Retail Point-of-Sale (PoS) Terminals Market Set for Rapid Growth and Trend by 2025
A point of sale, or PoS, is a record of a location and time where a transaction occurred. At the PoS, a consumer must pay the amount that is owed by him to the merchant or vendor, at which point the merchant can prepare and invoice for the consumer. The merchant may also provide multiple forms of payment options to the consumer based on availability or need. On a macro scale, a point of sale could be classified as an entire mall, a market, or even a city. The micro scale of point of sales commonly refers to the merchant or a small location or shop. Points of sale can also be classified into real or virtual, with the former including brick and mortar constructions such as stores or malls. Virtual points of sale are present in the ecommerce industry, where a trader or retailer may sell goods and carry the transaction out electronically over the Internet or the phone.
A point of sale terminal in a very rudimentary sense, is a replacement for the traditional cash register. The terminal is generally computerized and is placed to automatically do what manual labor can, and then some. PoS terminals of today are far more complex pieces of technology than registers from even nearly a decade ago. Modern point of sale terminals are able to manage inventory, communicate with systems within a network, process and record payments, and track customers.
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Global Retail Point-of-Sale (PoS) Terminals Market: Overview
A point-of-sale (PoS) terminal is a computerized alternative for a cash register. The PoS system, a combination of hardware and software, can process debit and credit cards, is able to track and record customer orders, and can connect to other network systems. Generally, a PoS terminal relies on a personal computer that has application-specific programs along with I/O devices for that particular work environment.
The demand for these systems is slated to soar as they are closely integrated with software systems such as inventory, warehouse, supply chain, purchase order, marketing, merchandise planning, and so on.
Global Retail Point-of-Sale (PoS) Terminals Market: Key Trends
As these devices save a lot of time, money, and effort, apart from being highly efficient, more business organizations, restaurants, banks, hotels, departmental store, super- and hyper- markets, and online vendors have been adopting these systems. Lower maintenance costs, real-time inventory, and accurate transactions are some of the key advantages of these systems. Therefore, retail PoS terminals are likely to witness considerable growth. One of the prominent trends is the increased use of smartphones and tablets for making online payments owing to easy usage and wide range of service offerings such as discount coupons and offers.
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Global Retail Point-of-Sale (PoS) Terminals Market: Market Potential
Although India has been increasingly deploying PoS terminals in areas such as banking and public transport systems, the launch of QR-based payment system is likely to restrict the growth of the retail PoS terminals market in the region. Unlike the PoS terminal system, a QR-based payment system enables vendors and merchants to avoid the payment of transaction fees to banks.
However, the launch of new technologies is likely to negate the effect of the aforementioned restraint. For instance, a fully-integrated EMV enabled solution, designed especially for the hospitality industry has been launched by Sterling Payment Technologies, a leading company that provides payment processing services. The product was launched in partnership with a firm that caters to point-of-sale solutions to restaurants, RPOWER Point of Sale.
Moreover, the IRIS EMV Point-of-Sale terminal solution launched by YES Bank in 2016 deploys “Ola Play”, the premier connected mobility platform powered by Snapdragon processors.
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Global Retail Point-of-Sale (PoS) Terminals Market: Regional Outlook
High rates of adoption of mobile devices in Asia Pacific countries such as India and China are responsible for the growth of the retail PoS terminals market in this region. As numerous customers choose to make mobile payments, the markets in Latin America, Africa, and the Middle East are likely to exhibit increasing demand, boosting the expansion of the global retail PoS terminals market. The retail PoS market in the U.S. has been escalating to a substantial degree, as the government has issued stringent regulatory policies regarding the deployment of PoS terminals and their upgrading.
Global Retail Point-of-Sale (PoS) Terminals Market: Competitive Analysis
Some of the major companies operating in the global market for retail point of scale terminals are MICROS Systems, PAX Technology, VeriFone Systems, Cisco Systems, Panasonic, Ingenico, Samsung Electronics, Toshiba, and HP.
Several market players are resorting to partnerships, acquisitions, and mergers in order to expand their customer base. For example, in July 2016, iQmetrix collaborated with Ingenico for supplying EMV-enabled terminals to retailers in the U.S. Another company, VeriFone signed an agreement with InterCard AG, a German company that provides payment services, with a view to acquire the firm. This will aid both the firms in gaining a strong foothold in the market.
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