To succeed in mobile POS payments, European players must skirt copycat tactics.
Boston, January 30, 2014 – In 2010, mobile POS leader Square started a revolution in payment acceptance, and the merchant acquiring world responded by playing copycat. Today, nearly 70% of U.S. acquirers indicate that they offer mobile POS solutions in response to Square's offering and a series of European startups and acquirers are following suit, attempting to recreate the Square magic. Meanwhile, Square has learned from its early mistakes and quietly pivoted away from its initial strategy. Mimics continue down Square's initial, misguided path to their own detriment, and European mobile POS players must be careful not to fall into the same trap.
Based on 26 Aite Group qualitative interviews with senior POS payments executives, this report evaluates the mobile POS market in Europe, including the key economic challenges that have slowed success in the U.S. market, differences between U.S. and European markets, and how those differences will impact economic success for those offering mobile POS solutions in Europe. It also provides an overview of key players in the European market and makes recommendations as to how they can be most successful.
This 25-page Impact Report contains nine figures and seven tables. Clients of Aite Group's Retail Banking service can download this report.