mPOS use booming as established players muscle in
Adoption of mPOS devices, such as those from iZettle and Square, will drive annual mPOS transactions to over 87 billion by 2023, according to Juniper Research. Representing a threefold increase on 2018, this will account for 24% of all PoS transactions.
The digitisation of payments, spurred on by the policy of demonetisation, means that growth in the number of mPOS devices in India will be the fastest of any global region, at an average annual growth rate of 46% over the next five years. Also, the average price of a device will drop from $40 in 2018 to approximately $33 by 2023. This, coupled with the simplicity of devices, will make them highly attractive to smaller, previously cash-driven businesses.
Established PoS vendors such as Verifone and Ingenico will therefore increasingly look as this as an area for future growth, expanding their market reach to previously unaddressed markets. Juniper Research’s Nick Maynard says: “As a result of the popularity of Square and iZettle, traditional PoS manufacturers have identified mPOS as an important way to diversify revenue streams, at a time when established revenue streams are losing momentum.”