Transform your store's payment into an mPOS (mobile POS)

Traditional Point of Sale (POS) systems have been the backbone of retail operations for years. However, with the increasing demand for seamless customer experiences, businesses are turning to mPOS solutions. An mPOS system enables you to process payments on the go, making it particularly useful for businesses with physical stores, pop-up shops, and even service providers.

In this article, we will introduce what mPOS is, the rise of mPOS, why merchants need an mPOS and how merchants should use an mPOS.

What is mPOS?

A Mobile Point of Sale (mPOS) refers to a portable and wireless solution that allows businesses to process transactions and handle payments through mobile devices like smartphones and tablets. To put it simply, merchants can download our Android or IOS APP, which works as a POS, to accept payments in their store.

This technology enables retailers, service providers, and other businesses to conduct sales transactions anywhere, not just at a fixed checkout counter. 

As stated in a report released by the World Bank, on a global scale, approximately two-thirds of adults presently engage in digital payment transactions, and the proportion has risen notably in developing economies, surging from 35% in 2014 to 57% in 2021. This shift towards heightened digital payment usage is a significant driver behind the expansion of the mPOS terminal market.

According to statistics from Statista, mPOS market is expected to reach $3 trillion in transactions by 2023. The top 5 countries using mobile POS payments with the largest transaction value in 2023 are China, the United States, the United Kingdom, France and Japan.

Why do merchants need an mPOS?

1.Enhanced customer experience

Shorter checkout lines and quicker payment processing lead to happier customers. With mPOS, your staff can assist customers anywhere in the store, reducing the time customers spend waiting to make a purchase.

2.Flexibility and mobility

Traditional POS systems are stationary, limiting where transactions can take place. With mPOS, your staff can process payments from anywhere within the store, providing customers with a more convenient and personalized shopping experience.

3.Reduced costs

Traditional POS systems can be expensive to install and maintain. mPOS solutions are often more cost-effective, as they leverage existing mobile devices like smartphones and tablets. This eliminates the need for bulky hardware and reduces maintenance expenses.

4.Ease of Use

Mobile devices are familiar to most people, making it easier for your staff to adapt to using mPOS systems. This reduces training time and minimizes the chances of errors during the payment process.

The rise of mPOS

The way we pay for things is changing, and Mobile Point of Sale (mPOS) is a big part of it. Recently, mPOS, which lets businesses accept payments through mobile devices, has been growing a lot. One cool thing is that people are using contactless payments more—just tapping their phones or cards to pay. This is because everyone wants easy and safe ways to pay, especially after COVID-19.

There's another trend too. Businesses are using mPOS systems for more than just taking payments. They're connecting these systems to other important things like keeping track of products and knowing more about their customers.

A few things are making mPOS even bigger. First, almost everyone has smartphones and tablets now, and they're using them for everything. Also, more businesses are using cloud technology to make transactions smoother. And with online shopping getting really popular, people want easy ways to pay on their phones.

So, the future looks bright for mPOS. More and more people will use their phones to pay, and businesses, especially small ones, will use these systems to make things work better. It's an exciting time for mobile payments and mPOS!

How should merchants use an mPOS?

Elevate your business operations with Silkpay's user-friendly mobile app, offering a seamless way to cater to your customers' payment needs. Our app, readily available on the Play Store or Apple Store, enables you to effortlessly collect payments via popular methods such as Alipay, WeChat Pay, UnionPay, and PaybyLink.

Click here to watch a video to know how to use an mPOS!

Here are the steps to use Silkpay’s mPOS:

1. Create a business payment account

Click the button below to create your business account at Silkpay. Once our team finalizes your account opening, you will receive an email with a username and password that allows you to log in into your account, enabling seamless access to your account.

2. Download the Silkpay APP and log in

Experience the freedom of managing your business on the go. The Silkpay mobile app empowers you to securely access your Silkpay account, efficiently overseeing your payments from anywhere, at any time.

3. Enter the transaction amount and choose the payment method

With Silkpay's APP, you can choose from two convenient payment methods:

(1)E-wallets

Accept payments through widely used platforms like WeChat Pay, Alipay, and UnionPay.

(2)Online payment

Cater to diverse preferences by accepting major payment options such as Alipay, WeChat Pay, Visa, MasterCard and IDEAL through PaybyLink.

4. Accept e-wallet payments with two different methods

(1)The merchant scans the customer's QR code

when you choose this method, the scanning page and a message to your client will appear. Show the message in Chinese to your customer at the checkout so that they can generate their QR code. Then you can scan their QR code to accept payments.

(2)The customer scans the merchant’s QR code

After selecting this method, a payment QR code will be generated. Invite your customer to scan it to pay for their purchases.

5. Confirm the payment

You may need to wait a few seconds for the transaction to be validated. Once validated, the merchant will receive a confirmation email and can instantly check the transaction in their backoffice.

With Silkpay's mPOS solution, your business gains an efficient tool to create frictionless transactions. Seamlessly accommodating various payment methods, you'll offer your customers a swift and secure experience. Elevate your business potential by incorporating Silkpay's mPOS capabilities into your daily operations.

Any questions?

Conclusion

The transformational power of Mobile Point of Sale (mPOS) systems has redefined the way businesses engage with customers and manage transactions. As we shift from traditional checkout methods to the seamless mobility of mPOS, businesses are presented with unparalleled opportunities.

The statistics don't lie—mPOS is shaping the future of commerce. With the increasing prevalence of digital payments and the undeniable convenience they offer, businesses that embrace mPOS are not just staying relevant; they're propelling their operations to new heights.

In this landscape of innovation, Silkpay emerges as a guiding light. By integrating the Silkpay mobile app, you're equipping your business with the means to effortlessly manage payments from the palm of your hand. From WeChat Pay and Alipay to Visa and MasterCard, Silkpay brings a spectrum of payment methods to your fingertips.

So, whether you're a shop owner aiming to enhance customer experiences or an event organizer looking to expedite transactions, mPOS, bolstered by Silkpay, empowers you to seize opportunities wherever they arise.

Resources:

https://finance.yahoo.com/news/mpos-terminals-global-market-report-004500714.html 

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

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.