Juniper Research: Mobile Point-of-Sale Devices to Account for Almost 1 in 4 POS Transactions by 2023 | Financial Buzz

Juniper Research: Mobile Point-of-Sale Devices to Account for Almost 1 in 4 POS Transactions by 2023

A new study from Juniper
Research has found that the adoption of mPOS (mobile Point-of-Sale)
devices connecting wirelessly or via mobile devices, such as those from iZettle
and Square, will drive annual mPOS transactions to over 87
billion by 2023. This will represent a threefold increase over an
estimated 28 billion transactions in 2018.

It found that mPOS devices will drive an increased usage of payment
cards in emerging markets, such as India. The digitisation of payments,
spurred on by the policy of demonetisation, means that growth in the
number of mPOS devices in India will be the fastest of any global
region, at an average annual growth rate of 46% over the next 5 years.

For more insights, download the free whitepaper: POS
& mPOS Terminals ~ Our Vision For 2023.

Small Businesses Crucial for mPOS Adoption

The new research, POS
& mPOS Terminals ~ Vendor Strategies, Innovation & Market Forecasts
2018-2023, found that the average price
of an mPOS device will drop from $40 in 2018 to approximately $33 by
2023. This affordability, coupled with the simplicity of mPOS devices,
will make them highly attractive to smaller, previously cash-driven
businesses.

Established POS vendors such as Verifone and Ingenico will
therefore increasingly look to mPOS as an area for future growth,
expanding their market reach to previously unaddressed markets.

Research author Nick Maynard explained: “As a result of the
popularity of Square and iZettle, traditional POS manufacturers have
identified mPOS as an important way to diversify revenue streams, at a
time when established revenue streams are losing momentum.”

Biometric mPOS Terminals to Reach 2 Million

The research also forecasts that biometrics will become an increasingly
common part of mPOS offerings. It cited national identity schemes using
biometrics, such as Aadhar in India, as a mechanism for card-free
authentication, giving merchants the opportunity to avoid card network
charges. This will drive biometric-enabled mPOS devices to reach almost
2 million globally by 2023, just under 4% of total mPOS terminals in use
by then.

Juniper Research provides research and analytical services to the global
hi-tech communications sector; providing consultancy, analyst reports
and industry commentary.

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