Contactless PoS Terminal Market Projected to be Resilient by 2025

A terminal with contactless functionality, supporting it to accept contactless payments, comprising payments from contactless chip cards, mobile NFC devices that are enabled with payment application and authorizations and dual interface chip cards. Contactless payment application exist in a point-of-sale (PoS) terminal in accordance with multiple application kernels, one of each supported payment network. The application kernels are developed and certified by the vendors who offer contactless PoS terminals. Contactless application kernels can be designed to support two different types of transactions: contactless Europay, MasterCard and Visa (EMV) chip transactions and contactless magnetic stripe data (MSD) transactions. The contactless EMV chip transaction supports enhanced functions and features including consumer device consumer verification mode (CVM).

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A contactless PoS terminal is connected as a peripheral to the PoS. Introducing contactless feature at any PoS incurs complexity and incremental costs. This may also depend on merchant decision and may impact obligation for card fraud.

A number of factors are contributing to the growth of global contactless PoS terminal market such as advancement in contactless payment technology, rising awareness of plastic money among the buyers, increasing frequency of purchases, and the need for fast transaction time without any hassle of long queues for payment. Contactless payment is further evolving, making itself a useful interface between the consumers, retailers, advertisers and marketers. Hence, contactless PoS terminals adoption is PoSitively impacted with all the above mentioned factors aiding the growth in revenue of global contactless PoS terminal market.

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However, high initial installation cost, government regulations and security issues are a few factors that act as a challenge to the growth of global contactless PoS terminal market.

On the basis of regions, the global contactless PoS terminal market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.

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As of 2016, contactless PoS terminal devices has high penetration in the North America market. The market in Western Europe is closely followed by the North America. Market in Asia Pacific excluding Japan has a high growth potential during the forecast period, owing to the growing purchasing power of the population and increasing acceptance of this mode of payment.

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