Data gathered by Buyshares.co.uk indicates that approximately 1.75 billion mobile users or 23.05 per cent of the global population will be using Point of Sale systems payments by 2024. According to the data, the adoption of POS will keep rising in popularity.
The 2024 users represent growth of 49.57 percent from the 2020 figure of 1.17 billion. By 2021, mobile POS payment users will be 1.36 billion and later grow by 11.76 percent to 1.52 billion in 2022. By 2023, the users will spike to 1.64 billion.
Buyshares.co.uk’s research also overviewed the estimated total transaction value in the Mobile POS Payments segment between 2020 and 2024. As of June 2020, the figure stands at $1,479.69 billion. The value is expected to grow by 180.15 percent to $4,145.36 billion in 2024.
By next year, the transaction value will rise by 39.41 percent to $2,062.98 billion while in 2022, the figure is estimated to stand at $2,703.83 billion and later undergo an increase of 26.01 percent to $3,407.31 billion in 2023.
Various factors are projected to propel the growth of POS among businesses. According to the Buyshares.co.uk research report:
“Industry experts project that the dropping price of Point of Sale terminal devices will spur adoption globally. The affordability will make them more attractive for smaller and cash-driven businesses that struggle to retain customers due to singular payment alternatives.”
Its study also carried out a global comparison of mobile POS payments transaction value in 2020 based on countries. China has the highest transaction value at $755.5 billion as of June 2020. The United States transaction value is at least half the value of China at $357.5 billion.
The United Kingdom comes a distant third with a value of $45.8 billion while Brazil is fourth with a figure of $22.3 billion. South Korea has the fifth-highest transaction value of $17.6 billion.