India POS Terminals Market to hit $3bn by 2024: Global Market Insights, Inc.

“India (Point of Sale) POS Terminals Market Size By Application (Restaurants, Entertainment, Healthcare, Hospitality, Retail [Department Stores, Supermarkets/Hypermarkets, Convenience Stores, Discount Stores, Specialty Stores], Warehouse), By Product (Mobile, Fixed), By Component (Software, Hardware, Services), By Functionality (Connected, Standalone), Industry Analysis Report, Regional Outlook (Tier-One Cities, Tier-Two Cities), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024”

Ocean View, Delaware, July 19, 2017 (GLOBE NEWSWIRE) --

India POS Terminals Market share is poised to surpass USD 3 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are set to grow at over 10% CAGR over the forecast timeline.

The demonetization drive to curb black money has led to significant growth in the digital transactions and infrastructure required to support these payments across several modes, from cards to wallets and bank transfers. Card transactions at POS terminals have hit 60% post demonetization, up double from 30% in 2016; this is anticipated to drive the India POS terminals market growth over the forecast timeline. In order to maintain the rise in digital transactions, the RBI has proposed a significant cut in Merchant Discount Rate (MDR) charges on debit card transactions.

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Government emphasis on creating a cashless economy has substantially increased the demand for these machines from banks, propelling the India POS terminals market growth. The Indian government have been encouraging banks to deploy over one million terminals after demonetization to meet the rising demand and address the major cash crunch crisis. State Bank of India (SBI), the major public-sector bank has prepared a proposal for the procurement of 500,000 machines. Such high demand from the banks is offering huge opportunities for the Indian players such as Mswipe, Ezetap, and Pine Labs to establish a strong foothold in the industry by offering competitive systems.

Security concerns pertaining to theft of confidential financial information is expected to inhibit the India POS terminals market growth. This is due to the potential risk of skimming and malware while transactions being carried out at POS terminals. Most of the hackers seek the keystroke loggers to gain the information regarding the PIN and user IDs. In addition, malwares are the most attractive sources of stolen payment cards for the cybercriminals, which may inhibit growth.

The mobile POS terminals market is anticipated to witness growth over the forecast timeline owing to wide adoption across retail, restaurant and hospitality sectors. This is due to the need to accept payment at varied mobile locations. The features offered by these devices such as streamlining the operations, enhancing productivity, service efficiency, and secure payment transactions further contributes towards the demand.

Browse key industry insights spread across 190 pages with 90 market data tables & 20 figures & charts from this 2017 report India (Point of Sale) POS Terminals Market in detail along with the table of contents:

India connected POS terminals market will witness a huge demand owing the advantages offered by the technology such as enhanced security, free floor space, and minimized customer waiting time. Moreover, the demand for these machines are majorly coming from small business across retail and restaurants as the technology is becoming more affordable and approachable Connected terminals helps in inventory management and provide consolidated of the card payments.

In India, POS terminals have significant penetration in Tier 1 cities, whereas Tier 2 cities and rural areas are picking up progressively. Several initiatives such as Micro ATMs, Aadhaar-enabled systems, and Jan Dhan Yojana are surging the demand in the rural areas impacting the India POS terminals market size.

Players operating in the India POS terminals market include VeriFone, Ingenico, Ezetap Mobile Solutions Pvt. Ltd., MobiSwipe Technologies Private Limited, Mosambee, Paynear Solutions Pvt. Ltd., Skilworth Technologies Pvt. Ltd. and Visiontek Telesystems Private Limited among others. The increasing number of orders from banks offer great opportunities to the Indian players. Procuring these systems from foreign players consumes more time to ship the product during immediate requirement, hence, companies in the local market are focusing on expanding their manufacturing capacity.

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Browse Related Reports:

  • (Point of Sale) POS Terminals Market Size 2017–2024

POS Terminals Market size was over USD 40 billion in 2016 with shipments of over 30 million units. Developments in information technology, and rising internet penetration coupled with emerging focus on digital payments across the globe is driving the POS terminals market. The companies operating in the industry include Ingenico SA, VeriFone Systems, New POS Technology, NCR Corporation, NEC Corporation, PAX Technology, etc.

  • Retail (Point of Sale) POS Terminals Market Size 2016–2024

Retail POS Terminals Market size in 2015 was over USD 14 billion, with approximately 14% CAGR estimate from 2016 to 2024. Increasing implementation across various retail platforms such as supermarket/hypermarket, discount, specialty and convenience stores is anticipated to drive the retail POS terminals market growth over the forecast timeline. Companies accounting for the global retail POS terminals market share include VeriFone Systems, Ingenico, PAX Technology, NEC, HP, Cisco Systems, MICROS Systems, Samsung Electronics, Panasonic, Toshiba etc.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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