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Key Trend Reshaping the Virtual Payment (POS) Terminals Market in 2025: Biometric Payment Advances In Virtual Pos Terminals Market
Virtual Payment (POS) Terminals Market Size
The virtual payment (POS) terminals market is expanding thanks to the growing usage of digital payment methods. The digital revolution has broadened the reach and utilization of financial services globally, transforming the ways individuals make and receive payments, borrow cash, and conserve funds. Formal financial institutions are spreading worldwide, and the advent of the COVID-19 pandemic has further fostered financial inclusion and prompted a substantial upswing in digital payments. Virtual payment (POS) terminals facilitate digital transactions and handle payments over the phone, via mail, fax, email, or face-to-face. As an example, McKinsey's Digital Payments Consumer Survey for 2022 indicated a 12% growth in digital payments over the 2022-2023 span. Therefore, the surge in digital payments is predicted to bolster demand for virtual payment (POS) terminals in the upcoming period.
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What growth opportunities are expected to drive the virtual payment (pos) terminals market's CAGR through 2034?
The market size of virtual payment (POS) terminals has seen an astronomical growth in the recent past. From $17.85 billion in 2024, it is forecasted to expand to $23.48 billion in 2025 registering a compound annual growth rate (CAGR) of 31.5%. The historical growth trajectory can be credited to factors such as market competition and differentiation, the rise in mobile wallet usage, progress in the retail industry, consumer's preference for convenience, and changes in regulations.
The market size for virtual payment (POS) terminals is projected to experience astonishing growth in the coming years. It is anticipated to extend to $79.1 billion by 2029, accelerating at a compound annual growth rate (CAGR) of 35.5%. The predicted growth during the forecast period is due to swift adaptation to technology, concerns about the environment and sustainability, subscription-driven models and service improvements, globalization and international transactions, and security and regulatory regulations. Key trends during the forecast period encompass partnerships and integrations, subscription and service-based models, globalization and international payments, technological evolution, and product advancements.
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What are the emerging trends shaping the future of the virtual payment (pos) terminals market?
Technological progress is increasingly popular in the virtual payment (POS) terminals market, and biometric payment systems are at the forefront of this trend. This POS technology uses biometric authentication to identify users and authorize withdrawals from bank accounts. In May 2022, Mastercard, an international payments & technology corporation, introduced a Biometric Checkout Program. Through this program, participants enable their customers to conveniently register for biometric checkout services either in-store or remotely, using a merchant or identity provider's app. Upon registration, customers no longer need to rummage through their personal belongings at checkout. Instead, they simply confirm their bill and use a smile or a wave of their hand over the reader to pay. This innovative technology gives customers their choice of payment while guaranteeing a swift and secure checkout process.
Which growth-oriented segments of the virtual payment (pos) terminals market are leading the industry's development?
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
Subsegments:
1) By Software Platform: Payment Processing Software, Integration Software, Security Software
2) By Professional Services: Consulting Services, Implementation Services, Support And Maintenance Services
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What regions are leading the charge in the virtual payment (pos) terminals market?
North America was the largest region in the virtual payment (POS) terminals market in 2024. 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
What companies are at the forefront of innovation in the virtual payment (pos) terminals market?
Major companies operating in the virtual payment (POS) terminals market include 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, 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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What Is Covered In The Virtual Payment (POS) Terminals Global Market Report?
•Market Size Forecast: Examine the virtual payment (pos) terminals market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the virtual payment (pos) terminals market for a structured understanding.
•Key Players Overview: Analyze major players in the virtual payment (pos) terminals market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the virtual payment (pos) terminals market.
•Segment Contributions: Evaluate how different segments drive overall growth in the virtual payment (pos) terminals market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the virtual payment (pos) terminals market.
•Industry Challenges: Identify potential risks and obstacles affecting the virtual payment (pos) terminals market.
•Competitive Landscape: Review strategic developments in the virtual payment (pos) terminals market, including expansions, agreements, and new product launches.
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