Virtual Payment (POS) Terminals Global Market Report 2022
Major players in the virtual payment (POS) terminals market are Castles Technology, Diebold Nixdorf, Incorporated, NCR Corporation, Panasonic Corporation, PAX Technology, CitiXsys Technologies, VeriFone, Inc, Elavon Inc, First Data Corporation, Ingenico Group, Newland Payment Technology, Shenzhen Xinguodu Technology Co.
New York, Oct. 07, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Virtual Payment (POS) Terminals Global Market Report 2022” – https://www.reportlinker.com/p06325418/?utm_source=GNW
Ltd, Squirrel Systems, Google, and Paytm.
The global virtual payment (POS) terminals market is expected to grow from $7.94 billion in 2021 to $10.59 billion in 2022 at a compound annual growth rate (CAGR) of 33.4%. The virtual payment (POS) terminals market is expected to reach $34.71 billion in 2026 at a CAGR of 34.6%.
The virtual payment (POS) terminals market consists of sales of virtual payment (POS) terminals solutions and services by entities (organizations, sole traders, and partnerships) that refer to a web-based application that enables to manage the electronic payments over the phone, through the mail, fax, email, or in person.Virtual terminals utilize non-physical software programs yet function similarly to a physical card reader.
The customers insert or tap their card into a physical card reader and enter their PIN to confirm the transaction with the machine. After then, the transaction is processed automatically.
The main solutions of virtual payment (POS) terminals include software platforms and professional services.The software platform of virtual payment (POS) terminals offers software solutions to run the virtual payment (POS) terminals.
The end-users of virtual payment (POS) terminals include retail, warehouse, hospitality, consumer electronics, food and beverages, healthcare, entertainment, and other industries.
North America was the largest region in the virtual payment (POS) terminals market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The virtual payment (POS) terminals market research report is one of a series of new reports that provides virtual payment (POS) terminals market statistics, including virtual payment (POS) terminals industry global market size, regional shares, competitors with a virtual payment (POS) terminals market share, detailed virtual payment (POS) terminals market segments, market trends and opportunities, and any further data you may need to thrive in the virtual payment (POS) terminals industry. This virtual payment (POS) terminals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing prevalence of digital payment methods is driving the virtual payment (POS) terminals market.The digital revolution has increased access to and use of financial services globally, changing how people send and receive payments, borrow money, and save money.
In addition to the global spread of formal financial institutions, the COVID-19 epidemic has sparked financial inclusion and led to a significant rise in digital payments.Virtual payment (POS) terminals aid digital payments and manage the payments over the phone, through the mail, fax, email, or in person.
For instance, in 2021, according to McKinsey’s 2021 Digital Payments Consumer Survey, digital payments grew by 12% during 2020-2021 period. Thus, the increase in digital payments is expected to boost demand for virtual payment (POS) terminals during the forecast period.
Technological Advancement is a key trend gaining popularity in the virtual payment (POS) terminals market.The biometric payment system is a technology that is being widely used for virtual payment (POS) terminals.
Biometric payment is a point-of-sale (POS) technology that identifies users and authorizes withdrawals from bank accounts using physical characteristics-based biometric authentication.In May 2022, Mastercard, a global payments & technology company, launched a Biometric Checkout Program.
The Biometric Checkout Program participants allow customers to easily sign up for their biometric checkout services in-store or at home via a merchant or identity provider app.Once enrolled, there is no need to make the checkout line slower by digging around in their luggage or pockets.
Customers only need to verify the bill, smile for the camera, or wave their palms over the reader to make a payment. The new technology gives customers the freedom to choose their preferred payment method while ensuring a quick and safe checkout experience.
In October 2020, Worldline, a French multinational provider of payment and transactional services, acquired Ingenico for an undisclosed amount.Through this acquisition, Worldline will combine Ingenico’s global exposure to online commerce with its knowledge of cross-border acquisitions and coverage of the payment value chain from Worldline.
Ingenico is a French-based company that supply the technology necessary for safe online transactions, produces point-of-sale payment terminals, offers full payment software, related services, and merchant software.
The countries covered in the virtual payment (POS) terminals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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