Mobile POS transforms industries as it continues to rise
The origins of mobile point-of-sale (mPOS) can generally be traced back to Square, a financial services provider that led the way by rolling out mobile payment and mPOS services in 2010. In subsequent years, several other players have stepped on to the scene and mPOS systems now come in all shapes and sizes. Last month, we discussed the full potential of POS systems and how they aren’t just for facilitating payments anymore. One of the best features of modern POS is the ability to transact and process card payments all around the business (not just at the till) as well as on-the-go. The advent of mobile POS has given business owners the flexibility to make their businesses mobile, while never missing out on taking a payment. Let’s look at what makes mPOS such a pivotal innovation and how it’s changing businesses as it rises.
The global mPOS market will ship over 240-million units by 2022
That’s according to Transparency Market Research’s report on the global mobile POS market released earlier this year. In a separate study by CK systems in 2014, it was revealed that 63% of retailers were in the planning phase of an mPOS strategy, while 30% were planning to adopt tablets to use around the business within the year. Market adoption, therefore, isn’t an issue for mobile POS innovations.
In fact, a few industries rely on mPOS as their primary transaction system and not as an add-on to an existing traditional POS environment. The restaurant and hospitality sector is a perfect example of this; many establishments now run fully mobile POS systems so that waiters can take orders that instantly update back-of-house systems, run through specials and upsell opportunities, and process payments all from a smart device (usually tablets).
The uses of mPOS aren’t limited to retail businesses
Retail is only one of many industries that could benefit from mPOS. Mobile businesses have led the charge, with food trucks, electricians and market vendors finding ways to make their businesses work better through mPOS systems. Even businesses that are only occasionally mobile have found good use for mobile point-of-sale.
Doctors who do house calls no longer have to invoice their patients for payments, they can get paid immediately. Pharmacies that deliver medication to aging and ailing customers can also avoid the anxiety of waiting for delayed payments. Even brick and mortar businesses with no plans of ever going mobile have found reason to invest in mobile POS because research has shown that mPOS devices result in quicker buying decisions from customers. So whether your business is fully mobile or not mobile at all, mPOS can increase your staff’s productivity, eliminate queues at the till, and encourage faster and more frequent sales.
What lies ahead for the mobile POS market?
While the majority of retailers and consumers have embraced mobile point-of-sale, there’s also been some resistance. Considering Transparency Market Research’s 2022 prediction, that resistance won’t last for long. Given how modern consumers aren’t sticking to one method of payment and choosing to have them all instead, businesses that are ready for any kind of payment will win out over the rest.
Future mPOS systems and devices will be equipped to process card, contactless and mobile payments in one device while working through biometric authorisation. The market can also look forward to a more robust integration with the cloud and other existing systems in the business. Some industries might follow the lead of the restaurant and hospitality sector and opt for entirely mobile POS environments.
With ZipZap you have the freedom to take your business anywhere and still get paid
ZipZap mPOS allows you to do business anywhere with just a card reader, an internet connection and a smartphone. All you need to do is download the app on your mobile phone for free, apply for the affordable card reader online and you can begin transacting in a few days. We offer the lowest transaction fees in the country, our devices are fully PCI-DSS compliant and easy to set up and use. For more information, download our ZipZap brochure.