India (Point of Sale) POS Terminals Market size worth over $3bn by 2024
Published Date: July 14, 2017 Authors: Preeti Wadhwani, Saloni Gankar
India POS Terminals Market size is set to exceed USD 3 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are set to grow at over 10% CAGR over the forecast timeline.
The demonetization drive to curb black money has led to significant growth in the digital transactions and infrastructure required to support these payments across several modes, from cards to wallets and bank transfers. Card transactions at POS terminals have hit 60% post demonetization, up double from 30% in 2016; this is anticipated to drive the India POS terminals market growth over the forecast timeline. In order to maintain the rise in digital transactions, the RBI has proposed a significant cut in Merchant Discount Rate (MDR) charges on debit card transactions.
Government emphasis on creating a cashless economy has substantially increased the demand for these machines from banks, propelling the India POS terminals market growth. The Indian government have been encouraging banks to deploy over one million terminals after demonetization to meet the rising demand and address the major cash crunch crisis. State Bank of India (SBI), the major public-sector bank has prepared a proposal for the procurement of 500,000 machines. Such high demand from the banks is offering huge opportunities for the Indian players such as Mswipe, Ezetap, and Pine Labs to establish a strong foothold in the industry by offering competitive systems.
Security concerns pertaining to theft of confidential financial information is expected to inhibit the India POS terminals market growth. This is due to the potential risk of skimming and malware while transactions being carried out at POS terminals. Most of the hackers seek the keystroke loggers to gain the information regarding the PIN and user IDs. In addition, malwares are the most attractive sources of stolen payment cards for the cybercriminals, which may inhibit growth.
Browse key industry insights spread across 190 pages with 90 market data tables & 20 figures & charts from the report, “India (Point of Sale) POS Terminals Market Size By Application (Restaurants, Entertainment, Healthcare, Hospitality, Retail [Department Stores, Supermarkets/Hypermarkets, Convenience Stores, Discount Stores, Specialty Stores], Warehouse), By Product (Mobile, Fixed), By Component (Software, Hardware, Services), By Functionality (Connected, Standalone), Industry Analysis Report, Regional Outlook (Tier-One Cities, Tier-Two Cities), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
The mobile POS terminals market is anticipated to witness growth over the forecast timeline owing to wide adoption across retail, restaurant and hospitality sectors. This is due to the need to accept payment at varied mobile locations. The features offered by these devices such as streamlining the operations, enhancing productivity, service efficiency, and secure payment transactions further contributes towards the demand.
India connected POS terminals market will witness a huge demand owing the advantages offered by the technology such as enhanced security, free floor space, and minimized customer waiting time. Moreover, the demand for these machines are majorly coming from small business across retail and restaurants as the technology is becoming more affordable and approachable Connected terminals helps in inventory management and provide consolidated of the card payments.
In India, POS terminals have significant penetration in Tier 1 cities, whereas Tier 2 cities and rural areas are picking up progressively. Several initiatives such as Micro ATMs, Aadhaar-enabled systems, and Jan Dhan Yojana are surging the demand in the rural areas impacting the India POS terminals market size.
Players operating in the India POS terminals market include VeriFone, Ingenico, Ezetap Mobile Solutions Pvt. Ltd., MobiSwipe Technologies Private Limited, Mosambee, Paynear Solutions Pvt. Ltd., Skilworth Technologies Pvt. Ltd. and Visiontek Telesystems Private Limited among others. The increasing number of orders from banks offer great opportunities to the Indian players. Procuring these systems from foreign players consumes more time to ship the product during immediate requirement, hence, companies in the local market are focusing on expanding their manufacturing capacity.
India POS terminals market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in unit shipments from 2013 to 2024, for the following segments:
India POS Terminals Market, By Product
India POS Terminals Market, By Component
India POS Terminals Market, By Functionality
India POS Terminals Market, By Application
The above information is provided on a regional basis for the following:
- Tier 1
- Tier 2