Point-of-sale is a type of hardware system which is used to handle card payments at retail locations. However, the software is equipped with the hardware to read magnetic debit as well as credit card strips. Basically, point-of-sale terminals are standard-issue systems that can run software which is specially designed to enable the essential operations of the POS. The POS can be located at any location wherever transactions take place. In addition, in most of the retail locations, the POS terminal can be found at chosen counters. Furthermore, growing investments in several technologies like end-to-end encryption for offering secured and safe payment services, as well as convenience to consumers are likely to increase the demand for POS terminal in the coming years.
Huge number of companies are concentrating on software due to huge penetration of smartphones. However, contactless payment is considered as one of the latest trends in point-of-sale. In addition, modern point-of-sale systems can integrate a number of systems with a single terminal. It also handles several operations which may include cash collection, printing, billing, card payments, data analysis, and others. In addition to this, technological advancements have led to the huge number of developments across these systems such as automated POS systems as well as MPOS that fully automate the checkout methods. The POS market across the globe is majorly driven by innovations leading to the rise in the adoption across the number of industries such as entertainment, hospitality, restaurants, and entertainment. Service providers are hugely investing in research & development to establish several innovative solutions for retail as well as healthcare which will assist to increase profitability. For instance, Paytm planned to invest near around US$ 30 ML for installing POS devices over 1 lacks retail outlets in the year 2018. This is one of the major factors contributed to the increased growth of the POS market.
Such a payment method mainly works with the help of NFC technology. However, technology not only reduces the huge transaction time but it increases the convenience of small goods purchases. On the other hand, severe government rules & regulations, as well as increasing data security concerns, act as major restraints to the POS market growth. In addition to this, solutions like Omnishield Assure are developed to defend card data with the help of P2PE (Point-to-Point Encryption). Thus, it decreases the risks related to financial breaches. According to the geographical front, the global point-of-sale market is extremely fragmented. In addition, Asia Pacific is anticipated to develop as one of the lucrative markets with registering the largest market share in the coming years. Moreover, rising income levels, as well as increasing living standards of consumers in emerging countries like India, results into booming retail markets. These are some of the major factors also responsible for the increasing demand for the POS terminal system. In addition to this, government initiatives taken by Indian administration to support a cashless transaction are boosting the global point-of-sale market across the region.