Growing popularity of cashless transactions driving POS market

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

In line with its report titled Global POS Terminal Market – Strategic Assessment and Forecast 2017–2022, analysts at Beige Market Intelligence estimate that approximately 29.26% of the global POS volumes were 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.

A reason for this is that consumers prefer cashless transactions as they leave a clear and transparent audit, said the market research company. The electronic payment system provides consumers access to funds at their own convenience. Debit and credit cards also offer money accessibility without the need for carrying cash or a check book.

Additionally, 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, Indonesia, Kenya, Columbia and Egypt are making structural changes to accelerate the incorporation of credit and debit card systems. This explains consumers’ preference for cashless transactions, which in turn has a huge impact on the POS terminal market.

The introduction of mobile payment systems with loyalty programmes and the emergence of EMV-compliant terminals are among the other factors that will drive the global market, added Beige Market Intelligence.

The Global POS Terminal Market – Strategic Assessment and Forecast 2017–2022 report presents interesting highlights of the global POS market and provides a detailed industry analysis and growth forecast for 2017 to 2022, with market growth factors, latest trends and restraints which are likely to impact the market for the next five years.

 
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