The Virtual Payment (POS) Terminals by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Virtual Payment (POS) Terminals, the virtual payment (pos) terminals market size has grown exponentially in recent years. It will grow from $13.7 billion in 2023 to $18.18 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. 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 $57.91 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%. 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.
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 2021, according to McKinsey’s 2021 Digital Payments Consumer Survey, digital payments grew by 12% during 2020-2021 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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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
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.
The virtual payment (pos) terminals market report table of contents includes:
1. Executive Summary
2. Virtual Payment Terminals Market Characteristics
3. Virtual Payment Terminals Market Trends And Strategies
4. Virtual Payment Terminals Market – Macro Economic Scenario
5. Global Virtual Payment Terminals Market Size and Growth
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31. Global Virtual Payment Terminals Market Competitive Benchmarking
32. Global Virtual Payment Terminals Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Virtual Payment Terminals Market
34. Virtual Payment Terminals Market Future Outlook and Potential Analysis
35. Appendix
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