The advent of mobile is nothing short of revolutionary. The adoption of mobile devices has been massive.
The mobile revolution has also impacted the business world. From smartphones enabling contactless payments to offering discounts through apps, entrepreneurs have started leveraging mobile for a wide variety of purposes.
mPOS (Mobile POS) in the Retail Sector
With customer expectations on an all-time high, retail storeowners are looking for ways to use mobile technology more efficiently.
Mobile POS is one area in which players in the retail sector are particularly interested in. Surely, the customers love making payments through their mobile devices. According to Mobile Payments Today, the mPOS device market is expected to grow from 3.2 million mPOS devices in 2014 to 27.7 million in 2020. The same source also suggests that retailers are a key driving force in this.
However, mPOS adoption has been quite slow. To move from fixed location POS terminals to mobile POS devices, efforts will be required.
Here are some factors that are holding back mPOS adoption:
Complex Integration with Other Platforms
Currently, retailers are employing separate systems for accepting online payments and in-store payments. The same is true for mPOS.
To integrate the different platforms, additional infrastructure is required – deploying which is both expensive and time-consuming.
What’s more, many mPOS devices use different operating systems than the ones already in place for regular POS.
Inadequate Battery Life
One of the biggest issues with mPOS devices is insufficient battery life. For a large retailer who is handling multiple transactions at the same time, this aspect of mPOS is a no-no.
For mPOS devices to be embraced at large, their battery life would have to improve. What’s more, batteries that can be easily changed can also do the trick.
Less Robust Security
Although mPOS devices give retail store owners the freedom to accept payments from anywhere, security is still a major concern. Mobile phones and mPOS devices can be hacked, which can prove to be disastrous for the retail brand.
mPOS devices will need to be built with the same robust security mechanisms as their in-lane terminal counterparts.
The mPOS devices will also need to be PCI and EMV compliant.
Modern retailers focus a lot on the aesthetics of the devices they are using. To portray themselves as forward-thinking, retailers are looking for mPOS devices that are sleek and stylish.
This means that a lot of work on the design aspect will need to be done for seamless adoption of mPOS devices.
With a team of tech gurus, UIC World provides EMV payment services and related NFC products to retailers across the country. Making waves in the contactless payment sector, the company also has ideas for mPOS devices.