mPOS Terminals Market Set for Rapid Growth as Digital Payments Gain Momentum
The global mobile Point of Sale mPOS terminals market, which was valued at USD 20.3 billion in 2021, is projected to experience substantial growth at a remarkable Compound Annual Growth Rate (CAGR) of 18.5% during the forecast period. This robust expansion is attributed to the ongoing shift from cash to electronic payment methods, compelling businesses and individuals worldwide to embrace advanced payment solutions like mPOS.
The versatility of mPOS in wirelessly connecting with smartphones or tablets using mobile card readers has further accelerated its adoption. Additionally, the market is witnessing a significant trend towards cloud-based solutions, which offer lower operational costs compared to traditional systems that require on-site servers. According to Mckinsey & Company Inc....