The Business Research Company’s report on the Virtual Payment (POS) Terminals Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the virtual payment (pos) terminals market’s growth in recent years?
The increasing prevalence of digital payment methods is driving the virtual payment (POS) terminals market. The digital revolution has increased access to and use of financial services globally, changing how people send and receive payments, borrow money, and save money. In addition to the global spread of formal financial institutions, the COVID-19 epidemic has sparked financial inclusion and led to a significant rise in digital payments. Virtual payment (POS) terminals aid digital payments and manage the payments over the phone, through the mail, fax, email, or in person. For instance, in 2022, according to McKinsey’s Digital Payments Consumer Survey, digital payments grew by 12% during 2022-2023 period. Thus, the increase in digital payments is expected to boost demand for virtual payment (POS) terminals during the forecast period.
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How does the future projection of the virtual payment (pos) terminals market size compare to its historical growth?
The virtual payment (POS) terminals market size has grown exponentially in recent years. It will grow from $17.85 billion in 2024 to $23.48 billion in 2025 at a compound annual growth rate (CAGR) of 31.5%. The growth in the historic period can be attributed to market competition and differentiation, mobile wallet adoption, retail industry evolution, consumer demand for convenience, regulatory changes.
The virtual payment (POS) terminals market size is expected to see exponential growth in the next few years. It will grow to $79.1 billion in 2029 at a compound annual growth rate (CAGR) of 35.5%. The growth in the forecast period can be attributed to rapid technological adaptation, environmental concerns and sustainability, subscription-based models and service enhancements, globalization and cross-border transactions, security and compliance measures. Major trends in the forecast period include partnerships and integrations, subscription and service-based models, globalization and cross-border payments, evolving technology, product innovations.
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Which key players are shaping the future of the virtual payment (pos) terminals market?
Major companies operating in the virtual payment (POS) terminals market include Castles Technology Co. Ltd., Diebold Nixdorf Incorporated, NCR Corporation, Panasonic Corporation, PAX Technology Limited, Square Inc., Stripe Inc., Adyen N. V., Global Payments Inc., First Data Corporation, Verifone Systems Inc., Ingenico Group SA, Fujian Newland Payment Technology Co Ltd., BBPOS Limited, BitPay Inc., Shift4 Payments LLC, PayU Group, Paytm Mobile Solutions Private Limited, Mswipe Technologies Private Limited, Payzone UK Limited, InovioPay LLC, Amazon. com Inc., VeriFone Inc., iZettle AB, SumUp Inc., Shopify Inc., Lightspeed POS Inc., Revel Systems Inc.
What trends will propel the growth and evolution of the virtual payment (pos) terminals market?
Technological Advancement is a key trend gaining popularity in the virtual payment (POS) terminals market. The biometric payment system is a technology that is being widely used for virtual payment (POS) terminals. Biometric payment is a point-of-sale (POS) technology that identifies users and authorizes withdrawals from bank accounts using physical characteristics-based biometric authentication. In May 2022, Mastercard, a global payments & technology company, launched a Biometric Checkout Program. The Biometric Checkout Program participants allow customers to easily sign up for their biometric checkout services in-store or at home via a merchant or identity provider app. Once enrolled, there is no need to make the checkout line slower by digging around in their luggage or pockets. Customers only need to verify the bill, smile for the camera, or wave their palms over the reader to make a payment. The new technology gives customers the freedom to choose their preferred payment method while ensuring a quick and safe checkout experience.
Which regions are expected to become dominant players in the virtual payment (pos) terminals market?
North America was the largest region in the virtual payment (POS) terminals market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual payment (POS) terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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What are the emerging key segments in the virtual payment (pos) terminals market, and how are they evolving?
The virtual payment (POS) terminals market covered in this report is segmented –
1) By Solution: Software Platform, Professional Services
2) By Industry: Retail, Warehouse, Hospitality, Consumer Electronics, Food and Beverages, Healthcare, Entertainment, Other Industries
Subsegments:
1) By Software Platform: Payment Processing Software, Integration Software, Security Software
2) By Professional Services: Consulting Services, Implementation Services, Support And Maintenance Services
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How is the virtual payment (pos) terminals market defined, and what are its core characteristics?
The virtual payment (POS) terminals refer to a web-based application that enables to manage the electronic payments over the phone, through the mail, fax, email, or in person. Virtual terminals utilize non-physical software programs yet function similarly to a physical card reader. The customers insert or tap their card into a physical card reader and enter their PIN to confirm the transaction with the machine. After then, the transaction is processed automatically.
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