Published on : Oct 19, 2020
The presence of a seamless retail sector has generated fresh revenues within the global POS terminal devices market. The advent of digital transformation has led to reduction in the use of cash currency. The trend of paying via debit and credit cards has gained momentum, and cash currency is receding at a dramatic pace. The concept of ‘plastic money’ dominates the exchange industry, and this is an important consideration for stakeholders looking to invest in the digital economy. Use of POS terminals across retail outlets is at the helm of growth within the global market. Availability of credit, debit, and cash cards has created fresh growth opportunities within the global market.
In this review, Research Moz looks into the prominent trends that have aided the growth of the global POS terminal devices market. A large population of people prefers to make payment via cards instead of using cash currency. Moreover, the quest of the masses to focus on utility and ease while making banking choices has also given a thrust to market growth. This review is based on Research Moz’s report on the global POS terminal devices market. Popularity of smart technologies has also generated fresh revenues within the global market.
Pine Labs Causing Noticeable Market Disruption
Pine Labs is a nascent player that entered the global POS terminal devices market. The company launched its Plutus Smart POS machine, last year, and caused positive disruptions in the global market. Pine Labs has successfully deployed around 50,000 POS devices in multiple industries. The stellar growth graph of the company can be attributed to their rigorous marketing and business strategies.
Some of the notable players in the global POS terminal devices market are Newland Payment, Castles Tech, Centerm, CyberNet, LIANDI, and Xin Guo Du.
Use of Internet-Based Technologies
Digital growth is characterised by the use of internet-based technologies, IoT sensors, and communication channels that can expedite processes. Furthermore, digital maturity of a region can be evaluated by the looking into key industries that have adopted digital platforms and technologies. It is evident that POS terminal devices are used across a wide range of businesses, and this is an important driver of market demand. Moreover, the utility served by electronic payments, such as those involving POS terminals, has also aided market growth.
A large population of people agrees that there is a need for eliminating the hassles of carrying large amount of cash. This concern is succinctly addressed by POS terminal devices that can process payments without any involvement of cash currency. Furthermore, this mode ensures safety of payments, without causing unnecessary delays. Retail owners invest in buying POS terminal devices for all of their tills.
This is done to meet the demand of a large population that relies entirely on digital transactions. Banks and financial institutes have assisted retailers in inducting and familiarizing with POS terminal devices. In this scenario, the total volume of revenues within the global POS terminal devices market is set to rise.
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Analysing the Smart City Framework
The smart city architecture also includes digital payment modes that eliminate the use of physical currency. In this scenario, POS terminal devices are amongst the most viable options for retailers and sellers looking to digitalise their payment systems. Moreover, POS terminal devices can read international travel cards that are loaded with foreign currencies. This is, perhaps, the most utilitarian aspect of credit and debit cards. Several banks offer their custom forex cards that can be used to make transactions in foreign currencies. Considering the aforementioned scenario, the global POS terminal devices market is set to expand by a dramatic chase in the times to come.