May 5, 2014
These days’ small business owners are taking the non-traditional approach and signing up with mobile POS providers to receive cashless payments. A recently published report, by a global FinTech-focused research firm Knowledgefaber, on POS Penetration in the US, Canada and UK reveal that in the US, about 63.5% merchants have adopted POS, and have about 1.90 POS per merchant store.
Lot of small merchants, and even mid-sized ones are looking for mPOS systems because of the cost effectiveness, functionality, and easy implementation. While the conventional POS market is shrinking at a rate of -2.5%, mPOS is growing at a rate of 9.2% while contactless POS is growing at 81%. Some of the companies offering mPOS and Chip-and-PIN Solutions have been described here:
The total mPOS penetration in the U.S is around 1.7 million+ devices (card readers) of which Square has sold more than 70%. As most of you know, Square is a San Francisco based company in the area of merchant services aggregation and mobile payments. It is backed by investors such as Marissa Mayer, Kevin Rose, Biz Stone, Dennis Crowley, Shawn Fanning, Ed Cramer, MC Hammer, and Esther Dyson.
The company has also raised several additional rounds of funding:
Series A funding from Khosla Ventures.
Series B funding from Sequoia Capital.
Series C funding from Kleiner Perkins Caufield & Byers.