The global point-of-sale (POS) terminals market to grow at a CAGR of 9.12% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global point-of-sale (POS) terminals market for 2016-2020. To calculate the market size, the report considers revenue generated from the sale of POS terminals, transaction fees, and other fees such as monthly fees charged by vendors. The report also includes a discussion of the key vendors operating in this market.
A trend boosting market growth is the wider adoption of contactless payment systems. Contactless payment systems are gaining popularity among merchants. In these systems, the transaction takes place with the help of NFC technology, which is present in transmitters (card, smartphone, and smartwatches) and readers. These contactless cards are placed near (within five centimeters of) a contactless reader, which can accept payments within a second. The details of such cards can also be stored on mobile devices that have NFC technology to make payments.
According to the report, a key growth driver is the rising number of card-related transactions. The increase in the use of credit and debit cards for payment transactions by consumers is encouraging the vendors to adopt payment mechanisms involving cards. Also, consumers are expected to use cards and digital money as a mode of payment more often than cash. This encourages mobile card readers to invest in the technology and market, with the assurance that merchants and consumers will process payments through card transactions.
Further, the report states that a challenge that could restrict market growth is the increase in card-related fraud.
- Ingenico - Verifone - PAX Technology - SZZT
Other prominent vendors
- CyberNet - Equinox Payments - First Data - NCR - Spire Payments