Government Initiatives to Increase the Paperless Transaction which in turn will Fuel the POS Terminal Market

Point-Of-Sale (POS) terminal market is driven by significant increase in electronic transaction across the globe. A Point-Of-Sale (POS) terminal is combination of hardware with software that will read the credit or debit card to process the payments at any location. POS terminal offers multiple ranges of features such as employee scheduling, reporting, customer relationship management (CRM), inventory management in addition to different payment options. With the growing need of POS terminal across the end-user industry such as restaurants, retail shops, and hospitality is giving rise to the popularity of mobile POS.

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Plastic currency such as credit card, debit card and also e-wallet are changing the dynamics of the POS payment by replacing the paper currency transaction, is the major factor that is driving the POS terminal market. Reliable alternative to the traditional cash system, empowering merchandisers as well as consumers to give and have easy service, low price, easy functions, and user-friendliness are the factors behind the growth of the POS terminal industry. Additionally, the POS terminal eliminates all the hassle of setting up making it favorable to adopt by the micro small medium enterprises (MSME) will also augment the growth of POS terminal system. However, unorganized banking sector and delayed service will hamper the market growth.

Regionally, North America along with Europe holds a significant share in the market attributed to the rapid adaptation of advanced technologies and presence of advanced infrastructure across the region. Additionally, the adoption of POS terminal-based payment methods by different industries such as healthcare, retail, entertainment and many more is propelling the growth of the POS terminal market in the region. Additionally, increased initiative by the government such as demonetization in the India and adoption of new technology to fulfill the needs of changing lifestyle is also driving the growth of the market in emerging region.

Recent News in the market report:

• In August 2019, Future Group partnership with LivQuik and further with Poynt, to launch a new POS system that will provide consumers with a fast and secure checkout process using the payment method of choice.
• In January 2019, HP in partnership with PayPal released its POS unit that is called “all-in-one” where PayPal will deal with all the payment processing and other financial related services.
• In May 2018, Paytm invested $30 million for the installation of POS devices across one lakh retail outlets.

Global POS Terminal Market – Segmentation

By Type

• Mobile POS
• Fixed POS

By Deployment

• Cloud
• On-Premise

By Application

• Healthcare
• Retail
• Hospitality
• Transportation
• Others (Government, Media & Entertainment)

Global POS Terminal Market –Region

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

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