Despite the fact that the COVID-19 epidemic resulted in a drop in overall market growth due to supply chain interruption and loss of end-user revenue, the necessity for mobile point-of-sale terminals market to support contactless payment was recognized. Product adoption has been helped by the increasing demand for cashless and contactless payments. Besides, the requirement for personnel and customer management, online and in-store sale unification and inventory tracking have resulted in demand for digitalization. The usage of the product to keep records of company activities and allow cashless payment has been driven by the digital revolution across retail, healthcare, hospitality, and other industries. Digitalization across several sectors is likely to bolster the growth of the global POS terminal market in the years to come. The growing popularity of smartphones has boosted demand for portable POS systems, boosting market development.
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Increasing Demand for More Secured Payment Options to Drive Market Growth
Over the years, the software and hardware of the POS system have been developed and modified to ensure safe transactions and portability. To safeguard payment gateways, POS suppliers have expanded their expenditures in end-to-end encryption technology, which will assist to create consumer confidence and drive product demand. Furthermore, multipurpose software connected with a POS system would provide the end-user with secure payment, employee information storage, and analysis of customer data. The product’s capacity to operate as an effective employee management tool for monitoring employee performance and generating a pleased staff has further raised demand.
Because of the convenient options of payment, online payment, and decreased queue time, POS terminal adoption has aided governments’ ambition of introducing a cashless economy, particularly in developed nations. The idea of cashless payment has led to product development in the hospitality and retail sectors. Furthermore, as credit and debit card technology evolved, contactless payment became popular as a way to make a rapid transaction without inputting a PIN. This payment uses Near Field Communication (NFC) or Radio-Frequency Identification (RFID) technology to complete safe transactions in a matter of seconds. This technology not only speeds up transactions, but it also makes buying small items more convenient, boosting product demand. Moreover, low-cost cloud-based POS systems that enable automated regular software updates sans the presence of a specialist help save money on future upgrades. Such developments are expected to drive the growth of the global POS terminal market.
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No Checkout POS Systems Gain Strong Foothold in Mainstream Retail Businesses
Generating e-receipts and payment by face are some of the key attributes of point-of-sale (POS) terminals, which are helping manufacturers to stand out from the competition in the market. Retail business owners are demanding innovations in POS systems to meet the convenience requirements of customers. The trend of no checkout POS is capturing the point-of-sale (POS) terminal market. E-commerce giant Amazon gained a lot of popularity for its innovative no checkout POS concept, which automatically generates payments as soon as a customer walked out the door.
No checkout POS systems are acquiring a strong foothold in the mainstream retail business. This concept is generating value-grab opportunities for companies in the point-of-sale (POS) terminal market, since it eliminates the need to hire employees at the POS counter, resulting in cost savings. This explains why the market is expected to advance at a striking CAGR of 11.3% during the forecast period.
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Mobile POS Apps Ensure Repeat Customers with Hustle-free Counter Experience
Companies in the point-of-sale terminal market are gaining expertise to innovate in mobile POS apps. Individuals are provided with a choice of instant payment at coffee shops or pay later, since on-the-go individuals prefer paying while leaving the shop. Mobile POS apps are gaining increased visibility among individuals, as they help to quicken procedures and cut down on mealtime. Retail shop owners and the HoReCa (Hotel, Restaurant, and Café) sector are focusing on providing a hustle-free counter experience to ensure repeat customers.
Mobile POS apps are gaining increased popularity in the U.K. coffee shops and retail stores. Companies in the point-of-sale (POS) terminal market are increasing efforts to develop apps that facilitate simple scanning of the code on products to generate payments automatically.
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