Global wireless POS terminal market is projected to witness a CAGR of 8.85% during the forecast period to reach a total market size of US$3.336 billion by 2023, increasing from US$2.006 billion in 2017. In terms of volume, the total shipment of wireless POS terminal will reach 26.367 million in 2023. A point-of-sale terminal is situated across various retail outlets in order to facilitate easy and faster check out. It is a device which is used to process card payments at various retail locations. This terminal allows the outlets to accept card payments without the need to update their cash registers. In this manner, this device not only enhances the shopping experience for customers by reducing the time taken to process payments but it also updates the centralized information system about the sale of products.
The phenomenon of cashless transactions is increasing because using electronic money saves time and significant production costs, as well as the incidences of cash crimes, take place less. Moreover, it spurs the economic growth of a nation. Hence, increasing instances of cashless transactions is one of the key drivers in the growth of the global market of wireless POS terminal. Other factors which impact the market growth include expansion of e-commerce industry, increased penetration of wireless mode of payment and escalating use of Europay, Mastercard, and Visa cards or EMV cards. On the contrary, factors such as security and protection of the sensitive data related to the wireless POS systems can impair the market growth.
Geographically, Asia Pacific is one of the regions which is expected to significantly impact the market growth of wireless POS terminal on account of cost-effective POS terminals being introduced in the payment industry, as well as, growing adoption of wireless technology across many industries such as entertainment, travel, and retail.
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Major industry players profiled as part of the report are Diebold Nixdorf Incorporated, First Data Corporation, Moneris, and Verifone among others.
- Chip and Pin
- Chip and Signature
By RegionBy End-User Industry
- Media & Entertainment
- Tourism and Hospitality
Middle East and Africa
- Saudi Arabia
- South Korea