Virtual Payment (POS) Terminals Market Outlook
According to the report by Expert Market Research (EMR), “The Global Virtual Payment (POS) Terminals Market Share, Size, Analysis, Report and Forecast 2024-2032″, the global virtual payment (POS) terminals market reached a value of USD 15.55 billion in 2023. Aided by rising urbanisation and increased mobile penetration, the market is projected to further grow at a CAGR of 30.3% between 2024 and 2028 to reach a value of USD 76.05 billion by 2032.
Virtual Payment (POS) terminals, in essence, facilitate electronic payment processes without the necessity of physical card swiping or inserting. These systems, which primarily function through the internet, have become an integral cog in the digital commerce wheel, simplifying the transactional process for both businesses and consumers. As industries migrate towards digital platforms, the significance of these virtual terminals in securing seamless and swift transactions becomes paramount.
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The virtual payment (POS) terminals market growth is predominantly fuelled by the burgeoning e-commerce sector. The contemporary consumer, buoyed by the conveniences of online shopping, now increasingly favours digital transactions. This preference is not merely confined to the retail sector but extends across services, subscriptions, and utility payments, broadening the horizons of the virtual payment options.
The inclination towards enhanced security features is considered as one of the growing virtual payment (POS) terminals market trends. As the digital world becomes increasingly complex, ensuring secure transactional environments is non-negotiable. Innovations such as tokenisation and end-to-end encryption are gaining traction, ensuring the consumer’s financial data remains safe from potential breaches.
Furthermore, the advent of integrated payment solutions is substantially influencing the virtual payment (POS) terminals market demand. Today’s businesses are not just looking for payment solutions; they desire comprehensive systems that combine payment processing with other operational facets like inventory management, customer data collection, and sales analytics. Such integrated systems optimise operational efficiency and offer insights that can be leveraged for strategic decision-making.
The virtual payment (POS) terminals market analysis highlights the rapid rise of mobile and contactless payments. With smartphones becoming an essential part of our life and the global push towards minimising physical contact (especially post-pandemic), mobile wallets and NFC (Near Field Communication) enabled payments are witnessing a growth. These systems, facilitated by virtual payment terminals, offer speed, convenience, and, importantly, minimise physical contact, making them particularly appealing in the current scenario.
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Virtual Payment (POS) Terminals Market Segmentation
The market can be divided based on platform, application, and region.
Market Breakup by Platform
- Software
- Device Based
- Web Based
- Service
Market Breakup by Application
- Retail
- Warehouse
- Hospitality
- Consumer Electronics
- Food and Beverage
- Health Care
- Entertainment
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Virtual Payment (POS) Terminals Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global virtual payment (POS) terminals market. Some of the major players explored in the report by Expert Market Research are as follows:
- INGENICO Group S.A.
- NCR Corporation
- NEC Corporation
- PAX Technology
- Samsung Electronics Co., Ltd.
- VeriFone, Inc.
- Others
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