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Forecast Year
The global virtual payment (POS) terminals market value reached USD 20.26 billion in 2023. The industry is further expected to grow in the forecast period of 2024-2032 at a CAGR of 30.3% to reach USD 219.22 billion by 2032.
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Point of Sale (POS) systems offer numerous benefits to businesses. They streamline and speed up transactions, improving customer satisfaction. By providing real-time inventory tracking, POS systems help manage stock efficiently and prevent overstocking or shortages. They generate comprehensive sales reports and analytics that provide valuable insights into business performance and customer preferences, thereby driving the virtual payment (POS) terminals market demand.
The virtual payment (POS) terminals market dynamics and trends are being shaped by enhanced features such as loyalty programs and personalized promotions, which improve customer experience and encourage repeat business. POS systems also support secure payment processing, integrate with other business systems, and reduce errors by automating transactions. They include data backup and recovery options and are scalable, accommodating business growth and evolving needs.
The market is being driven by the proliferation of near-field communications (NFC) devices in the industrial ecosystem and the increasing demand for contactless payments. The increasing demand for these terminals in the next couple of years is expected to raise investments in technology like end-to-end encryption for safe payment solutions and consumer convenience. Because of the increased mobile penetration, large companies in the business are concentrating more on technology advancements. These factors are expected to drive the growth of the virtual payment (POS) terminals industry.
According to Deutsche Bundesbank, mobile payments at the point of sale (POS) in Germany experienced notable growth. In 2021, mobile payments made up 2.7% of turnover, up from 2.1% in 2020. By transaction volume, mobile payments represented 2.6% in 2021, an increase from 2.2% in the previous year.
In India, in the financial year 2017-18, the volume of digital transactions was USD 246.45 million. This trend continued to grow, with transactions reaching USD 1,601.98 million in 2022-23 as reported by the Reserve Bank of India (RBI), The National Payments Corporation of India (NPCI) and the DIGIDHAN Portal, thus contributing to the growth of the virtual payment (POS) terminals market as these systems are essential in the digital payments sector, offering secure and efficient transaction solutions.
In China, the volume of electronic transactions handled by commercial banks increased in 2023. Banks processed 296.163 billion electronic payment transactions totalling USD 471.06 trillion, marking a 6.17% rise in transaction volume and a 9.17% increase in transaction value year on year. Mobile payment transactions grew by 16.81% yearly, reaching 1851.47 billion. Additionally, non-bank payment institutions processed 1.23 trillion online payment transactions amounting to USD 47.21 trillion, reflecting a 17.02% increase in transaction volume and an 11.46% rise in transaction value compared to the previous year as reported by the People's Bank of China.
As per the Census Bureau of the Department of Commerce, the United States retail e-commerce sales for the first quarter of 2024, adjusted for seasonal variation but not for price changes, totalled USD 289.2 billion. This represents a 2.1% increase from the fourth quarter of 2023. Total retail sales for the same period were estimated at USD 1,820.0 billion. In the first quarter of 2024, e-commerce sales grew by 8.6%, compared to a 1.5% increase in total retail sales. E-commerce now represents 15.9% of total retail sales, boosting the virtual payment (POS) terminals market revenue as these terminals enable secure and seamless online transactions by supporting diverse payment methods such as credit and debit cards, mobile wallets, and digital currencies.
According to Eurostat, in the European Union, 92% of individuals aged 16-74 used the internet within the past 12 months, and 70% of them purchased or ordered goods or services online in 2023, marking a 2% increase from 2022. The Netherlands (93%), Sweden (91%), and Denmark (90%) reported the highest percentages of online shoppers in 2023.
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“Global Virtual Payment (POS) Terminals Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Platform
Market Breakup by Application
Market Breakup by Region
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The growth of the virtual payment (POS) terminals market is accelerating, driven by the advantages POS systems provide in both consumer electronics and food & beverage sectors. In consumer electronics, POS systems facilitate efficient transactions, real-time inventory management, and enhanced customer experiences through personalization.
In the food & beverage industry, they expedite checkout processes, optimize order management with kitchen displays, and offer insightful sales analytics. These features boost operational efficiency, accuracy, and customer satisfaction, which in turn improves inventory management and strategic planning, thereby driving the virtual payment (POS) terminals demand growth.
The companies provide cutting-edge payment solutions, focusing on secure, high-performance POS terminals and hardware for card payments, mobile transactions, and digital wallets, supporting global businesses with advanced technology and services.
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:
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Breakup by Platform |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Virtual Payment (POS) Terminals Market Size
Virtual Payment (POS) Terminals Market Growth
Virtual Payment (POS) Terminals Market Analysis
*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.*
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The global virtual payment (POS) terminals market reached a value of USD 20.26 billion in 2023.
The market is projected to grow at a CAGR of nearly 30.3% in the forecast period of 2024-2032.
The market is estimated to reach a value of about USD 219.22 billion by 2032.
The major drivers of the market include the rising disposable incomes, increasing population, and the growing demand for contactless payments.
The increasing incorporation of Near Field Communications (NFC) devices in the industrial ecosystem and growing urbanisation are expected to be major key trends guiding the growth of the market.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The leading platforms of virtual payment (POS) terminals in the market are software and services.
The significant applications of virtual payment (POS) terminals in the market are retail, warehouse, hospitality, consumer electronics, food and beverage, health care, and entertainment, among others.
The competitive landscape consists of INGENICO Group S.A., NCR Corporation, NEC Corporation, PAX Technology, Samsung Electronics Co Ltd., and VeriFone Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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