November 7, 2013
A recently published report, by a global Fintech focused research firm Knowledgefaber, on POS Penetration in US, Canada and UK reveals that in US, about 63.5% merchants have adopted POS, and have about 1.90 POS per merchant store. 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%.
In Canada, 78.1% merchants have adopted POS, and there are about 2.13 POS per merchant store in the country. While conventional POS market is shrinking at -4.1%, the market size of mobile POS and contactless POS are growing at rates of 9.2% and 16.4% respectively. In UK, there are 1,326,333 POS terminals. mPOS and contactless POS markets are growing at rates of 14.3% and 26.7% respectively in the country.
The evolving mobile ecosystem has brought a paradigm shift in the payment industry worldwide, bringing new stakeholders and innovative methods to conduct payments electronically. With handsets becoming smarter and faster, mPOS is presenting retailers with unforeseen opportunities to improve customer services. This report analyzes the POS market in US, Canada and UK, providing insights about number of establishments adopting POS in these countries by segments and type of business, and the expected growth in adoption of conventional POS, mPOS and contactless POS (from 2010 to 2018). The report also provides insights on growth drivers and inhibitors of mPOS in these countries.
Note: This is a sponsored post.