New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Virtual Payment (POS) Terminal Global Market Report 2022" - https://www.reportlinker.com/p06351345/?utm_source=GNW
Ltd, Squirrel Systems, VeriFone Inc, Paytm, and Google LLC.
The global virtual payment (POS) terminal market is expected to grow from $22.19 billion in 2021 to $28.31 billion in 2022 at a compound annual growth rate (CAGR) of 27.6%. The market is expected to grow to $70.68 billion in 2026 at a compound annual growth rate (CAGR) of 25.7%.
The virtual payment (POS) terminal market consists of sales of virtual payment (POS) terminals by entities (organizations, sole traders, and partnerships) that are used to process card payments at retail locations.A virtual payment terminal refers to a web-based version of a credit card swipe device that allows businesses to process payment orders by mail, phone, or online.
The POS terminal reads the data from a customer’s credit or debit card to determine whether there is sufficient money in the customer’s bank account. The vendor enters customer payment information for transactions after signing up for the virtual terminal service in a form resembling those used for online retail, including fields for name, address, type and quantity of credit cards, card verification value (CVV), and other information.
The main types of virtual payment (POS) terminals are software platforms and professional services.The software platform refers to a platform as a collection of software and a network of resources that aid in the growth of your company.
The products or the services are based on applications like device-based or Web-based services or products. The various types of industry users include retail, warehouses, hospitality, consumer electronics, food and beverages, healthcare, entertainment, and others.
Asia Pacific was the largest region in the virtual payment (POS) terminals market in 2021. The regions covered in thE virtual payment (POS) terminal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The virtual payment (POS) terminals market research report is one of a series of new reports that provides virtual payment (POS) terminals market statistics, including global market size, regional shares, competitors with a virtual payment (POS) terminals market share, detailed virtual payment (POS) terminals market segments, market trends and opportunities, and any further data you may need to thrive in the virtual payment (POS) terminals industry. This virtual payment (POS) terminals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
An increase in demand for contactless payments is expected to propel the growth of the virtual payment terminal market going forward.Contactless payment refers to a wireless financial transaction in which the customer authorizes monetary compensation for purchase by moving a security token in close proximity to the vendor’s point of sale (PoS) reader.
For instance, in August 2021, according to an article published by Consumer News and Business Channel (CNBC), a US-based business news channel, US tap-to-pay transactions grew by over 30% year-over-year.Furthermore, according to the latest study by digital payments firm PhonePe and Boston Consulting Group (BCG), in India, 40% of all transactions are digital, and in 2021, $3 trillion in payments were made using digital tools.
It is expected to more than triple to $10 trillion by 2026. Therefore, the increase in demand for contactless payments is driving the growth of the virtual payment (POS) terminal market.
The emergence of biometric-based payment is a key trend gaining popularity in the virtual payment (POS) terminal market.Major companies operating in the virtual payment (POS) terminal sector are focused on developing advanced solutions to strengthen their market position.
For instance, in May 2022, Mastercard, a US-based financial services company, launched a program for businesses to offer biometric payment methods, such as facial recognition and fingerprint scanning, instead of swiping the card.Customers would be able to validate their payment at the register by displaying their face or the palm of their hand.
To use this service, a customer must snap a photo of their face or scan a fingerprint to register it with an app in order to sign up for a Mastercard account.Either a smartphone or a payment terminal is used for this.
After that, customers can add a credit card that is connected to biometric information.
In December 2021, Visa Inc., a US-based financial services firm, acquired Currencycloud for an undisclosed amount. The transaction would enable Visa and Currencycloud to provide consumers and businesses with better transparency, flexibility, and control when making international payments or conducting business in different currencies. Currencycloud is a UK-based company that specializes in a fully cloud-based platform for B2B cross-border payments.
The countries covered in the virtual payment (POS) terminal market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06351345/?utm_source=GNW
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