Mobile EMV POS terminals: Key market research findings
- Increasing adoption of contactless payments fuels market growth
- Rising demand for value-added services
- Key vendors – Ingenico, PAX Technology, SZZT, and Verifone
Technavio’s market research analysts predict the global mobile EMV POS terminals market to grow at a CAGR of around 18% between 2016 and 2020. The growth of this market can be accredited to the wide adoption of contactless payment systems. The demand for such systems is increasing as they are fast and effectively reduce waiting time in queues at cash counters, helping both merchants as well customers. Samsung Pay, Android Pay, Apple Pay, Vodafone SmartPass, and Visa payWave are some of the mobile applications that can be used to make contactless payments. Currently, APAC dominates the global market for mobile EMV POS terminals with a market share of more than 47%. The rising preference toward non-cash payment methods in this region will fuel further growth of the EMV POS terminals market in APAC by 2020.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The growth of the market is influenced by the rise in demand for value-added services. Vendors are focusing on offering different value-added services using card transaction data. Inventory management, sales reports, analytical tools, and receipts management are some of the services provided by vendors. Many vendors are providing these services for free, while some charge a monthly service fee. Conventional mobile EMV POS terminal vendors such as Ingenico and Verifone provide different value-added services in the form of analytics, inventory management, advertising and marketing assistance, and other related consulting services,” says Ishmeet Kaur, Lead Analyst, ICT, Technavio Research.
The need to adopt user-friendly payment mechanisms is on rise owing to increase in the number of e-commerce transactions. In countries such as India, consumers prefer paying after receiving the product through the CoD (card-on-delivery) payment mode. This augments the need for mobile POS (mPOS) that can accept cards. As a result, several e-commerce companies are purchasing mobile EMV POS terminals. According to our analysts, this upsurge in the number of e-commerce transactions globally will fuel the demand for mobile EMV POS terminals, thus driving the market.
The key vendors in the global mobile EMV POS terminals market include Ingenico, PAX Technology, SZZT, and Verifone. The market is witnessing a growing number of M&A transactions. Small and medium-sized enterprises in the market are being acquired by large players. Verifone acquired Lipman in April 2006. The company also acquired Gemalto’s payment terminal business in December 2010 and Hypercom’s business in August 2011. Ingenico merged with SagemMonetel in March 2008, and it acquired Ogone, a leading pan- European online payment services provider, in 2013. In 2014, the company also acquired GlobalCollect, a leading global online full-service payment provider.
A more detailed analysis is available in the Technavio report, Global Mobile EMV POS Terminals Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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