The Tablet-based Mobile Point Of Sale (mPOS) terminals and smartphones will handle 40 percent of all retail transactions by 2021 from the current 12 percent, says a study.
According to Juniper Research, one in three POS terminals will be of mPOS in the next five years showing the importance the mobile-based payment systems would get among retailers. According to a research by IHL group, mobile in retail is a USD 5.7 bn business worldwide and continues to grow rapidly.
mPOS has a lot of advantages for retailers to improve customer satisfaction and business grwoth, as it reduces in-store queues, aids faster checkouts, and develops more ‘situational’ and targeted’ sales campaigns.
“Several vendors use tailor-made software to suit their needs and integrate mPOS with cloud-based business software,” says James Moar, the author of the research report.
“These mPOS terminals, apart from being billing devices, can be used to manage inventory, monitor sales pattern, check staff performance and other in-store key functions, which add value to the business, customer relations and improve margin,” he further says.
Small retailer houses, especially in emerging markets like India, Latin America and Southeast Asia, must look at mPOS as the best option to grow, Juniper adds.
The local vendors take much of the pride in these regions to supply the devices to retailers. Some of the best mPOS solution providers in the world are Infosys, HP, AccuPOS, Harbortouch, Motorola and StellaNova to name a few. For India, Ezetap, MRLpay and Mswipe are some of the leading names who offer mPOS.
mPOS devices are available in various types and the most common among them is the handheld mPOS, which are like a portable register with a provision to swipe a card. Card readers are another popular type which can be attached to the USB or audio jack of a mobile device with its app acting as an interface.
The mobile POS device can be a tablet, an iPod Touch or even a smartphone. All of them do the basic functions such as scanning the barcodes, swiping customer’s credit/debit cards, taking electronic signatures and even generating a receipt with the help of an attached portable printer.