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Growing Popularity of Cashless Transactions is Likely to Drive the POS Market

Increased usage of debit and credit cards; introduction of mobile payment systems with loyalty programs; and emergence of EMV-compliant terminals are among the major factors that are driving the global POS market.

Bangalore, India, May 25, 2017 --( Beige Market Intelligence has published its exclusive report on the global POS market. The report titled, “Global POS Terminal Market – Strategic Assessment and Forecast 2017–2022” considers the present scenario of the global POS market and provides a detailed industry analysis and growth forecast for the period 2017–2022. The report has thrown some interesting highlights about the market growth factors, latest trends, and restraints which are likely to impact the market for the next five years.

Nowadays, consumers prefer cashless transactions as they leave a clear audit trail, which brings transparent. The electronic payment system provides consumers access to funds at their own convenience. Also, debit and credit cards offer money accessibility without the need for carrying cash or a checkbook.

The usage of debit and credit cards is facilitated through POS terminals and ATMs present at various outlets such as retail, drug, gas station, restaurant, and hospitality. Analysts at Beige Market Intelligence estimate that approximately 29.26% of the global POS volumes was located at retail outlets in 2016. Globally, an active debit card was used more times per month at a POS terminal in 2016 than 2015. The figure is huge compared to the usage in previous decade.

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Countries such as Belgium, France, Canada, the UK, Sweden, Australia, and the Netherlands have converted to almost cashless economies. Emerging economies such as India, Russia, and other regions such as Indonesia, Kenya, Columbia, and Egypt are making structural changes to accelerate the incorporation of credit and debit card systems. Hence, it can be clearly understood that the preference of consumers to go for cashless transactions has a huge impact on the POS terminal market.

Further, the introduction of mobile payment system with loyalty programs and the emergence of EMV-compliant terminals are among the other factors that are going to drive the global market. A mobile payment, also known as mobile or digital wallet, has been trending in the payment industry. Mobile payment applications allow customers to make payment for products and services without the requirement of a physical card. The present-day POS can handle a wide range of payment options including the digital wallet payment. Retailers have incorporated POS terminals with mobile wallets, which help to attract new customers in addition to retaining the current digital payment users.

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The report also profiles the leading vendors in the market and other key vendors. It provides a detailed analysis of the POS market key segments by format type, end-users, geography, country, and vendors. It provides a comprehensive analysis of market size and forecast in terms of revenue and shipment.

About Beige Market Intelligence
Beige Market Intelligence provides competitive and insightful business intelligence across various industry verticals. Our expertise and knowledge ensure that the analysis provided is comprehensive, detailed, and complete. The analysis helps our client organizations to make insightful decisions and devise innovative marketing strategies for their businesses. The actionable insights delivered through our research reports provide a comprehensive market analysis at every level of market segmentation in the industry.

Our team of experts ensure the analysis is not just analyzed and presented but also customized depending upon the client’s requirement. When it comes to competitive intelligence, we ensure our clients do not look beyond us.

Our employment base is spread across the globe. Our analysts come with a wide industry experience, which includes understanding the client's requirement and delivering high-quality research reports.

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Beige Market Intelligence
Khyama Patra
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