Payment Terminal Market - Segment Analysis, Opportunity Assessment, Competitive Intelligence, Industry Outlook 2016-2026

Payment Terminal Market Size:

The global payment terminal market was valued at US$ XX Bn in 2020 and is expected to reach US$ 113.9 Bn by 2026 with a growing CAGR of approximately 7.3%.

With the increasing digital age and introduction of new technologies, cash payments are reducing at a high rate. The increasing demand for payment processing and understanding customer purchase patterns, and customer relationship management, among others is one of the primary factors driving the demand for payment terminal.

Key and positive trends of the segment include:

• Increasing Demand for NFC-ready Payment Terminal Systems, as it increases the speed of transactions due to its convenience factor and is interactive. It also integrated contactless payments with smartphone or tablet devices. NFC chips embedded in mobile phones allow them to be operated as a reader or card.
• Introduction of Cloud-based Payment Terminal Systems.  The cloud-based system helps in merging data across tablets and smartphone interfaces, offline
• and online shopping, and e-payments.

Payment Terminal Market Drivers:

• Inception of Mobile Payment Solutions: The present-day POS can handle a wide range of payment options, including digital wallet payments. Google Wallet, Samsung Pay, Android Pay, and Apple Pay are the major digital wallet options that have become standard on smartphone devices. Retailers have incorporated POS systems with mobile wallets, which help to attract new customers in addition to retaining the current digital payment users. As an example of large brands adopting mobile payment POS devices, over 21% of the total US transactions at Starbucks was done using mobile applications in the first quarter of 2016. These POS systems perform a wide variety of functions such as pricing, customer service, marketing, inventory control, digital signage, and accounting.
   
• Rising adoption digital payments: The usage of debit and credit cards is facilitated through POS terminals and ATMs present at various outlets such as retail, drugstores, gas stations, restaurants, and hospitality. Emerging economies such as India, Russia, and other regions such as Indonesia, Kenya, Colombia, and Egypt are making structural changes to accelerate the incorporation of the credit and debit card system.

Payment terminal is a device used to make electronic device payments by interfacing with the payment card. Payment terminal is also referred to as Point-of-Sale (POS) terminal.

Growth Factors:

The payments and transactions landscape is rapidly changing, due to the increasing enterprises and consumer inclination toward digital transformation and rising proliferation of smartphones. With the rising advancement in smartphones, digital payment cards, and POS at retail terminals are propelling the growth of the Payment Terminal Market. The rise in the POS terminals across various retail outlets and due to COVID 19, the rising adoption of mobile wallets are the key drivers for the market growth. According to Blackhawk Network, by end of 2021, it is expected that the mobile wallet will create nearly USD 190 billion as the transactional value in the US.

Payment Terminal Market is further witnessing growth owing the emergence of mobile-based POS (mPOS) includes a card reader connected to a basic ePOS app running on a tablet or smartphone, this will further fuel the market. In Addition, in this COVID-19 pandemic, contactless card limits across Europe have grown substantially as contactless payments were being promoted across globe. In 2019, there were only six countries in Europe where the contactless payment limit was EUR 30 or higher. For instance, North Macedonia had a contactless card limit of EUR 12. This has further propels the market growth.

Regional Overview:

Based on the regions, the global payment terminal market has been segmented as North America, Europe, APAC, MEA, and Latin America. Among which North America held the largest market share in the year 2019 and is expected to witness similar growth trends during the forecast period. The increasing adoption of advanced technologies along with the increasing modernization of payment methods are some of the key factors propelling the demand for payment terminals in this region. Moreover, the increasing advancement in payment options such as contactless payments and use of Near-Field Communication (NFC) are supporting the growth of payment terminal in the region.

Recent News & Developments in Payment Terminal Market

• In September 2019, Verifone announces the acquisition of Zivelo, a public computing technology company providing self-service kiosks and digital signage solutions
• In April 2018, Verifone announces its acquisition by Francisco Partners, a private equity firm.
• In March 2017, ShopKeep, a US-based POS company, acquires a software start-up, ChowBot, to boost its online order, delivery, and payment solutions and options
• In February 2017, OMA Emirates, a UAE-based payment solutions provider, acquires MobiSwipe Technologies, an Indian mPOS start-up, to broaden its overall portfolio in APAC, Europe, and the Middle East

Payment Terminal Market Segmentation 

In the report, the market is segmented into Component, deployment, type, OS Compatibility, end-use industry and region.

Based on Component

• Hardware
  • Monitor
  • Card Reader
  • Receipt Printer
  • Others
• Software
• Services

Based on Deployment

• On-Premise
• Cloud

Based on Type

• Desktop
• Mobile
• Handheld
• Others

Based on OS Compatibility

• iOS
• Android
• Mac
• Windows
• Others

Based on End-Use Industry

• Hospitality
• Retail
• Healthcare
• Transportation
• Media & Entertainment
• Others

Report Scope:

A study is an effective tool for addressing Premium Research insights relevant for business strategies like:

• Pain Point Analysis
• Key Strategies Adopted-Heat Map
• Competitive Benchmarking
• Company Positioning
• Regional Regulatory Implications
• Technology Integration & its Impact on the Market

Key Companies Mapped in Global Payment Terminal Market

• PAX Global Technology Limited
• EftPOS Now
• Vend™ Limited
• POS Solutions
• Point Of Sale Australia
• MYOB Australia Pty Ltd
• KIWIeftpos & Point of Sale Group Ltd
• Fiserv, Inc.
• VeriFone, Inc.
• PayPlaza
• Ingenico
• ID TECH
• Diebold Nixdorf, Incorporated
• Equinox Payments
• Panasonic Corporation
• MagTek Inc.
• Dspread Technology Inc.
• NEW POS TECHNOLOGY LIMITED
• Newland Payment Technology
• Shenzhen Xinguodu Technology Co., Ltd.
• Castles Technology
• NCR Corporation
• UIC Inc.
• Pacific Amber Technologies Inc.
• POS ON CLOUD, LLC
• Hike POS Pty Ltd
• Visual Retail Plus
• Elavon Inc.
• Others

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