Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Southeast Asia Pos Terminal Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Southeast Asia POS Terminal Market size is expected to grow from USD 3.70 billion in 2023 to USD 7.69 billion by 2028, at a CAGR of 15.73% during the forecast period (2023-2028).
The adoption of POS terminals has grown significantly, owing to their ability to offer an increased return on investment and ease of access. POS systems facilitating transactions from the central component of businesses across industries, such as retail and hospitality, have gained importance in small and big-sized companies over the years.
Key Highlights
- The POS terminal systems evolved from transaction-oriented terminals/devices to systems that integrate with the company's CRM and other financial solutions. This evolution, thus, empowered the end-users with business intelligence to better manage their revenue streams and inventory. With the functional benefits that the advanced POS systems offer, companies have replaced their traditional billing software with POS systems, thus, securing the growth of the POS system market.
- Factors such as the gradually rising use of online payments in retail, growing middle-class income, and increasing investments and partnerships from foreign players are expected to boost the growth of the POS terminal market. For instance, UnionPay International (UPI) recently announced a partnership with Huawei and the Industrial and Commercial Bank of China Malaysia (ICBC Malaysia) to bring Huawei Pay to Malaysia for the first time, allowing Malaysians to take advantage of seamless tap-and-go payment services. Following China's Macao, Thailand, Pakistan, and Singapore, Malaysia was the sixth country outside Mainland China where the beforementioned services were launched.
- Moreover, the rising financial frauds across Southeast Asian countries have influenced government regulatory bodies to secure payment transactions over the past few years. With customers demanding safe and reliable digital transactions, the need for using secure payment processes has increased. Therefore, regulatory bodies have positively impacted the adoption of POS terminals. With the increasing mobility trends worldwide, mobile POS systems are gaining traction. With the advent of cashless transactional technologies, POS has witnessed an increase in adoption rates in the region.
- However, the market growth is restricted by the need for interoperability between the different payment systems, low acceptance by merchants, and high dependence on cash. According to the World Bank, over 50% of people in Southeast Asia need an account at a formal financial institution. According to the Ministry of Industry and Trade, about 80% of people residing in Vietnam prefer to use cash for their daily transactions.
- The COVID-19 pandemic hastened the migration to real-time payments by changing payment needs and preferences. Since the start of COVID-19, many customers in Southeast Asia have reduced their use of traditional payment methods, such as cash, credit cards, and debit cards. As a result, more customers surveyed now use real-time payments more frequently than before the outbreak, creating an opportunity for the market.
A selection of companies mentioned in this report includes
- Xilnex
- Auto Count Sdn Bhd
- iMetrics Pte. Ltd
- AZ Digital Pte. Ltd
- Samsung Electronics Co. Ltd
- NCR Corporation
- Toshiba Tec Corp.
- HP Development Company LP
- Bindo Labs Inc.
- Shopify Inc.
- Qashier Pte Ltd
- StoreHub Sdn Bhd
For more information about this report visit https://www.researchandmarkets.com/r/rm6pz7
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