Juniper Research is forecasting a surge in mobile point-of-sale transactions, with new data showing volume will more than double to $1.9 trillion by 2024, compared with $850 billion in 2019.
The surge is being driven by the rise in card adoption by street vendors and pop-up-stores, with much of the increase coming from emerging markets in India and China, which will account for 60% of software spend by 2024. These small merchants, often based on a one-person business, are increasingly accepting digital payments as smartphone penetration rises in these markets.
The report indicates that cash transactions will decrease in the Chinese and Indian markets, driven largely by China’s dominant share in digital payment cards and incentives by the Indian government to reduce the use of cash. The report shows that increased use of digital wallets Alipay and WeChat pay will play a major role in mPOS and cashless transactions.
The report shows that a shift from legacy on-premises POS systems towards cloud-based systems will open up opportunities for small businesses in the retail and restaurant space.
Companies: Juniper Research