The global population is set to rise to 9.7 billion by 2050 from around 7.7 billion in 2019, as per the United Nations (UN) World Population Prospects report. This is already visible everywhere, in the chaos caused on the roads every day due to more people and vehicles than they can handle. Another place this population growth can be commonly seen is shops and large stores, in the form of long, serpentine queues for checkout.
Mostly, the number of cashiers is grossly low compared to the number of people who shop every day. This is to be a key enabler of the growth of the mobile point-of-sale (mPoS) terminals market size from $19.5 billion in 2019 at a 17.9% CAGR between 2020 and 2030, as per P&S Intelligence. Quick service is one of the key influencers of the customer experience, and at most places manned by humans, the service is quite slow.
Mostly, the number of cashiers is grossly low compared to the number of people who shop every day. This is to be a key enabler of the growth of the mobile point-of-sale (mPoS) terminals market size from $19.5 billion in 2019 at a 17.9% CAGR between 2020 and 2030, as per P&S Intelligence. Quick service is one of the key influencers of the customer experience, and at most places manned by humans, the service is quite slow.
As per research studies, on average, people spend up to 7 minutes every week, or up to 18 hours every year, in queues, which leads to the loss of productivity and a foul mood. Apart from retail, such systems are finding widespread acceptance in the food service, warehouse, hospitality, healthcare, bakery, sports & entertainment, and beverages sectors and travel agencies.
Among these, the food service sector is rapidly adopting these systems, as after a nice and filling meal, nobody likes getting up from their table, heading over to the counter, and paying in cash. Most people like to pay with their credit/debit cards from their table itself, which is enabled by mobile PoS terminals. Currently, the largest mPoS terminals market is Asia-Pacific (APAC) because of its huge population and extremely high number of all types of retail stores, hospitals, hotels, warehouses, and other facilities that use these systems.
Essentially, the increasing coverage of the internet and rising sales of smartphones are driving the usage of such devices, by propelling the volume of digital transactions. As per the Reserve Bank of India, the number of such transactions in the country witnessed a rise of 58.8% during 2018–2019 compared to 50.4% in 2017–2018. Thus, with people becoming rapidly inclined to paying electronically, cashlessly, and contactlessly, the requirement for mPoS terminals will continue to shoot up.
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