India POS Terminals Market size is set to exceed USD 3 billion by 2024. The shipments are set to grow at over 10% CAGR over the forecast timeline.
MaketStudyReport.com adds a New Retail (Point of Sale) POS Terminals Market Research Report for the period of 2016-2024 that shows the growth of the market is rising at a 14% CAGR to 2024.
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.
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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.
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.
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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:
Hardware, Software, Services
India POS Terminals Market, By Functionality:
India POS Terminals Market, By Application:
Restaurants, Hospitality, Healthcare, Retail, Warehouse, Entertainment, Others
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