Published on : Jul 05, 2016
ALBANY, New York, July 05, 2016: ResearchMoz.us has added a new report to its vast database of market intelligence documents pertaining to the banking sector. The latest report, titled “Insight Report: Mobile Point of Sale - Global Market Size, Composition, Trends and Outlook,” is a brief on the overall ways in which players and investors in the market can achieve a better share of revenue. To do this, a player must understand the nuances of each trend currently existing in the global mobile point of sale market and how it interacts with consumers and the banking sector.
Some of the key aspects of the global mPOS market are explained in this report of 42 pages. One of the core changes addressed in the report is the transition from conventional mobile point of sales to the implementation of the “Europay, MasterCard, and Visa” mPOS services, which is registered under the abbreviation EMV.
The implemented EMV standards have actually created a few complications in the global mPOS market, primarily due to the cost of EMV mPOS devices. According to the report, the RMV mPOS devices are a minimum of 510 times costlier than the conventional mPOS devices that made use of mag-stripe dongles. As a result, the global mPOS market has experienced a reduction in the number of low-income merchants and consumers.
Before EMV mPOS devices were implemented, the global mPOS market was largely dependent on the magnetic striped card readers. There are many locations in the world, especially in the emerging economies, that continue to use these devices as they are a lot more affordable.
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However, the new EMV implementations allow for a much more convenient transaction at a faster speed, even during peak business hours. This allows vendors to process orders in lesser time and with fewer errors. This is because the global mPOS market can provide devices that are highly flexible in the case of terminal activation as well as release, as opposed to the conventional point of sale devices.
One of the major challenges to the global mPOS market is the preference of conventional point of sales services by larger merchants. For them, it is a more feasible and convenient to run a self-tailored POS solution based on older point of sales models. This may undermine the global mPOS market and its scope of customization.
From a geographical angle, the global mPOS market has consistently been dominated by the United States. The U.S. currently holds the largest number of active mPOS devices, and the largest amount of mPOS transactions in number and value.
The report thus helps a user gain deep insight into the global mPOS market and the adoption of mPOS solutions in the global industry of cards and payments. The report helps ascertain whether the use of EMV mPOS services are of absolute value in the modern banking sector.
The report also helps evaluate the way in which companies in the payment industry are learning to adopt mPOS into their current business models.
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