While some markets may be seeing relatively slower adoption of mobile point-of-sale (mPOS) than others, there’s no denying that the overall popularity of mobile and contactless payments are growing fast among consumers. A recent analysis valued the global mPOS industry at $26 billion in 2018, and it is expected to increase at a compound annual growth rate (CAGR) of 18.8 percent between 2017 and 2026.
In the June edition of the mPOS Tracker™, PYMNTS examines the role that mPOS is playing in helping merchants win the loyalty, trust and business of consumers.
Companies across the globe are innovating their mPOS solutions for faster, more secure services. Some companies, such as French sporting goods retailer Decathlon, are turning to QR codes as they expand to new markets, notably the U.S.
Meanwhile, POS solution providers like Ingenico are betting on the growing popularity of contactless payments. The company recently launched a new reader that’s compatible with mobile wallets, such as Google Pay and Apple Pay.
Tech giant Apple is also upping its payments game. The company recently partnered up with a number of merchants to drive acceptance of its mobile wallet, Apple Pay, including retailers like Bonobos and electric scooter rental company Bird.
Why Pride Vendors Forego Cash for mPOS
Pride events can be grand opportunities for individual sellers to work the crowds and rake in the revenue. That’s only if they have the right tools to accept payments from an increasingly digital consumer base.
In this month’s feature story, PYMNTS caught up with vendors from Boston and San Diego to explore how mPOS is becoming increasingly critical to winning business at Pride events.
Deep Dive: The State of mPOS in North America
While mobile wallet and contactless payment uptake is on the rise, some consumers are waiting on the hard sell. This is especially true in North America, where consumers are still heavily reliant on plastic cards and cash payments. In markets like the U.S., mPOS solution providers need to find ways to chip away at the popularity of plastic. In other markets, such as Mexico, with the popularity of mPOS solutions, providers are focusing on serving a vastly underbanked market.
To read the Deep Dive and discover more about the state of mPOS solutions in North America, download the Tracker.
About the Tracker
The monthly mPOS Tracker™, powered by Mobeewave, is the go-to resource for staying up to date on mPOS news and trends. It highlights different stakeholders’ contributions, including the institutions and technologies that come together to make mPOS solutions happen.