Mobile point-of-sale (mPOS) all started with a financial service provider called Square. They led the way by rolling out mobile payments and mPOS services in 2010. Now, there are a lot of mPOS providers with a range of different devices that come in all shapes and sizes.
One of the best features of modern POS is the convenience and the on-the-go availabi lity to transact and process payments, whenever and where ever. This allows business owners to be flexible, whether they’d like to be a mobile business or not. Read more to find out how mobile POS transforms industries as it continues to grow in popularity.
The global mPOS market will ship over 245.21 million units by 2022
This is according to the Transparency Market Research report on the global mobile POS market released in 2016. A study by C&K Systems in 2016 shows that 64% of retailers were in the planning phase of an mPOS strategy, while 30% were planning to adopt mobile point-of-sale devices such as tablets and smart phones. Not only does it give the freedom of mobility but also gives businesses the opportunity and flexibility to manage reports and sales data, upsell products and services as well as process payments when their fixed POS lines become too long.
mPOS usage isn’t just for retail businesses
Retail is one of many industries that could benefit from mPOS. Whether you’re a full time mobile business such as food trucks, electricians and market vendors or if you are occasionally mobile, the mPOS system can improve the way you do business.
There’s no need for invoices or waiting for money to come in. Whether you’re a doctor, pharmacist or even a brick and mortar business that has no plans of ever going mobile you will have a reason to invest in an mPOS device because it results in quicker buying decisions from their customers and helps with queue busting.
mPOS devices can increase your:
- Staff’s productivity
- Eliminate queues at the till
- Encourage faster and more frequent sales
What’s next for mobile POS market?
While the larger part of retailers and consumers have grasped the versatile purpose of mobile point-of-sale, there's also been some resistance. Considering Transparency Market Research's 2022 prediction, that resistance won't keep going for long.
In today’s time, consumers aren't adhering to just one payment method but have them all and we know that the future for mPOS includes more than just processing card payments; it includes contactless options and mobile payments all in one device. The market can likewise anticipate a more hearty mix with the cloud and other existing systems in a business. A few businesses may take after the lead of restaurants and the hospitality sector and choose to have an entire mobile POS environment.
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