Europe mPOS Terminals Market size crossed USD 6 billion in 2020 and is predicted to observe around 17% growth rate from 2021 to 2027.
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The increasing adoption of mobile-based applications will support the industry growth in Europe. Consumers are opting for digital payment applications to reduce the overall hassle of managing paper currencies and fast-track the entire process. This factor has encouraged industry players to increase their market presence in different regions. For instance, in November 2020, Mastercard Technology supported the rollout of Google pay in different countries across the region including Austria, Bulgaria, Estonia, Hungary, Latvia, Greece, Lithuania, Portugal, the Netherlands, and Romania. Moreover, the company offers services to various fintech organizations and issuers including Banca Transilvania, Unicredit Bank Romania, CEC Bank, Curve, LHV Pank, Monese, Paynetics, Revolut, Swedbank, and Viva Wallet.
The COVID-19 pandemic has moderately impacted the supply and manufacturing of the dedicated mPOS terminals. The outbreak of coronavirus has encouraged government officials to impose lockdown measures and border closures. These factors have created challenges in terms of manufacturing capabilities, supply chains, and logistics. However, social distancing aspects & travel restrictions have shifted consumer focus toward contactless payment options. Mobile applications including Amazon Pay and Google Pay have enabled consumers to complete transactions without direct contact.
Europe Market, By Solution
The mPOS terminal segment will witness remarkable growth through 2027 owing to the launch of an advanced mPOS product range in the region. To improve the overall device handling experience and user interface, companies are investing in R&D activities. This factor has encouraged the introduction of new solutions for capturing the Europe mPOS terminals market share. In January 2020, InVue Security Products presented the NE360 model, a mobile point-of-sale solution range. The line-up includes tablets and handheld terminals with 4ft. drop protection & USB communication support between different integrated devices in the retail environment. In addition, it has also launched an mPOS center with instant accessibility, tablet tilt, advanced security, and swivel base features.
Europe Market, By Deployment
The growing focus on market expansion will support the rise of on-premise mobile POS solutions across Europe. Companies in the industry are focusing on developing their reach to cater to a wide set of small, medium & large businesses. For instance, in March 2021, Agilysys, Inc. partnered with CITCON USA LLC to increase their industry presence by integrating their technological expertise in on-premise hospitality software solutions, cloud-native SaaS & mobile payment platforms. Through this move, the companies are targeting the global hospitality industry. The move will support them in developing their product portfolios and improving their service offerings to customers.
Europe Market, By Application
Technological advancements in the product range will boost the implementation of solutions in the retail sector. The market players are emphasizing on developing and customizing their product portfolios based on industry requirements. To accelerate this process, companies are forming strategic partnerships. For instance, in February 2021, Ergonomic Solutions collaborated with Otter Products, LLC to provide a cost-efficient & versatile offering by integrating mPOS solutions for the hospitality & retail segments. The agreement includes mCase Duo technology with the uniVERSE Case System for Samsung and Apple smartphones & tablets. The integration allows tablets to be mounted on a SpacePole to set up a static TabletPOS solution with an added quick-release feature.
Competitive Industry Landscape
Prominent industry players include Ingenico Group, First Data Corporation, Oracle Corporation, NCR Corporation, Diebold Nixdorf, Incorporated, Verifone Holding Inc., Zebra Technologies, Posiflex Technology, Panasonic Corporation, Fujian Newland Payment Technology Co., Ltd., BBPOS Ltd., SZZT Electronics, Square Inc., and PAX Global Technology. The companies are expanding their market reach in new regions. For instance, in July 2021, Square Inc. launched its services in Ireland. Through this launch, the company is focusing on offering its product range including mPOS software & hardware to European customers.