Page 48 - AeM_June_2018

BUZZWORDS

mPOS (mobile Point-of-Sale)

An mPOS (mobile Point-of-Sale) is a smartphone, tablet A recent study from Juniper Research found that the
or dedicated wireless device that performs the functions adoption of mPOS devices connecting wirelessly or via
of a cash register or electronic point of sale (POS) mobile devices will drive annual mPOS transactions to
device. in fact, any smartphone or tablet can be over 87 billion by 2023. This will represent a threefold
transformed into an mPOS with a downloadable mobile increase over an estimated 28 billion transactions in
app. 2018.
Moreover, the report revealed that mPOS devices will
Typically, when the business owner registers the app, the drive an increased usage of payment cards in emerging
vendor sends the business owner a card reader that markets and that the average price of an mPOS device
plugs into the mobile device's audio jack. Some mPOS will drop from $40 in 2018 to approximately $33 by
software vendors also provide optional hand-held 2023. This affordability, coupled with the simplicity of
docking stations (called sleds) that allow the mobile mPOS devices, will make them highly attractive to
device to read barcodes and print receipts. smaller, previously cash-driven businesses. Besides,
biometrics is expected to become an increasingly
Depending on the software, a mPOS can operate as a common part of mPOS offerings that give merchants
stand-alone device that's simply linked to the business' the opportunity to avoid card network charges. This will
bank account or it can be an integrated component of a drive biometric-enabled mPOS devices to reach almost
larger, legacy POS system. To protect cardholder data, 2 million globally by 2023, Juniper Research estimates.
customer data is encrypted and stored in the cloud -- not ◊
on the device.
By MediaBUZZ

48 June 2018 - Mobile & Video Marketing