Dublin, June 27, 2024 (GLOBE NEWSWIRE) -- The "Virtual Payment (POS) Terminals Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The virtual payment (pos) terminals market size has grown exponentially in recent years. It will grow from $13.7 billion in 2023 to $18.18 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. The expansion observed in the historical period can be credited to factors such as market competition and the pursuit of product differentiation, the widespread adoption of mobile wallets, the evolution of the retail industry, increasing consumer demand for convenience, and regulatory changes.
The virtual payment (pos) terminals market size is expected to see exponential growth in the next few years. It will grow to $57.91 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%. The anticipated growth in the forecast period can be ascribed to swift technological adaptation, heightened environmental concerns and a focus on sustainability, the prevalence of subscription-based models with service enhancements, the increasing impact of globalization and cross-border transactions, and a growing emphasis on security and compliance measures.
Key trends expected in the forecast period encompass strategic partnerships and integrations, the prevalence of subscription and service-based models, the continued globalization and prominence of cross-border payments, the ongoing evolution of technology, and a notable focus on product innovations.
The rise in digital payment methods is a driving force behind the growth of the virtual payment (POS) terminals market. The global expansion of financial services through formal institutions, coupled with the transformative impact of the COVID-19 pandemic, has accelerated financial inclusion and witnessed a significant surge in digital payments. Virtual payment (POS) terminals facilitate digital transactions, managing payments through various channels such as phone, mail, fax, email, or in-person interactions. According to McKinsey's 2021 Digital Payments Consumer Survey, digital payments experienced a 12% growth during the 2020-2021 period, indicating a substantial shift towards digital payment methods. Hence, the increasing prevalence of digital payments is anticipated to drive the demand for virtual payment (POS) terminals in the foreseeable future.
The growing demand for restaurants is poised to propel the expansion of the restaurant POS terminal market. With restaurants being establishments where meals or refreshments are purchased and consumed, virtual payment (POS) terminals play a crucial role by providing a computerized system that streamlines bookkeeping, tracks inventory, manages cash flow, and records sales. This technology becomes indispensable for restaurants handling a high volume of both cash and credit card transactions daily. The National Restaurant Association projects restaurant industry sales to reach $899 billion in 2023, underlining the significant impact of the growing demand for restaurants on the restaurant POS terminal market.
Technological advancement, particularly in the realm of biometric payment systems, is a prominent trend in the virtual payment (POS) terminals market. Biometric payment systems leverage physical characteristics for user identification and authorization of withdrawals from bank accounts at the point of sale. In May 2022, Mastercard introduced the Biometric Checkout Program, allowing customers to easily enroll in biometric checkout services either in-store or remotely via a merchant or identity provider app. This technology streamlines the checkout process, enhancing customer convenience while ensuring a quick and secure payment experience.
Major companies in the virtual payment (POS) terminals market are actively introducing advanced mobile restaurant POS solutions to stay competitive. Mobile restaurant POS platforms are software systems that empower restaurant owners to accept payments on the go using their tablets or smartphones. Square, a leading financial services platform, launched the Mobile Restaurant POS Platform in May 2022, providing a virtual payment (POS) terminal solution tailored for restaurants. This platform, integrated with Square's all-in-one restaurant POS, enhances order-taking capabilities for servers, particularly beneficial for managing large numbers of tables.
In September 2022, PNC Financial Services Group Inc. acquired Linga POS LLC in a strategic move to enhance its digital resources and better serve clients in the hotel and restaurant industries. Linga POS LLC, a virtual payment (POS) terminal company, offers a cloud-based platform-as-a-service solution designed for the hospitality industry. This acquisition positions PNC to strengthen its presence in the evolving landscape of virtual payment solutions.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
- Markets Covered:
- By Solution: Software Platform; Professional Services
- By Industry: Retail; Warehouse; Hospitality; Consumer Electronics; Food and Beverages; Healthcare; Entertainment; Other Industries
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Profiled:
- Castles Technology Co.
- Diebold Nixdorf
- NCR Corporation
- Panasonic
- PAX Technology
- Square
- Stripe
- Adyen
- Global Payments
- First Data
- Wirecard
- Verifone Systems
- Ingenico Group
- Fujian Newland Payment Technology Co.
- BBPOS
- BitPay
- Shift4 Payments
- PayU Group
- Paytm Mobile Solutions
- Mswipe Technologies
- Payzone UK
- InovioPay
- Amazon
- VeriFone
- iZettle
- SumUp
- Shopify
- Lightspeed POS
- Revel Systems
For more information about this report visit https://www.researchandmarkets.com/r/rm876u
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