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POS Terminals: Future is changing 🚀⌚️


The global POS device market is valued at $90B in 2022 and is expected to reach $155B by 2028 at a CAGR of 8.2%. Mobile POS is growing faster at 24% CAGR and is expected to reach $55B by 2024.

🔸It has undergone constant innovation including Biometrics adoption (Most recently being #Amazon deploying hashtag#palm scan for payments), #Dynamic QR for hashtag#A2A, voice-based confirmation for uneducated & disabled, #NFC, hashtag#contactless among others.

Few pointers:

🔸As per Statista report for 2022, China leads the POS devices with more than 46.8M devices installed, followed by the US (23M) & India (12.6M).

🔸French company #Worldline/ Ingenico (1980) is the leader in POS terminals with 10% of the world market share. Other top players including #NPT, #SZZT, #Centerm and #PAX belongs to hashtag#China. Verizon is the market leader in US with 31% market share.

🔸APAC has a market size of 33% and India 🇮🇳 is the fast growing market in the region with expect CAGR of 16%.

🔸First POS terminal was launched by #IBM in 1973 for restaurants and later by hashtag#VISA in 1979. The devices were very bulky but functional.

🔸Retail (30%) has the highest share of transactions followed by restaurants for POS terminal.

🔸hashtag#Walmart integrated 4500 stores in US through Cloud POS system which helps them to track transactions in real time.

🔸Indian retail is changing through dynamic QR payment by hashtag#UPI (P2M) on POS terminals.

🚀🚀Future Innovations in POS Terminals:

➡️ Autonomous Payments (Scan & Go /#M2M) are the next big thing in retail with 77% of the shoppers suggesting that they would love to do so (PYMNTS).

➡️ Larger implementation of ☁️ Cloud-based POS system for scale, real-time capabilities, and analytics.

➡️ 🤖 AI-assisted POS transactions for customer ease of use.

➡️ 👀 Biometrics-based ID verification for seamless transactions (ex: Amazon Go)

➡️ Multichannel experience and alternate payment options to be available in POS including open banking.

#Payments #fintech #Innovation #device #hardware #creditcard #mpos

This post was first published by the Author on LinkedIn

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