Point of sale (PoS) terminals consist of software and hardware whichenables retailers to receive card payments without updating a cash registers. The expenses of mounting POS terminals differ with the size of the organization and the terms from the supplier. The merchants possibly have to pay rent for the terminal along with a transaction fees.
A point of sale terminal is an electronic device which can be used to process card payments.
It reads the information of a customer’s debit or credit card and checks whether the funds in a customer’s bank account are sufficient, based on that it transfers the funds to seller’s account from the customer’s account.
The industry is growing rapidly, due to extensive and swift technological developments in point of sale terminal solutions.
Rising demand for contactless payments, along with proliferation of Near Field Communication (NFC) devices in the industrial ecosystem, has led to a surge in adoption of integrated POS terminals.
Increased investments in technologies such as end-to-end encryption for providing secured payment solutions and convenience to customers are expected to augment the demand for POS terminals in the market. Companies are focusing more on software owing to increased penetration of smartphones.
However, need for extensive government certifications, strict regulations, and rising data security concerns are expected to act as restraints to market growth.
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Point of sale (PoS)terminal market consist of various players, few key players of the market are Samsung Electronics, HP Company, Panasonic Corporation, Ingenico S.A., PAX Technology, Cisco Systems, Panasonic Corporation, Toshiba Corporation, Verifone Systems, and MICROS Systems.
The Point of sale (PoS) market is segmented into type, component, technology and region. On the basis of type the market is classified into countertop POS, retail POS and mobile POS. On the basis of technology the market is segmented into fixed and mobile/wireless. On the basis of component the market is classified into hardware, software and services.
Further, on the basis of region the market is segmented into North America, Europe, APAC, Latin America and Middle East & Africa.Asia Pacific is expected to emerge as a lucrative player over the forecast period. Increasing income levels and standards of living of people in developing countries such as India are resulting in flourishing retail markets, thereby boosting the demand for POS solutions.