The Global Outdoor Payment Terminal Market size is expected to reach $2.1 billion by 2028, rising at a market growth of 8.9% CAGR during the forecast period
Outdoor payment terminals, or OPTS, are Unattended payment terminals called that offer quick and secure self-service transaction choices to customers using contactless or contact payment methods.
New York, Sept. 28, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Outdoor Payment Terminal Market Size, Share & Industry Trends Analysis Report By Application, By Type, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06322230/?utm_source=GNW
Outdoor payment terminals enable customers to benefit from services and pay effortlessly without the need for additional workers in end-user businesses that see significant daily transaction volumes, such as gas stations.
Outdoor payment terminals enhance transaction processes’ security, effectiveness, and flexibility. The use of outdoor payment terminals also improves customer service, boosts service availability around-the-clock, and lowers operating expenses by removing the requirement for staff to handle transactions. Additionally, communication between outside payment terminals and management systems enhances monitoring and control of transaction processes.
Reduce maintenance, improve terminal serviceability, and maximize the terminals’ service uptime as a result. Any fuel dispenser at a gas station can be controlled by the Outdoor Payment Terminal from both an OPT and a PoS system. It is used to analyze the sale of fuel at the outlet and collect data remotely. It offers an intuitive user interface and a layout that greatly minimizes maintenance problems.
Systems for outdoor payment terminals are designed to maximize their service uptime, lower their maintenance requirements, and improve their serviceability. The systems are built to be extremely dependable and are put through rigorous testing to survive a variety of challenging outside environmental climate conditions and changes, including temperature, water, dust resistance, and anti-corrosion technology.
The terminals are designed to be redundant, allowing for continuous and uninterrupted functioning around-the-clock without the requirement for staff manual intervention. With redundant communication channels over Ethernet and 3G, outdoor payment terminal systems are made with anti-vandalism built, anti-fraud technology, and anti-tamper devices. They also offer an EMV and PCI-approved service, providing a constant level of connectivity.
COVID-19 Impact Analysis
Lockdowns imposed globally to stop the diffusion of the pandemic put constraints on the development of people and goods, which led to shop network disruptions and a decline in demand for outdoor payment terminals. However, the number of users conducting contactless transactions has surged during the outbreak. It is estimated that the market would benefit from customers and merchants turning to contactless payment methods to stop the spread of the virus. Due to the growing concerns about payment security, retail merchants also make sure to offer a secure platform to their clients with the deployment of OPTs.
Market Growth Factors
Increasing Penetration Of Smartphones All Over The World
Smartphones are a basic necessity for people across the world in the modern era. A majority of people own a smartphone as it is allowing them to manage a lot of their work as well as personal routines. Due to the rising popularity of smartphones, manufacturers and key market players are increasing their efforts in order to introduce new and more efficient smartphones at affordable rates. By adding a layer of authentication to payment portals to secure information, users have increased customer trust.
Accelerates The Checkout Process
In the modern era, in which people are living very hectic and busy schedules, vendors and business owners are compelled to respond as quickly as they can. This entails promptly securing a sale. Vendors must not make their customers wait inordinately long to make a purchase. They might then determine they do not actually require the product. This is particularly problematic if a brick-and-mortar store frequently experiences lengthy or slowly moving lineups. By using a wireless credit card processing terminal, this issue can be simply addressed.
Market Restraining Factors
High Deployment And Maintenance Cost
One of the major stumbling blocks in the demand for outdoor payment terminals is the considerable deployment and maintenance cost of this machine. When choosing cutting-edge technology, like outdoor payment terminals (OTP), debit cards, UPI, and online banking, the cost is a crucial factor. Outdoor payment terminals are made with high precision along with advanced technologies. Applications with high security are often expensive. In contrast to online banking and cash-based transactions, PoS Terminal machines have very high initial costs as well as ongoing maintenance costs.
Type Outlook
On the basis of Type, the Outdoor Payment Terminal Market is bifurcated into Contactless and Contact-based. In 2021, the contact-based segment procured the largest revenue share of the outdoor payment terminal market. Contact OPTs are extremely popular because they are both widely regarded by the general public and companies as being safe and cost-effective. One of the main drivers of the segment’s growth is also the contact payment terminals’ established infrastructure and capacity to accept payments made by debit and credit cards.
Application Outlook
By Application, the Outdoor Payment Terminal Market is segregated into Refuel, Carwash, Malls, and Others. In 2021, the carwash segment registered a significant revenue share of the outdoor payment terminal market. The OPTs allow users to employ a variety of payment methods, including card-based and mobile payments at kiosks, depending on their convenience and to reduce waiting times for customers. Thus, the growing understanding of the benefits of OPT adoption is fueling segment expansion.
Regional Outlook
Region-Wise, the Outdoor Payment Terminal Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America witnessed the outdoor payment terminal market. People in nations, like the US and Canada are becoming more interested in payment methods including debit, credit, prepaid cards, and others, which is fueling the expansion of the outdoor payment terminals industry across the region. Growth is also being fueled by the expansion of self-checkout retail establishments in the region.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., NCR Corporation, Temenos AG, VeriFone Holdings, Inc. (Francisco Partners), Capgemini SE, Scheidt & Bachmann GmbH, Finastra Group Holdings Limited (Vista Equity Partners), Dover Fueling Solutions (Dover Corporation), Invenco Group Ltd., and Gilbarco, Inc. (Fortive Corporation).
Strategies deployed in Outdoor Payment Terminal Market
Jun-2022: Finastra launched an embedded consumer lending solution. With this launch, the company aimed to enable consumers to access conventional regulated lending options at point-of-sale. In addition, this partnership would also offer more options to consumers along with a substitute to the Buy Now Pay Later approach.
May-2022: Finastra partnered with Mindtree, a digital transformation and technology services company. Following this partnership, Finastra would integrate its Fusion Payments To Go payments technology into banks across Ireland and the UK to enable them to access Fusion Payments To Go solutions that can be operated on Mindtree’s cloud.
Jan-2022: Scheidt & Bachmann entered into a partnership with Worldline, a European leader in transactional and payments services. Through this partnership, the companies aimed to bolster the development of payment infrastructure across fuel retail as well as the EV charging sector.
Aug-2021: Invenco partnered with Centrapay, a company that specializes in the adoption of digital assets and merchant payments. This partnership aimed to allow the transition from card-based payments to fully digital app-based payments. Moreover, the companies would also provide a personalized, data-driven, and digital payment experience to their customers.
Feb-2021: Invenco came into a partnership with Verifone, a leader in payment and commerce solutions. This partnership would allow retail fuel sites that employ both Verifone and Invenco products to receive ongoing aid in interoperability of their Invenco terminals when leveraged with Verifone’s Commander software.
Oct-2020: Finastra rolled out Fusion Payments To Go, a payments solution of the company. The new solution aimed to aid SMEs in deploying cross-border as well as domestic payment services within the US, Europe, and South Africa. The new Fusion Payments To Go eliminates the requirement for expensive scheme maintenance.
Oct-2019: Invenco unveiled the G6-300, a next-generation all-in-one OPT. The new product is the most compact and convenient EMV OPT, which encompasses a barcode scanner, printer, EMV contact as well as contactless chip card payment at one stop.
Oct-2018: Invenco released the Invenco-i2, a monthly-payment solution. The new product aimed to retrofit the key dispenser brands known across the United States forecourts. It is also linked with Invenco Cloud Services to enable remote key Injection as well as software upgrades.
Jun-2018: Gilbarco rolled out the Passport Version 11.02, an EMV software. The new product aimed to allow full chip-card functionality both inside and outside of the store to enable retailers to use Passport POS in order to safeguard their companies from fraud while also complying with EMV regulations.
Scope of the Study
Market Segments covered in the Report:
By Application
• Refuel
• Carwash
• Malls
• Others
By Type
• Contact-based
• Contactless
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Apple, Inc.
• NCR Corporation
• Temenos AG
• VeriFone Holdings, Inc. (Francisco Partners)
• Capgemini SE
• Scheidt & Bachmann GmbH
• Finastra Group Holdings Limited (Vista Equity Partners)
• Dover Fueling Solutions (Dover Corporation)
• Invenco Group Ltd.
• Gilbarco, Inc. (Fortive Corporation)
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06322230/?utm_source=GNW
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