Are today’s mobile POS solutions sustainable long term, and what do they imply for banks?

I think the way we are currently paying with our cards, in the near future this would be deemed as an antiquated method and gesture.

The physical card is going away and hence all methods of swipe.

Tapping or biometric authorization in proximity would most likely be the norm in paying. Those selling mPOS already know of this.

It is a very unique time in history. Traditionally technology taken off the market in the US snakes it way across South Asia and Africa to be deployed. It didn't happen with all the POS terminals in the US that are being taken down. This indeed shows it to be a turning point.

If you think about it, the mobile POS is already out there and millions of people own it in the form of a smart phone with a camera. We currently have the technology and the apps to snap a photograph and deposit a cheque and likewise add a card on the phone. The apps manage the rest. Compare this with the cost of a mPOS, it just doesn't add up. The mPOS had its brief period with the Square dongle, but that time is ending soon.

Very soon, the POS machines would be as ancient as this: