Contactless point-of-sale (PoS) machine is known for accepting all types of contactless payment methods such as payment via NFC equipment, contactless chip on debit or credit cards, and others. The PoS terminal is present with several kernel applications connected through the network payment option. A contactless PoS terminal solution has two transaction options being MSD and EMV Co. These terminals accept payment through several modes such as Rupay, Visa, American Express, Verve, and Mastercard.
There are several factors that are most likely contributing to the major growth in the global contactless PoS terminal market in the forthcoming years. The rising need for fast transactions and increasing adoption of contactless payment modes are estimated to provide several growth opportunities in the market for the key players. Moreover, increasing cases of people suffering from COVID-19 all over the world have surged the usage of contactless payment options, providing a spike in the overall market demand. In addition, the rising number of purchases along with the pressing need to save time from standing in the queues is also to propel the global contactless PoS terminal market growth in the future.
This method also reduces transactional errors. However, the basic installation price and slowing of the servers at times are some of the major drawbacks hindering the market and affecting the growth negatively.
The global contactless PoS terminal market is majorly divided into technology, payment, device, end-user, and region. In terms of technology, the global market is segmented into Wi-Fi, Bluetooth, Carrier-Based, and Infrared. On the basis of payment method, the global market is classified into smart card, account-based, stored value, and debit/credit card. Based on device segment, the market is divided into PDA, integrated POS, contactless reader, MPOS, and unattended terminal. The end-user segment is categorized into banking, retail, government, healthcare, transportation, and others.
The global contactless PoS terminal market is expected to be dominated by Europe during the forecast period. This is credited to the increased usage of cashless payment methods mostly through Master cards and Maestro cards in the region. An increase in debit and credit card financial deals in the nations such as the UK and France is also foreseen to provide the scope for growth in the region in the coming years. The rising penetration of smartphones and usage of the internet coupled with the collaboration with several mobile payment apps is also likely to contribute to the market growth.
VeriFone Systems, Inc., NCR Corp., Ingenico Group, Fujian Newland Payment Technology Co. Ltd., Revel System, Inc., PAX Technology, Inc., ShopKeep, Oracle Corp., and others are among the leading players operating in the global contactless PoS terminal market.
To cite, HP Inc. in 2020 launched a new cloud service for its new product range, Engage POS. This aimed at helping hospitality operators and retailers to reduce manual IT tasks. Moreover, Ingenico, another contactless PoS terminal manufacturer, was taken over by Worldline to expand its reach in the global market.