Point of sale terminal transaction value to exceed $ 17.3 trillion by 2026
The total value of transactions processed by point-of-sale terminals will exceed US $ 17.3 trillion in 2026, up from US $ 14.8 trillion in 2021, a growth of 28%, according to a new global report.
Growth is being driven by an ever-changing payment processing landscape in which cash plays a reduced role, according to the Juniper Research report.
The report also found that point-of-sale providers need to ensure that they support omnichannel retail business models and are prepared to compete with alternative payment methods such as QR code payments.
According to Juniper Research, the pandemic and the rise of cashless currencies pose challenges that point-of-sale vendors must deal with, with retail moving online and enabling contactless processing – the report recommends that point-of-sale providers sales to integrate intelligent capabilities, including inventory management and data analysis to their terminals, to maximize the value of their platforms to end users.
Research predicts that mPOS (mobile point of sale) terminal shipments will grow from 20 million in 2021 to 32 million in 2026, growing by 56% over the next 5 years.
According to Juniper Research, this growth will be fueled by the accelerated cash transition, with previously cash-only providers rapidly adopting mPOS solutions.
And the report identified that emerging markets will provide the best opportunities for mPOS providers during this period, as the demand for digital payments will increase in these regions. Research recommends that providers create a strong mPOS offering; supported by free access to commercial information, to capitalize on this growth potential.
The new research – Point of Sale Terminals: Device Innovation, Competitive Landscape, and Market Forecast 2021-2026 – ranked the top point-of-sale terminal vendors in the Juniper Research Leaderboard, scoring vendors on service innovation, market investment, and service reach, with the following vendors ranked as established leaders:
- PAX technology
- Pay Pal
Juniper Research says these vendors have achieved significant global penetration and a full range of solutions in the point-of-sale market.
For more information, download the free Juniper Research white paper: POS Terminals ~ Changing the Payments Experience
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