India (Point of Sale) POS terminals market to witness a double-digit CAGR over 2017-2024, Governmental push toward cashless economy to drive the growth
The paucity of currency as an aftermath of demonetization has led to a surge in India Point of Sales (POS) terminals market demand. The need for infrastructure supporting the use of debit and credit card payments has risen exponentially, due to cash crunch. The effects of demonetization have instantly generated demand for POS machines as the country witnessed a seismic shift from offline transactions to digital transactions. The massive opportunities engendered by this status have significantly attracted several industry players to offer best solutions with competitive pricing. Verifone, PAX Technology, and Ingenico are the major players utilizing the huge untapped potential in the country. Mswipe, one of the key players of India POS terminals has also created great buzz by announcing its proposal to deploy more than 50 thousand mPOS by the end of 2017.
India POS Terminals Market in Tier-One Cities, By Application, 2016 & 2024 (USD Mn)
Verifone and Ingenico are amongst the two key companies accounting for major POS terminals market share in India. Together, both the companies account for more than 80% of market for POS terminals. The escalating demand for POS terminals from banks has further offered great opportunities to the India POS terminals market players to index their capabilities and take advantage of the situation to expand their business, as procuring POS systems from foreign players will consume more time with regards to shipment activities. Currently, 15 lakh POS devices are deployed across India, but astonishingly there are approximately more than 5 core registered businesses over the country. This huge difference in the number underscores the untapped opportunities in India POS terminals market and prospects for lucrative business. A report by Global Market Insights, Inc., has predicted “India POS terminals industry to surpass a valuation of USD 3 billion by 2024 having recorded a revenue worth USD 450 million in 2016”. The total shipments in India POS terminals market for the year of 2016 was over 300 thousand units and is projected to record an annual growth rate of 10% over 2017-2024.
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Post demonetization, the card transactions at POS terminals have hit 60%, directing a twofold growth from 30% in 2016. The country has also witnessed a rise in operating mobile wallets and net banking options for seamless and faster payment mode. On account of this, mPOS Terminals Market is expected to gain renewed traction and generate lucrative avenues for India POS terminals industry. Portability and speed are the most impressive features offered by these mobile POS platforms which has accelerated the payment mode options through credit/debit cards via smartphones or tablets. Moreover, backed by features like low-cost, mobility, and convenience, India mPOS terminals market is slated to record a CAGR of 10% over 2017-2024.
POS terminals market in India has witnessed huge deployment across all the sectors including restaurants, retail, hospitals, supermarkets, warehouses, etc. Of these, the healthcare segment is likely to spectate massive demand for POS terminals, thus accounting for utmost growth. The retail sector on other hand contributed to majority of revenue share in India POS terminals market.
India POS terminals industry is poised to witness an increasing pickup in demand from the rural areas over the coming years. The rural areas are the prime region where the government bodies are emphasizing on facilitating the infrastructure development that is indeed needed to support the move of cashless India. For instance, the National Bank for Agriculture and Rural Development (NABARD) have initiated plans and programs to deploy POS terminals across 1 lakh villages in the country. Other initiatives such as the Jan Dhan Yojana, Micro ATMs, and Aadhaar-enabled systems have positively impacted the growth of India POS terminals industry trends.
Backed by the demonetization move, India POS terminals market is set to exhibit a period of triumph over the coming years. Innovations and further technological advancements are expected to resonate the growth of POS terminals market in India. This business is further likely to flood with multilingual POS terminals, in a step to centralize cashless payments. Companies including Reverie Language Technologies and India Transact Services Ltd. are working to enable multilingual POS terminals by the next quarter of this year. The new languages to be introduced in India POS terminals industry will be Gujarati, Malayalam, Marathi, Kannada, Punjabi, Tamil, Bengali, and Telugu.
Author Name : Ojaswita Kutepatil