Virtual Payment (POS) Terminals Market Report 2024-2033 | Size, Share, Trends, Overview

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Virtual Payment (POS) Terminals Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $57.91 billion In 2028 At A CAGR Of 33.6% :

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 growth in the historic period can be attributed to market competition and differentiation, mobile wallet adoption, retail industry evolution, consumer demand for convenience, 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 growth in the forecast period can be attributed to rapid technological adaptation, environmental concerns and sustainability, subscription-based models and service enhancements, globalization and cross-border transactions, security and compliance measures.. Major trends in the forecast period include partnerships and integrations, subscription and service-based models, globalization and cross-border payments, evolving technology, product innovations.

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Virtual Payment (POS) Terminals Market Major Segments
The virtual payment (pos) terminals market covered in this report is segmented -

1) By Solution: Software Platform, Professional Services
2) By Industry: Retail, Warehouse, Hospitality, Consumer Electronics, Food and Beverages, Healthcare, Entertainment, Other Industries

Key Driver - Rising Digital Payment Prevalence Drives Growth Of Virtual Payment (POS) Terminals Market

The increasing prevalence of digital payment methods is driving the virtual payment (POS) terminals market. The digital revolution has increased access to and use of financial services globally, changing how people send and receive payments, borrow money, and save money. In addition to the global spread of formal financial institutions, the COVID-19 epidemic has sparked financial inclusion and led to a significant rise in digital payments. Virtual payment (POS) terminals aid digital payments and manage the payments over the phone, through the mail, fax, email, or in person. For instance, in 2021, according to McKinsey's 2021 Digital Payments Consumer Survey, digital payments grew by 12% during 2020-2021 period. Thus, the increase in digital payments is expected to boost demand for virtual payment (POS) terminals during the forecast period.

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Prominent Trend - Biometric Payment Advances In Virtual Pos Terminals Market

Technological Advancement is a key trend gaining popularity in the virtual payment (POS) terminals market. The biometric payment system is a technology that is being widely used for virtual payment (POS) terminals. Biometric payment is a point-of-sale (POS) technology that identifies users and authorizes withdrawals from bank accounts using physical characteristics-based biometric authentication. In May 2022, Mastercard, a global payments & technology company, launched a Biometric Checkout Program. The Biometric Checkout Program participants allow customers to easily sign up for their biometric checkout services in-store or at home via a merchant or identity provider app. Once enrolled, there is no need to make the checkout line slower by digging around In their luggage or pockets. Customers only need to verify the bill, smile for the camera, or wave their palms over the reader to make a payment. The new technology gives customers the freedom to choose their preferred payment method while ensuring a quick and safe checkout experience.

Virtual Payment (POS) Terminals Market Players
Major companies operating in the virtual payment (pos) terminals market report are Castles Technology Co. Ltd., Diebold Nixdorf Incorporated, NCR Corporation, Panasonic Corporation, PAX Technology Limited, Square Inc., Stripe Inc., Adyen N. V., Global Payments Inc., First Data Corporation, Wirecard AG, Verifone Systems Inc., Ingenico Group SA, Fujian Newland Payment Technology Co Ltd., BBPOS Limited, BitPay Inc., Shift4 Payments LLC, PayU Group, Paytm Mobile Solutions Private Limited, Mswipe Technologies Private Limited, Payzone UK Limited, InovioPay LLC, Amazon. com Inc., VeriFone Inc., iZettle AB, SumUp Inc., Shopify Inc., Lightspeed POS Inc., Revel Systems Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the virtual payment (POS) terminals market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual payment (pos) terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Virtual Payment (POS) Terminals Market Report Structure
3. Virtual Payment (POS) Terminals Market Trends And Strategies
4. Virtual Payment (POS) Terminals Market - Macro Economic Scenario
5. Virtual Payment (POS) Terminals Market Size And Growth
…..
27. Virtual Payment (POS) Terminals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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