- Mobile POS Systems forecasted to reach $660 million USD by 2025
- Bank and ATM closures mean limited access to cash
- Opens opportunities for small businesses and hospitality trade
The future of payment is going mobile. Over the past few years we are seeing a steady decline in cash transactions with two thirds of payments made by card. With the introduction of contactless it is much easier to tap and go rather than take cash out of the bank.
Mobile POS or the abbreviated term mPOS is a payment system that allows customers to pay on a business mobile. Many businesses are using this method of POS as it allows them to take payment in a far more efficient way as opposed to having a POS fixated in some part of the building. Presently, the market size of Global Mobile POS Systems is valued at 170 million USD. According to recent published report Global Mobile POS Market 2019 forecasts that this figure will accelerate to 660 million USD by 2025.
As we are heading to a cashless society, businesses that operate on a cash only basis are losing out on customers, such as small businesses like nail salons and the take away shops down the high street. This type of businesses cannot afford to lease or sign up to a fully integrated EPOS system as it is associated with an exorbitant cost that most cannot afford.
Increasingly small and independent companies are catching on to mPOS. The benefits for a retailer from going to cash only to cashless only are many. There are considerations to take on board when handling cash on a business premise. For one there is the cost of insurance. It eliminates time and manpower spent cashing up at the end of the day. More importantly bank branches are closing at a rapid rate since a lot of customers are choosing to do their banking online. As a result, businesses are struggling to bank cash and are having to use the services of a cash courier which is another cost to manage. ATM’s are fast disappearing which means limited access to cash has propelled card payments and businesses need to accommodate if it wants to survive in what is fast becoming a cashless society.
The incentives of mPOS are attractive. Most mPOS providers are offering no contracts, no set up fee and instant activation. Here are the top five mPOS providers:
A1 Comms, a specialist in business communications have seen an increase in the purchase of business mobile phones especially amongst independent cafes, restaurants and market/stall holders. A1 Comms understands small businesses are independent in nature, and so they want to minimise overhead costs. Due to the agile nature of the business in which they operate, they are looking for cloud-based solutions to help support with the continuous changing dynamics.
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