More Than Just Micro Merchants: mPOS Adoption Set to Soar
We’ve been big advocates for years about the proven business benefits of mobile Point of Sale (mPOS) systems. Yet many businesses and payment providers still have fixed ideas about what an mPOS set-up entails – regarding it as a market only relevant to small businesses and micro-merchants. That’s why it’s great to see new research not only predicting some impressive global growth in the industry over the next few years, but also highlighting that deployments among large businesses will become “consistent and noteworthy” during this time.
It’s becoming pretty clear that no matter what size of business or where you’re based in the world, there’s never been a better time to invest in mPOS.
Respected market analysts 451 Research issued the first report that caught our eye. In fact, it predicted the global installed base for mPOS would grow from 13.3 million units today to a staggering 54 million by 2019. That’s an impressive Compound Annual Growth Rate (CAGR) of 32% over the next four years. More importantly, senior analyst, Jordan McKee, argued that the platform was no longer the preserve of micro-merchants.
“In a short time frame, it has broadened its roots across a wide swathe of vertical industries and almost unanimously across all merchant tiers,” he explained. “The technology’s momentum is at least in part linked to its diversity”
Another piece of analysis, from Grand View Research, predicted the market for mPOS terminals would reach nearly $45 billion by 2022. Much of this growth is likely to come from the smartphone payment space. IDC is claiming that mobile payments globally will account for a staggering $1 trillion – up 124% from the $500m expected this year. Asia Pacific will lead the way, as the more mature economies there jump on board with Apple Pay and Android Pay, while the emerging regions rely more heavily on “semi-closed” mobile wallet systems.
Why are businesses all over the world waking up to the benefits of mPOS? Because there’s something in it for everyone. For those smaller merchants it means an easy, low-cost way to accept card payments – thereby increasing takings, cutting overheads associated with handling cash and offering the customer their preferred payment choice. For larger merchants it can mean all of these things but also the ability to empower staff to roam the store, cutting queues at the till and enhancing the shopping experience for the consumer.
Miura offers a range of mobile POS terminals and peripherals to suit every type of business, including:
Miura Shuttle – the world’s smallest and lightest chip and PIN device which connects to smartphone or tablet to offer retailers, micro merchants and business people on the move a fast and simple way to accept payments.
M007 – a versatile chip and PIN device to serve traditional mPOS as well as multi-lane ePOS and SME environments.
M010 – offering larger merchants queue busting, countertop in-store and mobile out-of-store options.
What’s more, we’re ready to help you capitalise on the huge appetite for smartphone-based payments with support for Apple Pay in our devices. So get in touch today and see how Miura Systems mPOS devices can help drive your business to even greater heights.