North America mPOS Terminals Market size valued at USD 7 billion in 2020 and is anticipated to exhibit a CAGR of 16% between 2021 and 2027.
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The rising utilization of digital payments will boost the mPOS terminals market demand across the region. The easy usability of smartphone applications, in terms of completing Unified Payments Interface (UPI) based transactions, has supported the growth of cashless transaction methods. With the integration of digital wallets and payment applications, such as Google Pay & Apple Pay, with smartphones, consumers are adopting digital channels for paying their bills. In March 2021, Visa International Inc. confirmed growth of around 30% year-over-year in its tap to pay transactions, indicating an increase in the utilization of such services for payments. In addition, the safety & security features offered by the system, in terms of tracking money, have further encouraged customers to adopt the technology for day-to-day activities.
The coronavirus pandemic has moderately affected the manufacturing capabilities of production sites in North America. Lockdown measures, travel restrictions & social distancing norms imposed by government organizations to avoid virus transmission have disrupted the supply chain, logistics & industrial activities of the companies. However, these factors have boosted the use of digital payment portals or contactless payment methods across the population. Consumers prefer digital services to complete their transactions safely without any direct human contact. Currently, consumers are utilizing this payment technology in convenience stores, hospitals, restaurants, theaters & specialty stores.
North America Market, By Solution
The introduction of new handheld terminals with advanced software will propel the North America mPOS terminals market revenue. Companies in the industry are focusing on expanding their product range by launching new devices with better functionality to establish a differentiated positioning in the market. For instance, in January 2022, Adyen N.V. launched all-in-one Android mobile POS terminals in the U.S., the UK & the EU. The device eliminates the requirement for barcode scanners, separate cash registers & customer-facing displays, thus improving the overall efficiency of the business. In addition, the terminal is installed with app management software, allowing merchants to manage & upload new apps utilized for activities such as loyalty programs, inventory management & returns.
North America mPOS Terminals Market, By Deployment
The growing demand for remote data storage platforms will drive cloud-based mPOS terminals in the region. The technology offers safe, secure & seamless access to a large amount of data, enhancing the overall user experience. To cater to the rising requirements, companies are forming strategic alliances. In January 2021, Mastercard International Incorporated partnered with Network Merchants, LLC, Computer Engineering Group, and Global Payments Inc. to launch a cloud tap on phone pilot. The solution will be hosted on Microsoft’s Azure cloud platform and will allow different types of businesses to offer a contactless payment consumer experience with the help of their existing Android tablets or smartphone devices.
North America Market, By Application
Increasing implementation of the technology in restaurants will fuel the North America mPOS terminals market growth. Business owners are emphasizing on integrating smart technologies across their infrastructure to improve productivity & time management. They are installing a holistic software solution to manage the various aspects of a site. For instance, in January 2021, CKE Restaurants selected PAR Technology Corporation for deploying cloud-based Brink POS software systems across its franchisee and corporate-owned restaurants. The company offers both service & hardware solutions that can be integrated with fixed devices and tablets. This system supports restaurateurs in increasing their efficiency and flexibility, enabling them in catering to a large set of customers.
Competitive Industry Landscape
Prominent participants operating across the North America mPOS terminals market include Ingenico Group, Oracle Corporation, NCR Corporation, First Data Corporation, Diebold Nixdorf, Incorporated, Touch Dynamic, Verifone Holding Inc., Zebra Technologies, Posiflex Technology, BBPOS Ltd., SZZT Electronics, Bitel Co., Ltd., Square Inc., PAR Technology Corporation, and PAX Global Technology. The industry players are focusing on receiving certification from global financial partners to strengthen their industry positioning.