mPOS transaction values to exceed USD 1.9 tln by 2024, fuelled by new use cases

Monday 2 December 2019 | 15:43 CET | News

mPOS transaction values will grow to USD 1.9 trillion until 2024 from USD 850 billion in 2019, according to new data from Juniper Research. This growth will be driven by service adoption from new business users, including pop-up stores and street vendors, for whom the acceptance of card payments was previously inaccessible.

The new research identified India and China as countries primed for the expansion of POS adoption, assisted by high smartphone penetration rates and growing acceptance of cashless payments.

POS software annual spending to reach USD 1.7 billion in 2024

The research found that the shift from legacy on-premise POS systems to cloud-based products will provide new opportunities for POS software vendors to attract smaller business users such as those in the retailer and restaurant space.

It urged POS software vendors to leverage the opportunities presented by the shift to cloud-based systems by creating one-stop-shop products through platform tools, such as app integrations. It forecast that China and India would offer significant opportunities for POS software vendors, with 60 percent of POS software spend attributable to these two markets by 2024.

POS terminals transaction volumes to grow by 40% over the next 5 years

The research forecast that cash transactions in China and India 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. Researchers 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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Categories: Mobile & Wireless
Companies: Alipay
Countries: World
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