Asia Pacific mPOS Terminals Market size surpassed USD 6.5 billion in 2020 and is estimated to witness 21% CAGR between 2021 and 2027.
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The growing popularity of digital payment solutions including Amazon Pay, PhonePe, Paytm, and Google Pay in the region will boost the demand for mPOS solutions. For instance, according to India Brand Equity Foundation (IBEF), in 2016-17 and 2020-21, Unified Payments Interface (UPI) accounted for 10% of the total retail transactions and grew at a CAGR of 400%. The governments in various countries including China, Japan, and India are supporting the adoption of digital payment solutions to minimize financial fraud.
Due to strict lockdown measures imposed across several countries, the COVID-19 pandemic had a moderate impact on the mPOS terminals market in 2020. Manufacturers faced the risk of supply chain disruptions due to a shortage of raw materials and electronic components. Strict travel restrictions imposed by federal authorities impacted the overall manufacturing process. Globally, the government announced a relaxation on lockdowns in the second half of 2020 and this boosted the demand for mPOS terminals. Several manufacturers are concentrating on regaining stability through R&D investments to introduce mPOS terminals. The increased traffic on e-commerce platforms as a result of rising digital services during the pandemic is driving the market growth.
Asia Pacific Market, By Solution
Asia Pacific is witnessing a high demand for mPOS software owing to the increasing sales of consumer electronic devices. The mPOS software is optimized for all devices and helps the overall market revenue. It helps retailers to offer a high level of customer service and reduce checkout time. mPOS software works offline, which makes it an optimum solution for retailers located in areas with unstable internet connections. The mPOS system’s software combines with the features built in the customers’ digital wallets, safeguarding sensitive data as it travels throughout the payment process. The software remains updated to the most recent version, thereby running at its optimal level to protect the data managed, stored, and transmitted.
Asia Pacific Market, By Deployment
The cloud-based mPOS terminals market will gain remarkable momentum during the forecast timeline, due to the rising adoption of cloud computing services among SMEs across the region. The cloud deployment model offers higher convenience, customization, security & privacy, scalability, and reliability. This reduces additional maintenance costs and eliminates downtimes. Cloud-based mPOS terminals enable effective utilization of IT resources, minimize investment in costly infrastructure, and reduce data breaches. The cloud-based deployment of mobile POS software & applications improves mobility and provides autonomous data backup. Such solutions enable users to integrate all data in one location with remote access to streamline information management.
Asia Pacific mPOS terminals Market, By Application
The retail sector is flourishing in the Asia Pacific region due to which the demand for mPOS terminals is increasing. According to the Ministry of Economy, Trade & Industry, retail sales in Japan increased by 0.9% YOY in October 2021. The government is investing heavily in the retail sector to boost the economy. According to India Brand Equity Foundation (IBEF), the retail sector accounts for 10% of the country's GDP. The government has authorized 51% FDI in multi-brand retail and 100% FDI in single-brand retail. Between April 2000 and June 2021, the total FDI inflow into the retail sector was USD 3.61 billion. This will encourage the retail industry to use advanced mPOS terminals to enhance the buying experience of customers by providing them with a quick check-out and a secured payment transaction procedure.
Competitive Industry Landscape
Key players operating in the Asia Pacific mPOS terminals market include AURES Technologies SA, BBPOS Limited, Bitel Co., Ltd., Diebold Nixdorf, Incorporated, Fujian Newland Payment Technology Co., Ltd., Ingenico Group, Micros Systems, Inc., NCR Corporation, New POS Technology Limited, Newland Payment Technology, Panasonic Corporation, PAR Technology Corporation, PAX Technology, Inc., Posiflex Technology, Inc., Shenzhen Xinguodu Technology Co., Ltd., Shenzhen Zhengtong (SZZT) Electronics Co., Ltd., Square Inc., Touch Dynamic, and VeriFone Holdings, Inc.