Dublin, April 01, 2022 (GLOBE NEWSWIRE) -- The "Europe Payment Terminal Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, Enterprise Size, and End User" report has been added to ResearchAndMarkets.com's offering.
The Europe payment terminal market is expected to grow from US$ 17,055.3 million in 2020 to US$ 34,437.1 million by 2028; it is estimated to grow at a CAGR of 9.4% from 2021 to 2028.
The demand for digital payment is increasing rapidly in Europe due to consumers' preference for electronic payments, the need for easy cross-border transactions, and the imminent launch of the official European Digital Identity Wallet. The most commonly used digital wallet apps are ApplePay, PayPal, YooMoney, Qiwi, iDEAL, and Samsung Pay.
The European Payments Initiative (EPI) aims to create a pan-European payments solution, leveraging and addressing essential use cases for consumers and merchants, thus formulating new European payment standards.
Further, the rapid adoption of wireless payment terminals by retailers, rising popularity of EuroPay, MasterCard, and Visa (EMV) cards, increasing e-commerce transactions, growth in cashless transactions in the region, and the growing uptake of wireless technology in mobile handsets and wearables are the key factors attributable to drive the payment terminal market substantially.
Growing adoption of contactless payment for mobile payment systems and rising desire for cashless and contactless payments are among the key factors driving the growth of the Europe payment terminal market. In addition, the need for employee and customer management, integration of online and in-store sales, and inventory tracking have raised the demand for digitalization.
The digital revolution has pushed the use of the product to keep track of company activities and allow for cashless payments in the retail, healthcare, and hospitality industries. The payment terminal market is expected to grow in the coming years due to rising digitalization within many industries, the growing smartphones popularity, and development in digital technology.
Also, the surging use of e-payment platforms and the rising regulatory intervention on secure payments due to multiple financial fraud cases fuel the growth of the payment terminal market.
PAX Technology; SumUp Inc.; VeriFone, Inc.; GK Software SE; Ingenico Group S.A.; NEC Corporation; ASEE Group; NCR Corporation; MYPOS WORLD LTD; and Zettle by PayPal are among the key companies operating in the Europe payment terminal market.
Key Industry Dynamics
Market Drivers
- Increasing Demand for Better Secured Payment Options
- Rising Adoption of Contactless Payments
Market Restraints
- Data Security Breaches
Market Opportunities
- Growing Interest in Payment Terminal Solutions Among Small Businesses
Future Trends
- Surging Demand for Mobile Point of Sales (mPOS)
Company Profiles
- PAX Technology
- SumUp Inc
- VeriFone, Inc.
- GK Software SE
- Ingenico Group S.A.
- NEC Corporation.
- ASEE Group.
- NCR Corporation.
- MYPOS WORLD LTD.
- Zettle by PayPal
For more information about this report visit https://www.researchandmarkets.com/r/ky37qo
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