Top 9 Companies Dominating the India POS Device Market Landscape

Apollo Global Management, Inc. (Ingenico), VeriFone, Inc., PAX Technology, Worldline S.A., Razorpay Software Private Limited, Mswipe Technologies Pvt Ltd., NGX Technologies Pvt. Ltd., PayU Payments Private Limited, and Payswiff Solutions Private Limited, among others are the major players in the India POS device market.

The India POS device market reached a value of about INR 38.82 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 13.3% to reach nearly INR 119.66 billion by 2032. As per the analysis by Expert Market Research, the significant shift towards digital payments increases the demand for point-of-sale (POS) devices that accept various forms of payments such as QR codes, mobile wallets, and credit/debit cards.

There has been a growth in cashless transactions as a result of the Indian government's push for a digital economy and shifting consumer preferences. An increasing need has arisen for point-of-sale (POS) machines that support contactless and mobile payment options, notably those based on QR codes and provided by companies like PhonePe. Moreover, the country's market is expanding due to the growing need for point-of-sale (POS) systems, which simplify the functioning of e-commerce platforms and facilitate firms' ability to sell goods both in-person and online.

Various products drive the India POS device market growth since they cater to the needs of individuals and businesses in multifarious industries like retail, hospitality, media and entertainment, healthcare, finance, and transportation & logistics. Some of the products used by companies are standard countertop POS devices which are often fixed on counters for transactions typically digitally through cards and unified payments interfaces (UPI) and mobile and wireless POS devices that operate on smartphones and tablets that are used by companies for their flexibility and ease of use. Self-service kiosks are also popular owing to the independent access that customers can have to their payment services. These are commonly seen at airports, fast food chains and retail stores.

A groundbreaking development in point-of-sale technology was revealed in April 2024 by PAX Technology, one of the top suppliers of payment terminal solutions. After being introduced to the market last year, these state-of-the-art devices have now been improved with 5G and WiFi 6 capabilities, placing PAX Technology back at the forefront of payment innovation. This update offers retailers payment transactions that are faster than ever before, more dependable, and more secure.

Top 9 POS Device Companies in India:

Apollo Global Management, Inc. (Ingenico)

Ingenico employs more than 3500 employees with 80 offices in 37 countries and specializes in providing products and services in the payment acceptance and services domain. They manufacture a wide range of payment terminals which are used at the point of sale across industries. The company develops processing software that compliments the point-of-sale hardware and also provide robust security solutions in their products and services which ensures safe transactions and compliance.

VeriFone, Inc.

VeriFone has more than 4 decades of experience in payment and point-of-sale solutions driving forward a powerful commerce experience. The company has a presence in over 165 countries and is responsible for more than 14 billion successful transactions every year which is valued at over USD 450 billion. They manufacture payment terminals and provide omnichannel payment software and point-of-sale solutions for businesses and individuals in retail and e-commerce.

PAX Technology

The company claims to have delivered over 80 million payment terminals to clients in more than 120 countries across the globe. As of 2023, the company achieved close to USD 1 billion in sales with over half of that revenue coming from the Android SmartPOS solutions. Their clients include food and beverage giants like McDonalds, Dojo and Starbucks. They provide mobile payment terminals, PayPhones & PayTablets and their flagship Android SmartPOS enables quick and easy payments.

Worldline S.A.

Worldline deals in products and services related to the payments and transactions domain, enabling advanced payment technology and solutions optimized for businesses across a wide range of markets and industries. The company reported a revenue of EUR 4.6 billion in 2023 and claims that it invests EUR 250 million annually in research and development. The company processes transactions worth EUR 1 billion every day and serves businesses in retail & the marketplace, digital goods & services, manufacturing, and finance among others.

Razorpay Software Private Limited

Razorpay specializes in enabling frictionless transactions for Indian businesses helping them digitally accept payments with minimum effort which helps enhance performance and efficiency. Among the many services that the company provides are payment gateways, payment links, payment pages, payment buttons, QR codes, and invoices among others. Their new product range ‘Razorpay POS’ provides comprehensive payment solutions to businesses and individuals.

Mswipe Technologies Pvt Ltd.

Mswipe Technologies provides financial solutions and digital payments to businesses and merchants throughout India. The company provides end-to-end solutions through point-of-sale terminals. The company offers a wide range of products such as ‘wisepos neo’, ‘Wisepos 2.0’, ‘wisepad GO’ and ‘wisepos GO’ among other products that are used by in restaurants, fitness centres, traffic police, fuel stations and businesses in retail.

NGX Technologies Pvt. Ltd.

The company specializes in electrical appliances and manufacturing of electronics along with point-of-sale (POS), and point-of-purchase (POP) products. Among their list of products for retail businesses are Touch POS machines based on Windows & Android operating systems, mobile handheld terminals, billing solutions for desktops, Bluetooth printing solutions, and handheld billing solutions. The company operates across major cities like Bengaluru, New Delhi, Mumbai, and Pune offering payment solutions to brands in retail, hospitality and food and beverage.

PayU Payments Private Limited

With a global reach, PayU Payments is a leader in fintech and provides payment and billing solutions to businesses in industries such as media and entertainment, airlines, e-commerce, retail, and lodging. It serves more than 4,50,000 merchants providing them with more than 100 payment methods. The company has investments in the fintech space worth over USD 1 billion and claims to provide a platform for its clients and processes close to 10 million payments daily.

Payswiff Solutions Private Limited

Payswiff Solutions is a leader in merchant transactions with over 3 lakh merchants in more than 500 cities across 10 countries. It has tie-ups with 50 banks and financial institutions such as American Express, Mastercard and Visa. The company streamlines financial transactions through a wide range of products and services such as omnichannel unified payment applications, point-of-sale devices and devices for contactless payments.