Tuesday, 03 December 2019 11:10

Mobile Points of Sale transactions to exceed US$1.9 trillion by 2024 Featured

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Mobile Points of Sale transactions to exceed US$1.9 trillion by 2024 Image stuart miles, FreeDigitalPhotos.net

Global Mobile Points of Sale (mPOS) transaction values will exceed US$1.9 trillion by 2024, up from $850 billion in 2019, according to a new report from Juniper Reseach.

According to the report from Juniper Research, the growth in mPOS transaction values will be driven by service adoption from new business users, including pop-up stores and street vendors, for who the acceptance of card payments was previously inaccessible.

The new research - POS Hardware and Software: Market Innovation, Vendor Analysis & Market Forecasts 2019-2024 - identified India and China as countries primed for the expansion of POS adoption, assisted by high smartphone penetration rates and the growing acceptance of cashless payments.

With Juniper Research forecasting that POS software annual spending will reach US$1.7 billion in 2024, the research found that the shift from legacy on-premise POS systems to cloud-based solutions will provide new opportunities for POS software vendors to attract smaller business users such as those in the retailer and restaurant space.

And it urged POS software vendors to leverage the opportunities presented by the shift to cloud-based systems by developing one-stop-shop solutions through platform tools, such as app integrations.

The research forecast that China and India would offer significant opportunities for POS software vendors, with 60% of POS software spend attributable to these two markets by 2024 - and cash transactions in the two countries will decrease over the next 5 years, driven by China’s dominant share of global cards in issue and government incentives to reduce cash transactions in India.

Juniper Research also forecast that popular digital payment services, such as Alipay and WeChat Pay, will be compatible with an increasing number of POS terminals and will play significant roles in the growth of mPOS and contactless transactions in India and China.

In addition, it forecast that strong growth of mPOS adoption and contactless usage in the US will contribute to the global growth of POS transactions following the completion of EMV (Europay, MasterCard and Visa) rollouts.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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