The global contactless POS terminals market was valued at USD 2 million in 2016 and is expected to surpass USD 7 million by 2021, says Technavio.
Technavio has announced its latest market research report on the global contactless POS terminals market, under its computing devices portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Ingenico, PAX Technology, SZZT Electronics, and Verifone Systems.
According to Sharan Raj, a lead analyst for computing devices research at Technavio, “The increased number of card transactions will drive growth in the global contactless POS terminals market. The rising number of credit and debit cards and the upsurge in the use of these cards for payment transactions by consumers are encouraging the merchants to opt for POS terminals during checkout.”
The augmented number of card transactions has led the reluctant enterprises to adopt payment mechanisms involving cards. Moreover, consumers who shop at retail and hospitality businesses are expected to use debit or credit cards and digital money for payment more than cash due to the ease of payment process. This encourages PoS terminal manufacturers to invest in the technology and payment security.
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Mobile phone OEMs coming up with magnetic secure transmission (MST) technology
Some of the smartphones by vendors like Samsung have MST technology inbuilt in their recent smartphones. They can emit a magnetic signal that mimics the magnetic strip on a traditional payment card. The technology allows the phones to send magnetic signals to the traditional card-reading POS terminals, which facilitate the payment. This technology can be used for contactless payments at any traditional POS terminals, without the need to incorporate the NFC technology.
NFC-enabled smart rings
There is recent developments in NFC (near field communication) technology being incorporated into wearable smart devices such as smart rings. These NFC-enabled smart rings are fully equipped and capable of carrying out contactless payments at any contactless POS terminal. The transaction limits stay the same for single transactions, and the applications of smart NFC cards and mobile devices are the same.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global contactless POS terminals Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global EMV PoS Terminals Market 2017-2021
- Global Mobile EMV PoS Terminals Market 2016-2020
- Global mPOS Market 2016-2020
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