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
