their relevant offerings in response to the increased demand for contactless ease-of-use payment methods. As mPOS solutions are specially designed for handheld devices instead of desktop computers, the trend of smaller and more portable devices will augment the market's growth.
mPOS Terminals Industry Segmentation
The global landscape of payments and transactions is changing rapidly, owing to the growing enterprises and consumer propensity toward digital transformation and the proliferation of smartphones. Technological advancements in smartphones and digital payment cards have fielded mPOS at payment terminals and are fueling the market's growth.
The mPOS terminals market was segmented by type (smartphone/tablet and mPOS device), by end-use verticals (retail, hospitality, healthcare, other end-use verticals), and by geography ((North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa).
The market sizes and forecasts are provided in terms of value in USD for all the above segments.
MPOS Terminals Market Size Summary
The mobile POS (mPOS) terminals market is poised for significant growth, driven by the increasing adoption of mobile devices for transactions and the rising demand for flexible payment solutions. These terminals, which include smartphones, tablets, and dedicated payment devices, facilitate various payment methods such as QR codes, debit and credit cards, cash, and UPI transfers, enhancing convenience for both businesses and customers. The integration of mPOS systems in the retail sector is particularly noteworthy, as they enable transactions at customer locations, thereby improving customer experience and operational efficiency. The ongoing digitalization of brick-and-mortar stores and the blending of online and offline retail practices are further propelling the market's expansion. However, the need for robust data protection remains a concern, especially when using commercial-off-the-shelf devices.
The market is also influenced by the growth of fintech companies and digital-only banks, which are increasing competition and encouraging the use of card-based payments globally. Regions like Latin America are witnessing a shift from cash to card payments due to digital adoption. Government initiatives, such as caps on interchange fees and the expansion of POS infrastructure, are supporting the rise in card payments at points of sale. The introduction of innovative solutions like Tap to Pay on iPhone and the expansion of EFTPOS terminals in countries like Australia are examples of advancements enhancing payment security and convenience. As the digital economy expands, the demand for mPOS terminals is expected to grow, with key players in the market continuously introducing new technologies to meet evolving consumer needs.
MPOS Terminals Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Buyers
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1.2.2 Bargaining Power of Suppliers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Assessment of the Impact of COVID-19 on the Market
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MPOS Terminals Market Size FAQs
How big is the MPOS Terminals Market?
The MPOS Terminals Market size is expected to reach USD 44.26 billion in 2024 and grow at a CAGR of 12.73% to reach USD 80.58 billion by 2029.
What is the current MPOS Terminals Market size?
In 2024, the MPOS Terminals Market size is expected to reach USD 44.26 billion.
