mPOS Terminal Market Trends

mPOS Terminal Market Trends

There is a strong consumer shift towards online shopping due to its convenience, variety, and often lower costs. This trend creates a demand for integrated payment solutions that can seamlessly handle both online and in-store transactions. Consumers expect a seamless shopping experience across all channels, including mobile, online, and in-store. mPOS terminals enable businesses to provide a consistent and smooth checkout experience. Retailers aim to create a unified commerce experience and mPOS systems enable this by providing flexible and mobile payment options that can integrate with e-commerce platforms.
 

In November 2023, Shopify announced that its merchants’ e-commerce sales grew by 35% year-over-year. mPOS systems facilitate unified commerce, integrating online and in-store sales. They provide a consistent checkout experience and synchronize inventory in real-time, reducing discrepancies and improving operational efficiency.
 

Governments often invest in the development of infrastructure necessary for digital payments, such as broadband networks, digital identity systems, and cybersecurity frameworks. This supports the widespread deployment and usage of mPOS systems. Governments promote digital payments to enhance financial inclusion. mPOS systems play a crucial role by providing affordable and accessible payment solutions for businesses. Government provides financial incentives and subsidies to encourage small and medium-sized enterprises (SME) to adopt digital payment solutions, including mPOS terminals. These initiatives lower the entry barriers for businesses to adopt modern payment technologies.
 

In December 2023, India’s Ministry of Electronics and Information Technology launched a subsidy program to cover up to 50% of the cost of digital payment infrastructure for SME, including mPOS systems. This initiative aimed to increase digital transaction volumes and reduce the dependency on cash.