Boosting retail: The rise of mPOS systems in 2024

 

As 2024 unfolds, the mPOS (mobile Point of Sale) market is experiencing remarkable growth, reflecting the broader digital shift in the retail industry. With a projected market size of $44.26 billion for 2024 and an anticipated increase to $80.58 billion by 2029, the mPOS landscape is expanding at a CAGR of 12.73%​​. 

This surge underscores a widespread transition towards digital payment systems, with the mobile POS Payments sector expected to reach a staggering $3.78 trillion in transaction value this year alone​​. 

This article outlines the advantages of Mobile Point of Sale (mPOS) systems, focusing on how Silkpay's mPOS enhances customer service and operational flexibility in retail. It details the efficiency of mPOS in minimizing wait times, improving the shopping experience, boosting sales, and positively affecting brand perception. 

The article also covers the drivers of mPOS market growth, including the shift towards digital payments, the increase in contactless transaction demand, and the system's ability to accept various payment methods. 

Improving customer experience with mPOS systems

In today’s dynamic retail environment, Mobile Point of Sale (mPOS) systems stand out as a pivotal innovation, reshaping the way transactions are conducted. These portable devices empower sales staff to finalize purchases anywhere, be it within the store’s aisles or at an outdoor event, thereby significantly enhancing operational flexibility and customer service.

The essence of mPOS adoption

Opting for mPOS technology brings a multitude of benefits, primarily aimed at streamlining the purchasing process. Here's how mPOS smoothly integrates into and elevates the retail workflow:

  • Minimizing Wait Times: The capability of mPOS to process transactions on the go directly addresses one of the most common customer frustrations: long queues. 

    This responsiveness is key to keeping the modern consumer satisfied, who, as statistics show, has a limited patience threshold. A mere 25% are willing to wait up to two minutes, and 59% extend this grace period to four minutes. Beyond five minutes, 73% of potential purchases are at risk of being abandoned.

  • Enhancing the Shopping Experience: The convenience introduced by mPOS—allowing payments to be made anywhere, instantly—translates into a more positive shopping experience. This technological shift not only caters to the customer’s need for efficiency but also leaves a lasting impression that can influence their loyalty to a brand.

  • Boosting Sales Potential: By reducing the likelihood of abandoned purchases due to lengthy queues, mPOS opens up greater sales opportunities. In busy periods, 76% of customers feel more could be done to alleviate wait times, and mPOS is a direct solution to this issue.

  • Influencing Brand Perception: With 56% of consumers stating that quick payments and shorter queues are crucial for a positive brand image, the adoption of mPOS is not just a logistical upgrade but a strategic move to enhance brand perception.

Integrating mPOS systems into a retail setup not only addresses the immediate benefits of efficiency and customer satisfaction but also aligns with the evolving expectations of consumers for swift, hassle-free transactions. 

The statistics paint a clear picture: the pace at which transactions are completed is directly proportional to customer satisfaction and brand loyalty. By harnessing the capabilities of mPOS, businesses are well-positioned to navigate the retail landscape successfully, ensuring they not only meet but exceed customer expectations.

Key drivers of the mPOS market expansion

Consumer shift towards digital payments

Digital payments have become the norm rather than the exception, with a significant portion of the consumer base opting for the convenience and speed of digital over traditional payment methods. This shift is largely attributed to the digital savviness of consumers and their expectation for immediate, hassle-free transactions. 

For instance, a report from Statista highlights that digital payment transactions are expected to show an annual growth rate (CAGR 2024-2028) of 9.52%, indicating a robust consumer appetite for digital financial services. mPOS systems, with their ability to process these digital transactions swiftly, are directly benefiting from this trend, as they align perfectly with consumer expectations for quick and easy payment solutions.

Increased demand for contactless transactions

The global health crisis has accelerated the adoption of contactless payments, transforming them from a mere convenience to an absolute necessity for safety. 

According to a survey by Mastercard, contactless payments saw a surge in usage with over 40% of global respondents switching to contactless transactions to avoid physical contact. mPOS devices cater to this demand effectively, enabling businesses to offer safe, contactless payment options, thereby not only ensuring customer safety but also enhancing transaction efficiency.

Versatility in payment method accommodation

The ability of mPOS systems to support a diverse array of payment methods — from NFC and QR codes to mobile wallets and traditional cards — positions them as highly adaptable solutions for businesses. This versatility is crucial in today’s market, where consumer payment preferences vary widely. 

A report by Visa indicated that mobile wallet usage in transactions is on the rise, with a projected increase in consumer usage across various regions. By accommodating these varied payment methods, mPOS systems ensure businesses can cater to every customer's preferred payment option, broadening their appeal and utility.

These drivers collectively underscore the mPOS market's rapid growth trajectory, highlighting the synergy between technological advancements and changing consumer behaviors. As digital payments become increasingly prevalent and the demand for convenient, safe transaction methods rises, mPOS systems stand out as essential tools for businesses aiming to thrive in the digital age.

Streamline your sales with Silkpay's mPOS

Silkpay's mPOS revolutionizes the way you do business, blending speed, security, and versatility into a compact solution that goes wherever you do. 

Key features of Silkpay's mPOS

  • All-in-One Payment Solution: Accept a wide range of payment methods directly from your mobile device, including Alipay, WeChat Pay, UnionPay, Visa, and MasterCard. Whether your customers prefer using local favorites or international credit cards, Silkpay's mPOS has you covered.

  • Secure and Mobile: With top-tier security measures, your transactions are protected, ensuring peace of mind for both you and your customers. Plus, our mobile solution means you can take your business anywhere—no sale is out of reach.

  • Easy Setup: Download our app from the Play Store or Apple Store and start accepting payments through Alipay, WeChat Pay, UnionPay, and PaybyLink among other popular methods. It's simplicity and efficiency at its best.

Looking to get started or learn more? Dive into our user-friendly video guides that walk you through every step of using Silkpay's mPOS. Embrace the ease of mobile transactions and expand your payment capabilities today.

Conclusion

The mPOS market is changing the way we buy and sell, moving towards easier digital and touch-free payments. Silkpay's mPOS fits right into this trend, offering a payment system that's ready for today and tomorrow. It's easy to set up, accepts many payment types, and keeps transactions secure. For any business looking to succeed in the digital world, Silkpay's mPOS is more than just a tool; it's a smart choice to stay ahead.

Source

https://www.marketwatch.com/press-release/mobile-pos-terminals-market-size-share-trends-analysis-report-2023-2029-2023-03-15

https://www.statista.com/statistics/226530/mobile-pos-payment-transaction-volume-forecast/

https://www.thebusinessresearchcompany.com/report/mpos-terminals-global-market-report

https://webinarcare.com/best-queue-management-software/queue-management-statistics/#1

https://www.statista.com/outlook/dmo/fintech/digital-payments/worldwide

https://www.digipay.guru/blog/contactless-payments-solutions-during-covid-19/#:~:text=MasterCard%20has%20witnessed%20a%20surge,payments%20during%20COVID%2D19%20pandemic.

Image by <a href="https://www.freepik.com/free-photo/close-up-people-using-smartphones_23494079.htm#page=3&query=mobile%20pos%20terminal&position=3&from_view=search&track=ais&uuid=89f32a3b-f3bd-4bc8-8368-b8e397a435a1">Freepik</a>

About the author: Silkpay

Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.

Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.

Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.