According to a new report published by Introspective Market Research, titled, Mobile Point-of-Sale (mPOS) Market by Component (Hardware, Software, Services), by Payment Type (Contactless, Chip-and-PIN, Magstripe, Other), by End-user (Retail, Hospitality, Healthcare, Transportation, Other), The Global Mobile Point-of-Sale (mPOS) Market Size Was Valued at USD 40.07 Billion in 2023 and is Projected to Reach USD 105.02 Billion by 2032, Growing at a CAGR of 11.3%. The mobile point-of-sale (mPOS) market is experiencing significant expansion, driven by the increasing demand for flexible, efficient, and cost-effective payment processing solutions across diverse industries. mPOS systems transform smartphones, tablets, or dedicated mobile devices into payment terminals, allowing businesses to process transactions anywhere, anytime. This innovative technology provides a crucial advantage over traditional, stationary POS systems, particularly for small and medium-sized enterprises (SMEs), mobile businesses, and environments requiring queue busting.
mPOS solutions offer a host of benefits, including enhanced customer experience through faster checkout times, increased sales opportunities by enabling transactions outside of a fixed counter, and simplified operations. Their affordability and ease of setup make them an attractive option for businesses looking to modernize their payment infrastructure without substantial upfront investment. This adaptability has positioned mPOS as a cornerstone of the evolving digital payment landscape.
A key growth driver for the mPOS market is the continuous surge in demand for convenient and seamless payment experiences from consumers. With the widespread adoption of smartphones and digital wallets, customers expect quick and diverse payment options. mPOS systems cater directly to this expectation by enabling businesses to accept various payment methods, including contactless and mobile payments, right at the point of interaction. This consumer-driven shift towards digital and mobile-first transactions compels businesses to adopt mPOS to remain competitive and satisfy evolving customer preferences.
A significant market opportunity lies in the burgeoning growth of small and medium-sized enterprises (SMEs) and micro-businesses globally. These businesses often operate with limited budgets and require flexible solutions that can scale with their needs. mPOS systems, with their low initial cost, easy setup, and portable nature, are perfectly suited to empower these ventures to accept electronic payments without the complexity and expense associated with traditional POS terminals. The vast number of new and existing SMEs represents an enormous, largely untapped segment eager for accessible payment processing technologies.
Mobile Point-of-Sale (mPOS) Market, Segmentation
The Mobile Point-of-Sale (mPOS) Market is segmented on the basis of Component, Payment Type, and End-user.
Component
- The Component segment is further classified into Hardware, Software, and Services. Among these, the Hardware sub-segment accounted for the highest market share in 2023. The hardware component, including card readers, terminals, and mobile devices, forms the fundamental infrastructure for any mPOS system. The continuous innovation in compact, secure, and versatile card readers capable of accepting various payment types (NFC, EMV chip, magstripe) drives this segment's dominance. Furthermore, the increasing adoption of tablets and smartphones as the core of mPOS setups contributes significantly to the hardware segment's leading position, as businesses invest in these essential physical tools.
End-user
- The End-user segment is further classified into Retail, Hospitality, Healthcare, Transportation, and Other. Among these, the Retail sub-segment accounted for the highest market share in 2023. The retail sector has been a pioneer in mPOS adoption, leveraging it to reduce checkout lines, enable sales associates to process transactions anywhere on the sales floor, and enhance the overall in-store customer experience. From small boutiques to large department stores, mPOS allows retailers to offer personalized service and efficiency, especially during peak hours. The flexibility of mPOS perfectly aligns with the dynamic nature of retail environments, enabling pop-up shops and seamless customer interaction.
Some of The Leading/Active Market Players Are-
- Square, Inc. (USA)
- PayPal Holdings, Inc. (USA)
- Ingenico Group (France)
- VeriFone Systems, Inc. (USA)
- Toast, Inc. (USA)
- Clover Network, Inc. (USA)
- SumUp (UK)
- Adyen N.V. (Netherlands)
- Lightspeed Commerce Inc. (Canada)
- Global Payments Inc. (USA)
- Shopify Inc. (Canada)
- NCR Corporation (USA)
- PAX Global Technology Ltd. (China)
- First Data Corporation (USA)
- Block, Inc. (USA)
- other active players.
Key Industry Developments
- In March 2023, Square, Inc. announced the launch of a new generation of its Square Terminal, featuring enhanced battery life and improved processing speed for faster transactions. This upgrade aimed to provide businesses with a more robust and reliable mPOS solution, directly addressing common pain points related to device performance. The improved terminal helps merchants handle high transaction volumes efficiently, leading to better customer satisfaction and operational fluidity.
- In November 2022, PayPal Holdings, Inc. expanded its mPOS offerings by integrating advanced inventory management features into its Zettle by PayPal platform. This enhancement allows small businesses to not only process payments but also track sales and manage stock levels directly from their mobile devices. The move reinforces PayPal’s commitment to providing comprehensive business tools that streamline operations beyond just payment processing, offering an all-in-one solution for growing enterprises.
Key Findings of the Study
- The Hardware component currently dominates the mPOS market share due to constant innovation and widespread adoption.
- The Retail sector remains the leading end-user segment for mPOS solutions.
- The escalating demand for convenient and seamless payment experiences is a major growth driver.
- The increasing proliferation of smartphones and the growth of SMEs present significant market opportunities.
