Retail Point-of-Sale (PoS) terminals market is going through a positive growth phase and expects the same during the forecast period. With the advent of technology, the ways of handling money have changed drastically. Cashless payments have become a daily life norm and this increased the market share of retail point-of-sale (PoS) terminals market. Increased layers of security and boosted investment in end-to-end encryption have also enabled the retail point-of-sale (PoS) terminals market to maintain its stronghold. Besides, contactless payments have also become an innovative way of making a payment without the requirement of a PIN. Visa’s contactless card is an ideal instance of the contactless method.
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Moreover, factors like strict government regulations and a large number of data breach cases may prove to be a consistent hindrance to the growth rate of the retail point-of-sale (PoS) terminals market.
Coronavirus threat pushing individuals toward contactless payments
The emergence of the novel coronavirus disease, one of the most disastrous virus outbreak in history, has prompted individuals to move toward contactless payments. This is because the virus is largely spread and transmitted through touch.
Countries like Europe are promoting contactless payments to curb the COVID-19 disease spread. The European Banking Authority (EBA) is in a process to relax customer authentication rules up to 50 euros, which involves customer identification process verification in more than one way. UK Finance, the association representing the finance and payments industry of the United Kingdom recently announced its plans of raising the contactless pay limit from £15 to £45.
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Various technological advancements may also help the retail point-of-sale (PoS) terminals market to garner a positive growth rate. For instance, Mastercard recently announced its working with Paynetics, a payment solutions provider to conduct a brief trial of a mobile point-of-sale (mPOS) solution. This technology enables contactless payments through Android phones without any hardware.