October marks the one year anniversary of the mPOS tracker, an industry report produced by PYMNTS.com and sponsored by ROAM, a leader in the mobile commerce industry. In just one year, this sector has experienced extraordinary growth, which tracked 17 players in 2012 to now over 90 players. A newly released PYMNTS.com infographic provides details about the size of funding rounds and processing totals raised by mPOS providers during this time.
The October 2013 report features nine new players to the MPOS Pyramid, the organizing framework for the mPOS ecosystem. The new merchant facing players are Aasaanpay, Banco Sabadell, iVeri mPress, Estel Leaf, Punto, Mint Payment Pebble and Vwalaa! Mobile Pay. In addition, seven players were updated from prior months including iZettle, PayPal Here, Square and ROAM.
October’s report reveals that surging demand on the part of retail is a key driver of growth as is the flexibility and increased functionality that mPOS solution providers offer. No longer a solution that is solely characterized by a dongle inserted into a smartphone, mPOS now included integrated tablets.
Additional observations discussed in this report include:
Ingenuity as a driver to mPOS adoption: From arming anyone with a smartphone and/or a tablet so that they can enable payment to even enabling the homeless to accept debit card donations, reinventing the commerce experience is a key underpinning of mPOS demand.
The democratization of retail: Small merchants now have the ability to compete as efficiently as their larger counterparts, thanks to the ability to acquire a totally integrated tablet-based solution for less than $500. These merchants through these systems are able to manage crucial front and back office activities that help control costs and increase customer loyalty and incremental sales.