Global Contactless Pos Terminals Market To Grow At A Remarkable Cagr Of 25.64% During The Period 2017-2021

“Orbis Research”
Orbis Research Inclusive Report: Global Contactless Pos Terminals Market To Grow At A Cagr Of 25.64% During The Period 2017-2021.


Latest Research Report – Global Contactless PoS Terminals Market 2017-2021

The Following Companies As The Key Players In The Global Contactless Pos Terminals Market: Ingenico, PAX Technology, SZZT Electronics, and Verifone Systems.

Other Prominent Vendors in the market are: CyberNet, Equinox Payments, First Data, NCR, and Spire Payments.

Commenting on the report: “The latest trend gaining momentum in the market is mobile phone OEMs coming up with magnetic secure transmission (MST) technology. Some of the smartphones by vendors like Samsung have MST technology inbuilt in their recent smartphones. They can emit a magnetic signal that mimics the magnetic strip on a traditional payment card. The technology enables the phones to send magnetic signals to the traditional card-reading POS terminals, which facilitate the payment. Therefore, merchants with POS terminals need not upgrade their software or any of their hardware components.”

According to the report, one of the major drivers for this market is increased number of card transactions. The rising number of credit and debit cards and the increase in the use of these cards for payment transactions by consumers are encouraging the merchants to opt for POS terminals during checkout. With an increase in the number of card transactions, enterprises that were earlier reluctant to adopt payment mechanisms involving cards are now more likely to consider them

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Further, the report states that one of the major factors hindering the growth of this market is amount limit per transaction. Due to the cap on single payment transactions, the individuals are forced to use them only for small purchases at a time. This limits the application of contactless payments. Hence, the applications are limited to the retail and the hospitality sector. This would affect the adoption of contactless POS terminal unit sales, resulting in limited market adoption.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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