MPOSAn mPOS (mobile Point-of-Sale) is a smartphone, tablet or dedicated wireless device that performs the functions of a cash register or electronic point of sale (POS) device. in fact, any smartphone or tablet can be transformed into an mPOS with a downloadable mobile app.

Typically, when the business owner registers the app, the vendor sends the business owner a card reader that plugs into the mobile device's audio jack. Some mPOS software vendors also provide optional hand-held docking stations (called sleds) that allow the mobile device to read barcodes and print receipts.

Depending on the software, a mPOS can operate as a stand-alone device that's simply linked to the business' bank account or it can be an integrated component of a larger, legacy POS system. To protect cardholder data, customer data is encrypted and stored in the cloud -- not on the device.

A recent study from Juniper Research found that the adoption of mPOS devices connecting wirelessly or via mobile devices will drive annual mPOS transactions to over 87 billion by 2023. This will represent a threefold increase over an estimated 28 billion transactions in 2018.

Moreover, the report revealed that mPOS devices will drive an increased usage of payment cards in emerging markets and that the average price of an mPOS device will drop from $40 in 2018 to approximately $33 by 2023. This affordability, coupled with the simplicity of mPOS devices, will make them highly attractive to smaller, previously cash-driven businesses. Besides, biometrics is expected to become an increasingly common part of mPOS offerings that give merchants the opportunity to avoid card network charges. This will drive biometric-enabled mPOS devices to reach almost 2 million globally by 2023, Juniper Research estimates.

By MediaBUZZ