point of sale

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

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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)
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

Mobile POS terminals market to witness a staggering double digit CAGR of 18% over 2018-2024, cloud-based solutions to drive the industry demand

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The exponentially expanding e-commerce sector has indeed brought a disruption in the operation fashion of traditional brick and mortar stores. Mobile POS terminals market, a major beneficiary of this change, is gaining a substantial traction in this transformative merchandizing landscape. The increasing penetration of EMV contactless payments in digitized financial transaction is undeniably boosting global mobile POS terminals industry share. Payment service providers are scrupulously planning to bring forth an array of products that not only boost their day to day sales but also improve the consumer experience. Concurrently, many central banks, payment networks and other governmental bodies across the globe are also implementing mobile POS systems by virtue of its extensive benefits like ease of installation, less settlement time, and scalability of solution. Reportedly, the number of users in mobile POS payments would be more than 970 million by 2022.

Germany mobile POS terminals market size, by application, 2017 & 2024 (Thousand Units)
Germany mobile POS terminals market size, by application, 2017 & 2024 (Thousand Units)

The commercialization potential of the entire business space is further coherent from the estimates brought forth by Global Market Insights, Inc. forecasting the worldwide mobile POS terminals market to exceed a valuation of USD 55 billion by 2024. While the growing inclination toward real-time payment modes create new challenges, joint venture and collaborative approaches can allow industry players to pool competencies. In fact, the trend has already established its presence in the competitive arena of the business space.

For instance, recently renowned payment solution provider, Network International, augmented identity specialist IDEMIA, and tech giant Mastercard have teamed up to introduce a mobile POS terminals project in UAE.  Reportedly, this collaborative project would allow UAE based Network International merchants to avail contactless payments via NFC (near-field communication) enabled smartphones. Network International is claimed to be the largest merchant acquirer in Middle East belt and the conjoint initiative, as per experts’ opinion, undoubtedly marks a significant step toward enhancing the region’s payment infrastructure. The initiative is rightly touted as the first of its kind in UAE mobile point of sale terminals market.

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Technology has always been a key enabler of advancements across the finance-oriented industry verticals. Mobile POS terminals market is probably one of the largest recipients of the transformed payment landscape. The pay-tech revolution is allowing modern digital payment modes to address payment efficiency, speed, risk detection as well as user experience, providing SMEs the access to tailor their operations in sync with the latest advancements. In this regard, cloud based mobile POS terminals industry is gaining a mass popularity across the globe primarily on account of its enlarged storage facility, ease of operation, and better functionality. Incidentally, this has encouraged a host of new vendors to include SaaS-based solutions in their offerings like Toast, Square, Springboard Retail, and Touchbistro.

Say for instance, NewNet Communication Technologies and its partner Neubits have recently made it to the headlines with the successful trial of STC (Secure Transaction Cloud) on AWS (Amazon Web Services) in Singapore. The trial has already set a major benchmark in mobile POS terminals industry after successfully testing transactions for mobile payments via smart POI devices, mPOS terminals, and web payment clients. Reported to be available on AWS marketplace, NewNet’s STC allegedly supports usages in private, public, or hybrid cloud infrastructure with advanced level point-to-point encryption, and data security. Inherently stimulated by such highly developed web-based payment models, cloud based mPOS terminals industry is slated to grow at a CAGR of 20% over 2018-2024.

While the growth rate is quite impressive, security concern is the single most factor holding back smartphone payment adoption across some of the geographies, leaving a perpetual impact on the mPOS terminals market share.  Armed with an intent to overcome the challenge, many retailers are now implementing combo terminals that are capable of reading both EMV and NFC transactions. All in all, with the remarkable proliferation in mobile technology and the growing consumer awareness toward contactless payments, mobile point of sale terminals industry is likely to be one of the most challenging yet remunerative business spaces to watch unfold.

Author NameSatarupa De