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How Is Retail Sector Propelling mPOS Terminal Sales Worldwide?

In recent years, new and improved variants of mPOS terminals are available for the retail, hospitality, food service, healthcare, and sports and entertainment sectors. For example, in June 2019, Volly launched a new mPOS app, which enables loan officers to invite borrowers to apply for new loans or receives prequalified loans at any time, from any location. 

Additionally, the app also enables borrowers to upload the required documents from their mobile phones, while applying for a loan, and allows loan officers to track the status of the deal. The component segment of the mPOS terminals market is bifurcated into hardware and software. Of these, the hardware category generated the higher revenue in 2019, as a wide range of POS hardware is needed for digital payments, which are being deployed in the hospitality, food service, and retail sectors across the globe. 


Whereas, the software category is expected to witness faster growth during the forecast period, due to the growing need for mPOS solutions for sales forecasting, customer relationship management, and inventory management in several industries. Globally, Asia-Pacific (APAC) dominated the mPOS terminals market during the historical period (2014–2019), and it is expected to demonstrate the fastest growth during the forecast period. 

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This can be attributed to the expansion of the retail, healthcare, and hospitality sectors in the region, primarily on account of the increasing urbanization rate in the region and rapid economic growth of the regional countries. Moreover, the surging preference for contactless payments in the retail sector will also support market growth in the region.

Thus, the rising focus of the retail sector on enhancing customer experience and expanding the restaurant industry will amplify the usage of mPOS terminals in the forthcoming years.
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