DUBLIN--(BUSINESS WIRE)--The "Virtual Payment (POS) Terminal Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global virtual payment (POS) terminal market is expected to grow from $22.19 billion in 2021 to $28.31 billion in 2022 at a compound annual growth rate (CAGR) of 27.6%. The market is expected to grow to $70.68 billion in 2026 at a compound annual growth rate (CAGR) of 25.7%.
The main types of virtual payment (POS) terminals are software platforms and professional services. The software platform refers to a platform as a collection of software and a network of resources that aid in the growth of your company. The products or the services are based on applications like device-based or Web-based services or products. The various types of industry users include retail, warehouses, hospitality, consumer electronics, food and beverages, healthcare, entertainment, and others.
Asia-Pacific was the largest region in the virtual payment (POS) terminals market in 2021. The regions covered in the virtual payment (POS) terminal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in demand for contactless payments is expected to propel the growth of the virtual payment terminal market going forward. Contactless payment refers to a wireless financial transaction in which the customer authorizes monetary compensation for purchase by moving a security token in close proximity to the vendor's point of sale (PoS) reader.
For instance, in August 2021, according to an article published by Consumer News and Business Channel (CNBC), a US-based business news channel, US tap-to-pay transactions grew by over 30% year-over-year. Furthermore, according to the latest study by digital payments firm PhonePe and Boston Consulting Group (BCG), in India, 40% of all transactions are digital, and in 2021, $3 trillion in payments were made using digital tools. It is expected to more than triple to $10 trillion by 2026. Therefore, the increase in demand for contactless payments is driving the growth of the virtual payment (POS) terminal market.
The emergence of biometric-based payment is a key trend gaining popularity in the virtual payment (POS) terminal market. Major companies operating in the virtual payment (POS) terminal sector are focused on developing advanced solutions to strengthen their market position. For instance, in May 2022, Mastercard, a US-based financial services company, launched a program for businesses to offer biometric payment methods, such as facial recognition and fingerprint scanning, instead of swiping the card. Customers would be able to validate their payment at the register by displaying their face or the palm of their hand. To use this service, a customer must snap a photo of their face or scan a fingerprint to register it with an app in order to sign up for a Mastercard account. Either a smartphone or a payment terminal is used for this. After that, customers can add a credit card that is connected to biometric information.
Scope
Markets Covered:
1) By Solution: Software Platform; Professional Services
2) By Industry: Retail; Warehouse; Hospitality; Consumer Electronics; Food and Beverages; Healthcare; Entertainment; Other Industries
Key Topics Covered:
1. Executive Summary
2. Virtual Payment (POS) Terminal Market Characteristics
3. Virtual Payment (POS) Terminal Market Trends And Strategies
4. Impact Of COVID-19 On Virtual Payment (POS) Terminal
5. Virtual Payment (POS) Terminal Market Size And Growth
6. Virtual Payment (POS) Terminal Market Segmentation
7. Virtual Payment (POS) Terminal Market Regional And Country Analysis
8. Asia-Pacific Virtual Payment (POS) Terminal Market
9. China Virtual Payment (POS) Terminal Market
10. India Virtual Payment (POS) Terminal Market
11. Japan Virtual Payment (POS) Terminal Market
12. Australia Virtual Payment (POS) Terminal Market
13. Indonesia Virtual Payment (POS) Terminal Market
14. South Korea Virtual Payment (POS) Terminal Market
15. Western Europe Virtual Payment (POS) Terminal Market
16. UK Virtual Payment (POS) Terminal Market
17. Germany Virtual Payment (POS) Terminal Market
18. France Virtual Payment (POS) Terminal Market
19. Eastern Europe Virtual Payment (POS) Terminal Market
20. Russia Virtual Payment (POS) Terminal Market
21. North America Virtual Payment (POS) Terminal Market
22. USA Virtual Payment (POS) Terminal Market
23. South America Virtual Payment (POS) Terminal Market
24. Brazil Virtual Payment (POS) Terminal Market
25. Middle East Virtual Payment (POS) Terminal Market
26. Africa Virtual Payment (POS) Terminal Market
27. Virtual Payment (POS) Terminal Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Virtual Payment (POS) Terminal Market
29. Virtual Payment (POS) Terminal Market Future Outlook and Potential Analysis
30. Appendix
Companies Mentioned
- Castles Technology
- Diebold Nixdorf
- NCR Corporation
- Panasonic Corporation
- PAX Technology
- CitiXsys Technologies
- Elavon Inc.
- First Data Corporation
- Ingenico Group
- Newland Payment Technology
- Shenzhen Xinguodu Technology Co. Ltd.
- Squirrel Systems
- VeriFone Inc.
- Paytm
- Google LLC
For more information about this report visit https://www.researchandmarkets.com/r/q94e16
