The future of payment is going mobile.
Over the past few years, we have witnessed a steady decline in cash transactions, with two thirds of payments now being made by card. With the introduction of contactless, it is much easier to tap and go rather than take cash out of the bank.
Mobile POS, or the abbreviated term mPOS, is a payment system that allows customers to pay on a business mobile.
Many businesses are using this method of POS as it allows them to take payment in a far more efficient way as opposed to having a POS fixated in some part of the building.
Presently, the market size of Global Mobile POS Systems is valued at 170 million USD. According to a recently published report Global Mobile POS Market 2019 forecasts that this figure will accelerate to 660 million USD by 2025.
As we head to a cashless society, businesses that operate on a cash-only basis risk losing out on customers.
Increasingly, small and independent companies are catching on to mPOS. Going cashless eliminates the time and manpower spent cashing up at the end of the day. There are also considerations to take on board when handling cash on a business premise, such as the cost of insurance.
More importantly, bank branches are closing at a rapid rate since a lot of customers are choosing to do their banking online. As a result, businesses are struggling to bank cash and are having to use the services of a cash courier which is another cost to manage. ATM’s are fast disappearing which means limited access to cash has propelled card payments and businesses need to accommodate if it wants to survive in what is fast becoming a cashless society.
A1 Comms, a specialist in business communications have seen an increase in the purchase of business mobile phones especially amongst independent cafes, restaurants and market/stall holders.
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