Adoption of Wireless POS Terminals Is on the Rise
02 Feb 2018 • by Natalie Aster
LONDON – Nowadays, wireless POS terminals, that allow to accept credit and debit payments quickly and securely from almost any location, are widely used across various industry verticals (hospitality, home and service delivery, retail, transportation, sports, entertainment, etc.).
In 2017, the global wireless POS terminal market reached USD 6.73 billion in value terms. Through to 2023, this market is projected to rise at a 11.59% CAGR to climb to USD 6.73 billion.
The major growth engines of the wireless POS terminal market comprise expanding adoption of wireless payment terminals by retailers, uptake in e-commerce transactions, rising number of cashless transactions in various countries, increasing adoption of wireless technology in wearables and mobile handsets and also enhancing usage of MasterCard, Visa and EuroPay cards.
Meantime, high maintenance costs of wireless POS systems and security issues associated with wireless technology still pose significant challenge to the market growth.
As of 2016, the portable countertop and PIN pad grabbed the biggest chunk of the wireless POS terminal marketplace. Portable countertop POS solutions are easy to install, compact, simple and convenient for both customers and merchants; they already show high penetration in several industries (sports, hospitality, entertainment, retail). Complementary to accepting payments, these devise are also able to support rich multimedia to encourage customer engagement as well as build loyalty.
At present, North America accounts for the major revenue share of the overall wireless POS terminal market and is predicted to maintain the leader position through to 2023. Enhancing adoption of wireless POS terminals in North America is spurred by declining cost of mobile devices along with surging popularity of wireless technology. Furthermore, expanding modernisation in the payment industry together with a rising focus on offering customised or business specific solutions is projected to make remarkable contribution to the North American wireless POS terminal market growth in the years ahead.
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