The global market for EFTPOS Terminals is projected to reach 54.8 million units by 2024
New
Technologies and Replacement Demand Drive the Global EFTPOS Terminals Market,
According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Electronic Funds Transfer POS (EFTPOS) Terminals market.
The
global market for EFTPOS Terminals is projected to reach 54.8 million units by
2024, driven by new technologies designed to provide a seamless electronic
payment experience, rising replacement demand in mature markets of Europe, and increasing
preference for non-cash transactions around the world.
Although not completely immune to fraud,
theft, and misuse, EFTPOS/Card-based payments are relatively safer than
carrying cash, and more secure than online payment transactions. These payments
also bring cost benefits to customers by sparing personal checks and ATM fees. Credit/debit
cards are presently the most popular non-cash payment medium among consumers. Besides
cost considerations and safety reasons, the convenience factor too has been
driving strong consumer shift from cash transactions to card based payments. This
growing preference for card based payments among customers represents a key
factor driving adoption of EFTPOS terminals among retailers. With provision to
pay through credit/debit card turning out to be major deciding factor for customers
to visit a particular retail outlet or a restaurant, retail merchants and
restaurant owners, have been eagerly installing EFTPOS terminals. The addition
of PIN authentication for chip-based cards has resulted in the hospitality
industry embracing wireless POS terminals as these terminals can be taken right
to the customer on their table, thereby enabling secure transactions.
mPOS
(mobile POS) enables mobile phones and other connected devices to be used
as a POS terminal, thereby eliminating the need for investment in a separate
POS terminal. Small businesses without the financial muscle to fund the initial
investment for POS terminals benefit the most from mPOS, enabling them to
accept electronic payments. Ubiquitous connectivity for mobile devices and
latest wireless communication technologies such as 4G providing high broadband speeds
are helping resolve connectivity issues, one of the major hindrances for
adoption of POS terminals in rural areas.
Near
Filed Communication (NFC) enabled POS systems are increasingly being
adopted by businesses, especially in the retail sector. Most new cards issued
in the recent past feature NFC payment option, especially in the US and Europe.
With the consumer able to make a payment by just tapping the card to pay for
purchases, NFC integration is expected to emerge as a standard in the near
future owing to the convenience provided by the technology. With major mobile
operating systems such as Android and iOS providing support for NFC based
transactions through ApplePay and Google Wallet, NFC is poised for high growth
in the future. Increased and reliable connectivity have enabled merchants to
adopt cloud-based solutions with a pay-as-you-go model. With lower upfront
costs, cloud-based
solutions enable merchants to embrace new technologies at lower costs.
As stated by the new market research
report on EFTPOS
Terminals, Asia-Pacific represents the largest and the fastest growing market
worldwide with a CAGR of 10.3% over
the analysis period. Rapid economic development, steady GDP growth, expanding
base of affluent middle class population, improving spending power, and
emergence of several modern retail infrastructure projects such as malls, super
markets, and chain stores in the region, especially in China and India
represent key growth drivers in the region.
Key players in the market include Diebold
Nixdorf, Incorporated, First Data Corporation, Fujitsu Frontech Limited, Ingenico
S.A, Keycorp Pty Limited, NCR Corporation, Olivetti S.p.A., Oracle Hospitality,
PAX Technology Limited, Smartpay Ltd, Spire Payments UK, VeriFone Systems, Inc.,
and Worldline among others.
The research
report titled "Electronic
Funds Transfer POS (EFTPOS) Terminals: A
Global Strategic Business Report"
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, growth drivers, innovations and launches, and strategic industry
activities of major companies worldwide. The report provides market estimates
and projections in volume (thousand units) for all major geographic markets
including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain,
Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of
Asia-Pacific), Latin-America (Brazil, and Rest of Latin America) and Rest of
World.
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