Growing popularity of cashless transactions is likely to drive the POS market
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.
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.