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India POS Device Market

India POS Device Market Size, Share, Growth, Forecast: By Component: Hardware, POS Software and Service; By Terminal Type: Fixed POS Terminals, Mobile POS Terminals; By Industry Vertical: Retail, Hospitality, BFSI, Media and Entertainment, Healthcare, Others; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032

India POS Device Market Size

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.

 

India POS Device Market Outlook

  • As per the latest RBI data, the total number of POS machines recorded in India in May 2023 was 79.6 lakhs, up from 78.3 lakhs in April 2023, indicating a tepid growth of 1.6% month-on-month.
  • As per industry reports, the POS transactions through credit cards in May 2023 saw a slight growth of 0.7% to 14.19 crore (141.9 million) transactions, compared to 14.08 crore in April 2023.
  • Key players operating in the India POS device market include VeriFone, Worldline, Ezetap (Razorpay), MobiSwipe, and Mswipe.

 

India POS Device Market

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India POS Device Market Growth

A POS device, variously known as a point-of-sale device, is a system that is typically used to process card payments in the retail industry. It reads the magnetic strip of credit or debit card to enable transaction and record a receipt. It can aid business owners in facilitating transactions by automating several business operations.

 

The key driver aiding the India POS device market expansion is the rapid growth of retail chains such as hypermarkets and convenience stores in tier-II and tier-III cities in the country with rapid digital transformation is expected to aid the market growth. For instance, Future Group plans to expand the presence of its hypermarket, Big Bazaar, in over 100 cities in tier-II and tier-III cities. According to the NPCI- National Payments Corporation of India, the COVID-19 pandemic is escalating digitisation and is providing momentum to digital payment methods. Moreover, increasing investments by major companies to advance POS systems in wake of the pandemic is projected to fuel the market growth.

 

Key Trends and Developments

Shift towards mPOS devices, integration of AI technologies, and rising demand for cashless transactions are boosting the India POS device market development

 

April 2024

PAX Technology introduced 5G and WiFi 6 connectivity upgrades for its flagship SmartPOS A920 MAX and A6650 devices. This innovative move positions PAX at the forefront of payment technology, enhancing transaction speeds and connectivity reliability for businesses.

 

February 2024

Mswipe Technologies has been granted a Payment Aggregator license by the RBI, allowing them to offer comprehensive payment solutions to businesses across India. This move strengthens Mswipe's position in the digital payments sector and supports the country's transition towards a cashless economy.

 

January 2024

Ingenico partnered with Cybersource to enable a secured unified commerce solution. This collaboration aims to enhance payment experiences for millions of consumers daily, leveraging advanced integrated solutions and a vast network of partnerships.

 

August 2022

Razorpay, a full-stack financial services firm, ventures into offline payments by acquiring Ezetap for USD 200 million. This strategic move positions Razorpay as a key player in both online and offline payment realms.

 

Shift towards mobile POS devices

There is a growing adoption of mobile POS (mPOS) devices in India, driven by the increasing penetration of smartphones and the need for more convenient payment solutions, especially among small and medium-sized businesses. PayTM’s mPOS devices allow merchants to accept payments on-the-go, improving operational efficiency.

 

Integration of artificial intelligence (AI)

The India POS device market is witnessing the integration of AI-powered features in POS systems, enabling advanced analytics, automated inventory management, and personalised customer experiences. This can help businesses optimise operations, improve decision-making, and enhance customer engagement.

 

Rising demand for cashless transactions

The Indian government's push towards a digital economy, coupled with the changing consumer preferences, has led to a surge in the demand for cashless transactions. This has resulted in a growing need for POS devices that can facilitate contactless and mobile payment options, such as QR code-based payment solutions offered by companies like PhonePe.

 

Increasing competition among retailers

A notable example of the increasing competition among retailers driving demand for advanced POS devices is the adoption of POS solutions by major retail chains like Reliance Retail. They have implemented POS systems with features such as inventory tracking, customer relationship management, and loyalty programs.

 

India POS Device Market Trends

The Indian government is introducing various initiatives to boost the growth of the cashless economy. The demonetisation of various notes in 2016 has significantly contributed to the rising popularity of the cashless payment methods in the country. Other initiatives such as Digital India Program are promoting the benefits of a cashless economy. In addition, the prevalence of the electronic toll collection system, FASTag, which is operated by the National Highway Authority of India (NHAI) by employing Radio Frequency Identification (RFID) to boost digitisation is also increasing the use of POS devices, hence influencing the India POS device market development.

 

The rising smartphone penetration in the region, along with cheap internet rates, is increasing the use of cashless transaction methods, such as banking cards, unified payments interface (UPI), and mobile wallets. This is increasing the use of point-of-sale devices, which allows for real-time payment mode by displaying QR codes, therefore augmenting the market growth of POS device. Furthermore, the increasing demand for mid-range and premium smartphones in the region is surging the use of near-field communication (NFC). This is increasing the adoption of contactless payment, hence significantly contributing to the market growth of POS device in India.

 

India POS Device Market by Segment

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India POS Device Industry Segmentation

The EMR’s report titled “India POS Device Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Component

  • Hardware
  • POS Software and Service

 

Market Breakup by Terminal Type

  • Fixed POS Terminals
  • Mobile POS Terminals

 

Market Breakup by Industry Vertical

  • Retail
  • Hospitality
  • BFSI
  • Media and Entertainment
  • Healthcare
  • Others

 

Market Breakup by Region

  • North India
  • East and Central India
  • West India
  • South India

 

India POS Device Market Share

Fixed POS terminals are widely adopted by large enterprises due to their ability to handle high-volume transactions

The market is dominated by fixed POS terminals as they are widely adopted across various industries, including retail, hospitality, and banking, due to their reliability, security, and ability to handle high-volume transactions. Additionally, the integration of advanced technologies, such as contactless payments and cloud-based services, has further enhanced the capabilities of fixed POS terminals.

 

As per India POS device market analysis, mPOS terminals, which are typically smartphone or tablet-based, also offer several advantages, including portability, ease of use, and the ability to accept contactless and mobile payments. Such devices are used by businesses in the retail and service sectors, where the ability to process payments on-the-go is crucial for improving customer experience.

 

Expansion of retail outlets to bolster the market growth of POS device in India

The retail industry leads the India POS device market share as it leverages POS devices to enhance customer experience, streamline operations, and embrace digital payment methods. With the organised retail sector expanding, retailers are increasingly investing in advanced POS systems that offer features like inventory management, customer analytics, and loyalty programs to stay competitive.

 

Lastly, in the BFSI sector, POS devices help to enable digital transactions, provide payment services, and support financial inclusion initiatives. The government's push towards a cashless economy has further accelerated the adoption of POS solutions in the BFSI industry, driving innovation and enhancing the overall customer experience.

 

India POS Device Market by Region

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Leading Companies in the India POS Device Market

Market players are offering integrated payment solutions through strategic partnerships and collaborations with financial institutions, software developers, and e-commerce platforms

 

Apollo Global Management, Inc. (Ingenico), founded in 1980 and headquartered in Bezons, France, specialises in providing a wide range of payment terminals, payment processing solutions, and payment services to businesses globally.

 

VeriFone, Inc., established in 1981 and based in California, United States, offers a variety of payment terminals, payment processing solutions, and payment services, VeriFone has established itself as a trusted provider of secure and reliable payment solutions worldwide.

 

PAX Technology, founded in 2000 and headquartered in Shenzhen, China, is specialising in payment terminals, payment processing solutions, and payment services.

 

Other key players in the market include Worldline S.A., Razorpay Software Private Limited, PayU Payments Private Limited, Payswiff Solutions Private Limited, Mswipe Technologies Private Limited, and NGX Technologies Pvt. Ltd, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Terminal Type
  • Industry Vertical
  • Region
Breakup by Component
  • Hardware
  • POS Software and Service
Breakup by Terminal Type
  • Fixed POS Terminals
  • Mobile POS Terminals
Breakup by Industry Vertical
  • Retail
  • Hospitality
  • BFSI
  • Media and Entertainment
  • Healthcare
  • Others
Breakup by Region
  • North India
  • East and Central India
  • West India
  • South India
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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
  • Payswiff Solutions Private Limited
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface  
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Asia Pacific POS Device Market Overview

    8.1    Key Industry Highlights
    8.2    Asia Pacific POS Device Historical Market (2018-2023) 
    8.3    Asia Pacific POS Device Market Forecast (2024-2032)
9    India POS Device Market Overview
    9.1    Key Industry Highlights
    9.2    India POS Device Historical Market (2018-2023) 
    9.3    India POS Device Market Forecast (2024-2032)
10    India POS Device Market by Component
    10.1    Hardware
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    POS Software and Service
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
11    India POS Device Market by Terminal Type
    11.1    Fixed POS Terminals
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Mobile POS Terminals
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
12    India POS Device Market by Industry Vertical
    12.1    Retail
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Hospitality
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    BFSI
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Media and Entertainment
        12.4.1    Historical Trend (2018-2023)
        12.4.2    Forecast Trend (2024-2032)
    12.5    Healthcare
        12.5.1    Historical Trend (2018-2023)
        12.5.2    Forecast Trend (2024-2032)
    12.6    Others
13    India POS Device Market by Region
    13.1    North India
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032) 
        13.1.3    Breakup by Component 
        13.1.4    Breakup by Terminal Type 
        13.1.5    Breakup by Industrial Vertical
    13.2    East and Central India
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
        13.2.3    Breakup by Component 
        13.2.4    Breakup by Terminal Type 
        13.2.5    Breakup by Industrial Vertical
    13.3    West India
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
        13.3.3    Breakup by Component 
        13.3.4    Breakup by Terminal Type 
        13.3.5    Breakup by Industrial Vertical
    13.4    South India
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
        13.4.3    Breakup by Component 
        13.4.4    Breakup by Terminal Type 
        13.4.5    Breakup by Industrial Vertical
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Apollo Global Management, Inc. (Ingenico) 
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    VeriFone, Inc. 
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    PAX Technology 
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Worldline S.A. 
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Razorpay Software Private Limited 
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Mswipe Technologies Pvt Ltd.  
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    NGX Technologies Pvt. Ltd. 
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    PayU Payments Private Limited 
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications
        15.2.9    Payswiff Solutions Private Limited 
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications
        15.2.10    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Asia Pacific POS Device Market: Key Industry Highlights, 2018 and 2032
2.    India POS Device Market: Key Industry Highlights, 2018 and 2032
3.    India POS Device Historical Market: Breakup by Component (INR Billion), 2018-2023
4.    India POS Device Market Forecast: Breakup by Component (INR Billion), 2024-2032
5.    India POS Device Historical Market: Breakup by Terminal Type (INR Billion), 2018-2023
6.    India POS Device Market Forecast: Breakup by Terminal Type (INR Billion), 2024-2032
7.    India POS Device Historical Market: Breakup by Industry Vertical (INR Billion), 2018-2023
8.    India POS Device Market Forecast: Breakup by Industry Vertical (INR Billion), 2024-2032
9.    India POS Device Historical Market: Breakup by Region (INR Billion), 2018-2023
10.    India POS Device Market Forecast: Breakup by Region (INR Billion), 2024-2032
11.    India POS Device Market Structure

Key Questions Answered in the Report

In 2023, the India POS device market attained a value of nearly INR 38.82 billion.

The market is expected to grow at a CAGR of 13.3% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about INR 119.66 billion by 2032.

The market is being driven by the introduction of various favourable initiatives by the Indian government to promote cashless transactions, changing preferences of consumers towards fast and efficient transactions, and robust growth of the retail sector.

The key trends of the market include the increasing competition among retailers, integration of artificial intelligence in POS systems, and the popularity of contactless and mobile payments.

The different components of POS device are hardware and POS software and service.

The major terminal types of POS device in the market are fixed POS terminals and mobile POS terminals.

The significant industries in the market are retail, hospitality, BFSI, media and entertainment, and healthcare, among others.

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

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