Tag: mobile POS

Mobile technology is shrinking auto loan origination time

New research from NetSol has shown that this could be very helpful to both the automotive and financial sectors.

According to NetSol Technologies IT and enterprise software provider, mobile technology is having a transformative effect on both the automotive financing and leasing sectors by decreasing the amount of origination and decision making time required for loans.

This conclusion was made within a white paper that was issued by the firm about the impact of mobile tech.

Enterprise mobile technology is making it possible for financial institutions to be able to enhance their operational efficiencies to the extent that significant costs can be reduced from the elimination of the requirement to print and mail out documents to customers and other institutions. Beyond the cost savings, there is also a considerable amount of time savings as the amount of time needed for responses is reduced.

Mobile technology makes it possible for financial institutions to provide customers with information, anywhere.

Mobile Technology - Auto LoanThis means that it doesn’t matter where the customer is, he or she can gain the information that is needed to take out an auto loan using smartphones or tablets, without the need for actual paperwork. This can all be provided to customers on the spot.

NetSol Technologies CEO, Najeeb Ghauri, explained that “Netsol’s research shows how mobile technology is positively impacting the global auto-leasing industry.” Earlier in 2015, the company had implemented a form of mobile point of sale system to an auto company that remained unidentified. This made it possible for dealerships to be able to complete the contract origination process through the use of a smartphone or tablet.

The implementation process, which involved training staff members who would be using the service. Following that period, the unnamed dealer experienced considerable origination time and efficiency improvements, said NetSol.

A recent study conducted by 451 Research suggested that POS systems run over mobile technology are starting to have an impact in multiple sectors, which are not limited to the auto industry. It explained that there is actually a considerable cross-sector draw for using points of sale over devices such as smartphones and tablet computers.

Mobile POS Systems market 2015 to grow at a CAGR of 9.6% by 2019

Global Mobile POS Systems Market 2015-2019

A mobile POS refers to an electronic payment system that transfers funds using credit and debit cards at POS terminals located at retail outlets. Mobile POS systems are equipped with features such as Wi-Fi, RFID, VoIP, and smart card capabilities. These systems are highly versatile and are used primarily as data devices. In addition, they are used for sending digitized notes, checking prices, writing reports, sending and receiving invoices, capturing signatures, and managing assets at retail stores. The abovementioned functions can be used to exchange data within a store or other out-of-store locations through wireless applications. Mobile POS systems are also being used to send and receive faxes through emails (known as internet fax service). Mobile POS systems can also be coupled with Bluetooth-enabled printers to enable line busting for faster checkout during heavy traffic at retail stores. Thus, mobile POS systems help retailers to provide value-added services, with the requirements of speed and accessibility being accomplished.

Global Mobile POS Systems market to grow at a CAGR of 9.6 percent over the period 2014-2019.

The predominant factor driving the market growth is the increased penetration of mobile POS systems in the retail and hospitality sectors. The surge in need for mobility by the merchants in these sectors to ease the customer checkout process will tend to fuel the market growth during the forecast period.

“The increase in awareness about near-field communication technology among merchants has resulted in the growing adoption of POS terminals and fostered the growth of NFC-based payments,”.

“Besides providing easy and quick transactions, merchants can employ NFC for loyalty programs, marketing, and providing information about the products customers are likely to purchase.”

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Covered in this Report

This report covers the present scenario and the growth prospects of the Global Mobile POS Systems market for the period 2014-2019. The report covers the entire range of mobile POS systems used in the following end-user segments:

BFSI Sector
Government Sector
Hospitality Sector
Retail Sector
Transportation Sector

The report considers only the revenue generated from the shipments of mobile POS systems to these sectors. The report does not consider the revenue generated from the following:

Mobile computing devices such as smartphones and tablets used as POS systems by merchants
Service and maintenance of mobile POS systems
Licensing of enterprise resource planning tools
Sales of used POS terminals

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Key Market Drivers

Increased Need for Mobility by Merchants
Increased Footfall in Retail Outlets
Proliferation of Non-cash Payment Methods
Increased Adoption of EMV Cards
Need for Effective Information Management

Key Market Trends

Increase in Penetration of Mobile Computing Devices
Increase in Penetration of NFC Technology
Increased Awareness about Mobile Wallet
Stringent Regulations for Secure Payments

Key Market Vendors

Datalogic SpA
Fujitsu Ltd.
Ingenico Group
Honeywell Scanning and Mobility
Motorola Solutions Inc.
Pax Technology Ltd.
VeriFone Systems Inc.

To define the market circumstances in the next 3-4 years, Our analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.