The electronic funds transfer-point of sale (EFT-POS) terminals market is forecast to grow from USD2.53 billion in 2012 to USD3.51 billion in 2017 at a compound annual growth rate (CAGR) of 6.6 percent, but mobile POS (mPOS) payment-based solutions are providing added opportunities for vendors, according to analysis from research firm Frost & Sullivan.
"mPOS payment-based solutions have become a viable option for small enterprises and direct sellers owing to its cost-efficiency, security and easy-to-use features," said Frost & Sullivan Global Program Director, ICT in Financial Services, Jean-Noël Georges. "This niche market is also the perfect entry point for new challengers to deploy their innovative payment systems based on a cost-effective business model."
Georges said to capitalize on this potential, global EFT-POS providers must enhance and personalize customer experience.
"Apart from extending services such as money transfer, bill payment, age verification, mobile top-up and couponing, offering loyalty programs and gift card applications will open up additional avenues for revenue generation," he said.