Mobile points of sales (mPOS) transaction values are set to more than double by 2024, according to the latest study from Juniper Research.
In 2019, the total mPOS transaction value is expected to close on $850bn, but by 2024, this figure will be $1.9 trillion. This growth will be led by the wider adoption of the service type including pop-up stores and street vendors, which currently rarely use card payments, Juniper claims.
The new research, POS Hardware and Software: Market Innovation, Vendor Analysis & Market Forecasts 2019-2024, stated India and China are primed for the large adoption of POS systems. These markets will also be boosted by their high smartphone usage rates and growing move towards cashless payments.
There is also a growing shift from on-premise POS systems to new cloud-based solutions. This will give POS software vendors an easier time in attracting smaller business users.
India and China are set to be major users of mPOS services, with the two counties poised for 60% of POS software spend by 2024.
Finally, the research from Juniper found POS terminal transaction volumes will increase by 40% over the next five years.
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