Global Virtual Payment (POS) Terminals Market Projected to Grow at 34.9% CAGR, Reaching $77.34 Billion by 2029

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What Will the Virtual Payment (POS) Terminals Industry Market Size Be by 2025?
The market size for virtual payment (pos) terminals has seen a significant expansion in recent periods. There will be growth from $17.85 billion in 2024 to $23.34 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 30.8%. The development seen in the historic period is due to factors such as heightened market competition and differentiation, the adoption of mobile wallets, the evolution of the retail industry, an increase in consumer demand for convenience, and changes in regulatory policies.

What's the Long-Term Growth Forecast for the Virtual Payment (POS) Terminals Market Size Through 2029?
The market for virtual payment (pos) terminals is anticipated to undergo significant expansion in the coming years, predicted to reach $77.34 billion in 2029, fueled by a compound annual growth rate (CAGR) of 34.9%. This anticipated growth can be linked to quick adoption of technology, environmental issues and sustainability, enhancements in subscription-based services and models, globalisation, and cross-border transactions, as well as security and compliance measures. Key trends for the forecast period incorporate partnerships and integrations, service and subscription-based models, globalisation and cross-border payments, advancements in technology, and product innovation.

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What Are the Key Growth Drivers Fueling the Virtual Payment (POS) Terminals Market Expansion?
The virtual payment (POS) terminals market is being propelled by the rising ubiquity of digital payment modes. The surge in digital innovation globally has enhanced people's ability to access and utilize financial services, revolutionizing the way individuals save, borrow, and transfer money. Additionally, the worldwide expansion of formal financial institutions and the increased financial inclusion triggered by the COVID-19 pandemic have significantly escalated the use of digital payments. Virtual payment (POS) terminals facilitate and manage digital transactions, whether they happen via phone, mail, fax, email or face-to-face. For example, McKinsey's Digital Payments Consumer Survey in 2022 revealed a 12% growth in digital payments during the 2022-2023 period. Therefore, the projected rise in digital payments is anticipated to stimulate the demand for virtual payment (POS) terminals during the projection period.

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What Are the Key Trends Driving Virtual Payment (POS) Terminals Market Growth?
Technological innovation is an emerging trend that is becoming increasingly popular in the virtual payment (POS) terminals market. The adoption of biometric payment systems is a prime example of this technological expansion. This innovative POS technology uses physical biometric identifiers to authenticate users and authorize bank transactions. In May 2022, Mastercard, a leading player in payment and tech solutions, introduced a Biometric Checkout Program. Participants in this program make it simple for clients to register for their biometric checkout services either in-store or from home via a designated app. After registration, the need to search through bags or clothing during checkout essentially eliminated, streamlining the payment process. Customers confirm the bill, smile at the camera, or wave their hand over the reader to make a payment. This modern technology not only simplifies customer experience but also allows them to select their preferred payment method, enhancing the speed and security of the checkout process.

How Is the Virtual Payment (POS) Terminals Market Segmented?
The virtual payment (pos) terminalsmarket 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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Which Companies Are Leading the Charge in Virtual Payment (POS) Terminals Market Innovation?
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.

Which Regions Are Leading the Global Virtual Payment (POS) Terminals Market in Revenue?
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

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