Definition:
The Mobile POS Payments market refers to transactions made on any connected device to process transactions at the point of sale. This analysis essentially includes digital wallets, an application that securely stores payment information and allows consumers to make purchases of goods and services without carrying cash or cards. Digital wallets mainly run on mobile devices, but can also be accessed from a computer. The payment is made by a contactless interaction of the wallet application with a suitable payment terminal belonging to the merchant, allowing consumers to pay for goods and services. The data transfer is made via wireless standard NFC (Near Field Communication) or by scanning a QR code to initiate the payment. Users pay for a purchase via a digital wallet application by triggering an online bank transfer or by using a digitally stored credit or debit card (Host Card Emulation). Digital wallets are becoming increasingly popular as they allow businesses to offer more flexible and convenient payment options for customers, and can also help to reduce costs and improve efficiency.Additional Information:
Key players in this market are ApplePay, Google Wallet and Samsung Wallet.The Mobile POS payment market has been experiencing significant growth in recent years. One trend is the shift towards contactless payments, where customers can simply tap their mobile device or card to complete a transaction. This is due to the increasing demand for convenient and secure payment options, especially during the COVID-19 pandemic. Another trend is the integration of mobile POS systems with other business functions, such as inventory management and customer relationship management.
Several factors are driving the growth of the mobile POS payment market. One key factor is the increasing penetration of smartphones and tablets, which are being used more frequently for both personal and business purposes. Another factor is the growing adoption of cloud-based technology, which enables businesses to manage transactions and data more efficiently. Additionally, the rising popularity of e-commerce and online shopping is driving demand for mobile payment options.
The Mobile POS market is expected to continue growing in the coming years. This growth is expected to be driven by factors such as increasing adoption of mobile payments, the rise of cloud-based solutions, and the growing demand for mobile POS systems among small and medium-sized businesses.
Most recent update: Jan 2025
Source: Statista Market Insights
Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Jan 2025
Source: Statista Market Insights
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