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India POS Device Market to Reach INR 56.6 billion by 2026, Aided by the Growing Digital Infrastructure in India

According to a new report by EMR titled, ‘India POS Device Market Report and Forecast 2021-2026’, the market for POS device in India attained a value of about INR 26.7 billion in 2020. The industry is further expected to grow at a CAGR of 13.29% in the forecast period of 2021-2026 to reach nearly INR 56.6 billion by 2026.

The introduction of zero balance saving accounts by the Indian government is increasing the ownership of debit cards. This is surging the use of debit cards as a digital payment method in both urban and rural areas. Moreover, the facility of cash withdrawal initiated by the Reserve Bank of India (RBI) through POS devices is also invigorating the market growth. The robust growth of digital infrastructure due to various favourable initiatives adopted by the Indian government is significantly surging digital transactions in the country, which is consequently further propelling the growth of the POS device industry in India. Moreover, the rising measures adopted by the BFSI sector to adopt cashless economy to aid transparency and reduce counterfeit currency issue is providing additional impetus to the market growth.

Some of the leading companies in the market are PAX Technology (OTCMKTS: PXGYF) and Ingenico Group. The latter launched Axium, a next-generation point-of-sale platform, which is designed specifically with acquirer’s clients in February 2018. It enables acquirers to differentiate their offers to small merchants and capture new revenue streams for a larger payment acceptance portfolio, which can support new payment methods and cross-channel services based on tokenisation. It offers the benefit of an open android environment and combines the security and stability provided by its Telium Tetra operating system. Moreover, it allows merchants to download applications from the vast selection available on an open marketplace or acquirer’s private marketplace to boost the digitisation of small-scale commerce. Such platforms are anticipated to propel the market growth for POS device in India.

Market Analysis by Component, Terminal Type, Business Size, and Industry

  • The market, on the basis of component, can be divided into hardware, software, and services.
  • Based on terminal types, the industry can be divided into fixed POS terminals and mobile POS terminals.
  • On the basis of business size, the market can be categorised into < 5 million INR, turnover 5 million INR – 50 million INR, and turnover 50 million INR and above.
  • The industries of POS device include retail, hospitality, BFSI, media and entertainment, warehouse, and healthcare, among others.

Key Findings of the Report:

  • The introduction of various favourable initiatives by the Indian government to aid the digitisation of the country’s economy by promoting cashless transactions is aiding the market growth.
  • The reducing internet rates and smartphone penetration is increasing the use of various technologies like near-field communication (NFC), hence propelling the growth of the POS device industry in India.
  • The robust growth of the retail sector, along with the expansion of various retail chains, is increasing the use of POS devices, therefore invigorating the industry growth.
  • The market is being driven by the integration of artificial intelligence to aid automation, customisation, and consumers’ experience, which is propelling the market growth for POS device in India.

Key Offerings of the Report:

  • The EMR report gives an overview of the India market for POS device for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, terminal types, business sizes, and industries of POS device in India.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the India POS device market are Ingenico Group, VeriFone, Inc., PAX Technology, Ezetap Mobile Solutions Private Limited., Mswipe Technologies Private Limited, and NGX Technologies Pvt. Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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