Mobile POS Payments - Worldwide

Definition:

The Mobile POS Payments market refers to transactions made on mobile devices, such as smartphones or tablets, to process transactions at the point of sale. The payment in this case is made by a contactless interaction of the smartphone app with a suitable payment terminal belonging to the merchant. The data transfer is made via wireless standard NFC (Near Field Communication) or by scanning a QR code to initiate the payment. Users pay for a purchase via a mobile wallet application by triggering an online bank transfer or by using a digitally stored credit or debit card (Host Card Emulation). mPoS payments are becoming increasingly popular as they allow businesses to offer more flexible and convenient payment options for customers, and can also help to reduce costs and improve efficiency. Additionally, mPoS payments can also provide businesses with valuable data and insights into customer behavior and purchasing habits.

Additional Information:

Key players in this market are ApplePay, Google Wallet and Samsung Pay.