mPOS software vendors will attract small businesses including retailers and restaurants
Juniper Research forecasts that mobile points of sale (mPOS) transaction values will exceed $1.9 trillion by 2024, compared to $850 billion in 2019. New business users, along with pop-up stores and street vendors, are expected to drive growth. This is due to the fact that for them the acceptance of card payments was previously inaccessible.
The research says that India and China primed for the expansion of POS adoption, assisted by high smartphone penetration rates and the growing acceptance of cashless payments. They are expected to offer significant opportunities for POS software vendors, with 60% of POS software spend attributable to these two markets by 2024.
Over the next 5 years, the cash transactions in China and India will decrease, the research says. In addition to that, such digital payment services as Alipay and WeChat Pay will be compatible with an increasing number of POS terminals. This will play significant roles in the growth of mPOS and contactless transactions across India and China.