Report: mPOS Devices to Account for Over 87 Billion Transactions by 2023

Mobile point-of-sale devices – wireless, connected terminals or mobile devices used for processing transactions – will account for over 87 billion transactions by 2023, a new report from Juniper Research has found. This means that transaction volume for mPOS devices will increase threefold from its current level of around 28 billion and will eventually account for 1 in 4 POS transactions, a press release summarizing the research said.

The research, titled “POS & mPOS Terminals ~ Vendor Strategies, Innovation & Market Forecasts 2018-2023,” predicts that the average price of an mPOS device will decrease from $40 in 2018 to $33 in 2023. That price drop, coupled with the ease-of-use mPOS devices can provide, will make payments technology more attractive to smaller, primarily cash-driven businesses, the release said.

“As a result of the popularity of Square and iZettle, traditional POS manufacturers have identified mPOS as an important way to diversify revenue streams, at a time when established revenue streams are losing momentum,” said Juniper analyst Nick Maynard, the author of the report, in the press release.

The effect will be particularly strong in emerging markets, according to the release. The study found that growth in the number of mPOS devices will be the fastest in India over all other global regions, growing at an average annual rate of 46 percent over the next five years.

Click here to read the full release.