Virtual Payment (POS) Terminals Market

Virtual Payment (POS) Terminals Market is growing at a CAGR of 28%

Virtual Payment (POS) Terminals market is set to witness steady growth during 2021-2031. One of the major growth drivers for the virtual payment terminals happens to be the increasing popularity of online shopping. Online retailers are extensively using virtual payment terminals due to huge Internet penetration among the urban population. Hence, the market for virtual payment terminals is anticipated to grow rapidly over the forecast period.

What is Driving Demand for Virtual Payment (POS) Terminals?

With the emergence of Internet, there has been a huge transformation in the landscape of terminal payments, as it led to the inundation of new online POS terminals. Integration of digital payments systems happens to be one of the major factors driving the growth of the market.

Increasing government initiatives coupled with initiatives from BFSI sector are encouraging the implementation of digital payments in order to reduce their operating costs and offer better visibility of transactions. Therefore, the integration of digitalized payment systems is anticipated to drive the demand for virtual payment terminals over the forecast period.

Web-Based Payment Software Solutions is expected to hold the largest share of the Virtual Payment (POS) Terminals Market by Solution

On the basis of solution, the virtual payment (POS) terminals market has been bifurcated in to web based payment software solutions and device based payment software solutions. Out of which, the web-based payment software solutions happens to hold the largest share of the market.

These software solutions help sellers and dealers in driving the sales by receiving orders over mobile devices or through mail orders. This is anticipated to drive the growth of the virtual point of sale terminal market across the globe.

US and Canada Virtual Payment (POS) Terminals Demand Outlook

U.S. happens to be one of the largest markets for Virtual Payment (POS) Terminals across the globe. The growth in U.S. is attributed to the presence of established players such as VeriFone, Inc., Ingenico Group., First Data Corporation, and NCR Corporation, among others in the region. Moreover, US happens to be one of the major contributors to the growth of virtual payment terminals.

Growing inclination towards shopping on e-Commerce websites happens to be one of the major factors driving the growth of virtual payment terminal market in the region. Furthermore the demand for virtual point of sale terminals is likely to upsurge considerably over the forecast period owing to the rise in mobile payment transaction.

Europe Demand Outlook for Virtual Payment (POS) Terminals

With the increasing adoption of digitalization, there has been a consequent rise in the demand for virtual payments terminal across different countries in the Europe region. The widespread use of online shopping platforms coupled with advancements in digital systems are major factors driving the market for virtual payment terminals in the region.

Moreover, countries such as Germany, France, Italy, and UK are shifting towards a robust digital economy, as virtual payment systems are taking the limelight.

Who are the Key Manufacturers and Suppliers of Virtual Payment (POS) Terminals?

Some of the leading providers of Virtual Payment (POS) Terminals include

• VeriFone Inc.
• Ingenico Group.
• First Data Corporation
• Diebold Nixdorf
• Incorporated
• NCR Corporation
• BBPOS Limited
• Castles Technology
• Elavon Inc.
• EGIDE
• Newland Payment Technology
• Squirrel Systems
• CitiXsys Technologies
• Shenzhen Xinguodu Technology Co. Ltd
• PAX Technology
• Panasonic Corporation
• Others.

The major companies operating in the market are focused on new product launches and business expansion strategies in order to enhance their product portfolio and expand their presence in the market. For instance,

• In March 2019, PAX Technology entered into a partnership agreement with Secure TablePay in order to introduce a new facility named Pay-at-the-Table Experience to restaurants in the U.S.
• In April 2018, Samsung Electronics America Inc., announced its plan to move its campus in North Texas to Legacy Central in Plano, Texas, U.S. The plan to relocate is aimed at bringing the company’s teams together and foster connectivity, collaboration, and well-being among the employees.

Key Segments

By Solution

• Software Platform
  • Device-based
  • Web-based
• Services

By Vertical

• Retail
• Hospitality
• Consumer Electronics
• Food & Beverages
• Healthcare
• Entertainment
• Others

By Region

• North America
  • US
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • BENELUX
  • Russia
  • Rest of Europe
• East Asia
  • China
  • Japan
  • South Korea
• South Asia & Pacific
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Australia & New Zealand
  • Rest of South Asia & Pacific
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa
  • Rest of Middle East and Africa

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Virtual Payment (POS) Terminals Market Report Highlights:

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint

NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.

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