Benzinga | Aug 24, 2020 09:04AM EDT

Borqs Technologies Receives Purchase Order Of Over $15M For Mobile Point-Of-Sale Device In India

SANTA CLARA, Calif., Aug. 24, 2020 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS), (the "Company", or "Borqs"), a global leader in embedded software and products for the Internet of Things (IoT) industry, today announced that it has received a purchase order of more than US$15M to supply mobile point of sale (POS) IoT devices for the India market.



Borqs designed and developed the POS IoT device with key technologies which will work particularly for the India market, including the latest radio bands, payment methods, etc. The POS device has passed global mobile payment certifications and India mobile operator certifications.

Borqs expects the mobile POS market to grow very rapidly. According to Statista, "Transaction value in the Mobile POS Payments segment in India is projected to reach US$11,594m in 2020. Transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 42.5% resulting in a projected total amount of US$47,749m by 2024. The number of users is expected to amount to 359.6m by 2024."

* Mobile POS Payments (India)

https://www.statista.com/outlook/331/119/mobile-pos-payments/india