The rising sale of smartphones, high digitization rate, and increasing penetration of the internet are leading to the growing trend of contactless payments. As per Capgemini, compared to 598 billion in 2018, 876 billion digital payments would be done by the end of 2021. In India, specifically, this number increased by 58.8% in 2018–19, in comparison to 50.4% in 2017–18.
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Mobile POS solutions are extensively adopted in a wide array of applications such as those pertaining to the sports & entertainment, warehouse, hospitality, retail, and food service sectors. Out of these, the retail applications are expected to register the highest adoption of mobile POS solutions during the forecast period.
Therefore, with the rising number of people preferring cashless payments, the global mobile POS market, which generated $19.5 billion in 2019, is predicted to experience a 17.9% CAGR between 2020 and 2030 (forecast period). This is because mPOS terminals enable companies to receive contactless payments and speed up the checkout process.
This is primarily attributed to the fact that the mobile POS technology drastically reduces the waiting time of the customer at the payment terminals and helps the retailers in attaining higher sales of their products at a shorter period of time. One of the major trends currently being witnessed in the mobile point-of-sale (mPOS) terminals market is the rising preference of companies toward the adoption of cloud-based solutions.
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This is mainly due to the fact that the cloud-based mobile POS solutions have no on-site server requirements and therefore, have lower operational costs than the conventionally used POS solutions. According to Mckinsey & Company Inc., in the retail sector, the incorporation of cloud-based solutions is expected to increase from 57% in 2018 to 71% by the end of 2020.
