Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Global POS Payment Methods 2023" report has been added to ResearchAndMarkets.com's offering.
The volume of soft POS transactions is predicted to surpass 400 billion by 2027
The shift away from cash usage has given rise to innovative point-of-sale (POS) payment methods such as tap to pay, scan & go, and self-checkout, among others.
Globally, consumers are moving away from cash and embracing digital payment methods, including contactless credit and debit cards, tap to pay, and QR code payments. Merchants are also adopting advanced smart and soft POS systems.
A significant portion of consumers worldwide prefers advanced in-store shopping technologies like scan and go and self-checkout, allowing for contactless payments. In 2022, nearly half of the respondents in a survey found the option to use self-checkout and scan and go technology to be attractive features of in-store shopping.
As consumer behavior evolves, more than 50% express a desire to reduce their reliance on cash, while over one-third favor contactless payment methods and digital wallets at the point of sale (POS).
The POS payment landscape is expected to be dominated by mobile payments and contactless card payments, particularly in the U.S., Germany, and China.
In April 2023, over 50% of U.S. shoppers paid with a smartphone at a retail store. In the UK, more than half of consumers surveyed claimed to use the retailer's mobile app for payments via Apple Pay and Google Pay at the POS as of February 2023.
In Germany, there was a growing use of contactless physical cards at the POS, followed by contact-based physical cards in 2022. In China, over 75% of mobile phone users used mobile payment methods at the POS, with bank cards and biometric payment technologies also prevalent in the POS payment landscape in 2022.
With the evolving POS payment landscape, many shoppers have turned to using loyalty points for payment.
As competition intensifies, retailers are exploring various ways to retain consumer loyalty, including rewards, loyalty programs, and discounts. Loyalty programs benefit consumers by providing protection against inflation and reducing the need for cash during times of price instability.
For sellers, loyalty programs help track purchase history and buying preferences, enabling them to offer customized offers to customers. The use of loyalty points at the POS has exhibited varying growth patterns across regions, with nearly one-third of surveyed U.S. respondents using points for payment as of August 2022, according to a recent report.
Questions Covered
- What is the forecasted volume of soft POS globally by 2027?
- What is the expected value of the proximity payment market in the U.S. by 2026?
- What were the top in-store shopping attributes that shoppers worldwide found appealing as of 2022?
- Which were the top places for using smartphone payments at POS in Japan in January 2023?
- Which was the most used POS method in the UK as of April 2022?
Global Overview
- POS Methods Overview and Trends
- Overview of Sustainability Initiatives by Payment Providers
- Overview of Enhanced Security Measures at POS
- Share of Retail Sales Growth vs Retail E-Commerce Sales Growth, in % Change, 2022-2026f
- In-Store Shopping Attributes That Respondents Find Appealing, in % of Respondents, 2022
- Top Changes in Payment Habits, in % of Respondents, April 2022
- Preferred Payment Methods For In-Person Transactions, in % of Respondents, April 2022
- Share of Shoppers Using Self-Checkouts During In-Store Purchases, in % of Respondents, July 2022
- Share of Shoppers Using Mobile Cashless Payments During In-Store Purchases, in % of Respondents, July 2022
- Top Technology That Decision Makers Are Likely to Implement In-Store Shopping, in % of Decision Makers, 2023e & 2027f
- Top In-Store Activities For Which Consumers Use Retailer's Mobile App, in % of Respondents, 2022 vs 2023
- Total Volume of Soft POS, in billions, 2022 & 2027f
- Top In-Store Shopping Features Consumers Expect to See, in % of Retail Executives, June 2022
- Share of Consumers Using Mobile Wallets For Payments, in %, August 2022
- Share of Retailers That Intend to Implement the Select Payment Strategies Through Third-Party Providers, in %, June 2022
A selection of companies mentioned in this report includes
- Afterpay
- Alipay
- Apple
- Au Pay
- Careem
- Cash App
- Chase
- D Pay
- Epay
- Fintech DIDIT
- GoTo
- Grab
- Ingenico
- Klarna
- Mastercard
- Mercado Pago
- Meta
- Mobile Suica
- Payit
- PayPal
- PayPay
- Rakuten Pay
- Samsung
- Splitit
- Square
- Stripe
- UnionPay
- Venmo
- Visa
For more information about this report visit https://www.researchandmarkets.com/r/52k01m
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