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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