India POS Terminal Market to be Led by Accelerated Adoption of Contactless Payments
Government
Initiatives Promoting Digital Payments propelling India POS Terminal market during
the Forecast Period 2019-2029
According
to TechSci Research report, “India POS
Terminal Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”
The Point of Sale (POS) Terminal market in India has witnessed significant
growth and transformation in recent years, propelled by various factors that
reflect the changing landscape of the country's retail and payment ecosystem.
With the rapid digitalization of the Indian economy, the demand for modern and
efficient payment solutions has soared. POS terminals, which allow businesses
to accept card payments, have become indispensable tools for retailers,
restaurants, and various service providers across the country. One of the key
drivers of the Indian POS Terminal market is the government's push for digital
payments and financial inclusion. Initiatives like "Digital India"
and "Make in India" have encouraged the adoption of electronic
payment methods, driving the need for POS terminals. Furthermore, the
demonetization moves in 2016 accelerated the shift towards digital payments,
compelling businesses to invest in POS infrastructure to cater to the evolving
consumer preferences.
Additionally,
the growing middle-class population and increasing consumer spending have
fueled the growth of organized retail sectors like supermarkets, hypermarkets,
and malls. These establishments are increasingly deploying POS terminals to
enhance the shopping experience and facilitate cashless transactions. Moreover,
the booming e-commerce industry has led to the proliferation of POS terminals
among small and medium-sized online sellers who operate in both urban and rural
areas. In recent years, the COVID-19 pandemic has further accelerated the
adoption of contactless and digital payment methods, boosting the demand for
POS terminals with advanced features like NFC (Near Field Communication) and QR
code scanning capabilities. The pandemic-induced safety concerns have prompted
businesses to implement touchless payment options, and POS terminals have
played a crucial role in meeting this demand.
The
Indian POS Terminal market is highly competitive, with a mix of global and
domestic players offering a wide range of products and services. The market has
also witnessed innovation in terms of mobile POS solutions, enabling smaller
businesses and street vendors to accept card payments using smartphones and
tablets. Looking ahead, the Indian POS Terminal market is poised for continued
growth, driven by factors like government initiatives, changing consumer
behavior, and technological advancements. The focus will likely shift towards
enhancing the security features of POS terminals to address concerns related to
fraud and data breaches. Furthermore, the integration of additional services,
such as inventory management and customer relationship management, into POS
systems is expected to further drive their adoption among businesses of all
sizes.
In
conclusion, the Indian POS Terminal market is on a growth trajectory, with
evolving consumer preferences, government initiatives, and technological
advancements shaping its landscape. As the country continues its digital
transformation journey, POS terminals will remain a pivotal tool in enabling
secure and convenient electronic payments across various industries.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on the "India
POS Terminal Market."
The India POS Terminal market is segmented
into component, type, and end user. Based on components, the market is
segmented into hardware, software, and services. Based on type, the market is
segmented into fixed point-of-sale terminals, and mobile/portable point-of-sale
terminals. Based on the end user, the market is segmented into entertainment, restaurants,
hospitality, healthcare, warehouse/ distribution, retail, and other.
Based
on component, the hardware segment in the India POS Terminal market emerges as
the dominant and steadfast force, maintaining a commanding influence that is
projected to persist throughout the forecast period. The hardware component is
the backbone of any POS system, encompassing the physical devices such as
terminals, scanners, receipt printers, cash drawers, and other essential
equipment. Its prominence can be attributed to the critical role it plays in
the seamless functioning of point-of-sale operations across various industries.
Businesses, from retail establishments to hospitality services and beyond, rely
on robust and reliable hardware to facilitate efficient transactions and
deliver superior customer experiences. As technological advancements continue
to shape the market, hardware components evolve to meet the increasing demands
for speed, security, and versatility. Furthermore, with the widespread adoption
of contactless and mobile payment methods, the hardware segment remains at the
forefront, adapting to these evolving trends and ensuring businesses have the
tools necessary to thrive in the ever-evolving Indian POS landscape.
Key
market players in the India POS Terminal market include:
- Verifone Systems
India Pvt. Ltd.
- Ingenico
India Pvt. Ltd.
- Pax India
Pvt. Ltd.
- Mswipe
Technologies Pvt. Ltd.
- Pine Labs
Pvt. Ltd.
- Infibeam
Avenues Ltd.(BillDesk)
- One97
Communications Ltd. (Paytm)
- Amazon
India Pvt. Ltd. (Amazon Pay)
- Flipkart
Payments Pvt. Ltd. (PhonePe)
- Google
India Pvt. Ltd. (Google Pay)
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“The
West region of India has undeniably established a commanding and indomitable
presence within the nation's POS Terminal market. This region, which
encompasses major economic centers like Mumbai, Pune, and Ahmedabad, has been
at the forefront of India's economic growth and urban development. Its
prominence is particularly pronounced in the POS Terminal market, where it
boasts a strong presence across various industry verticals. One of the key
factors driving the Western region's dominance is the robust retail sector.
Mumbai is home to numerous retail giants, shopping malls, and restaurant
chains, all of which heavily rely on advanced POS systems to manage
transactions efficiently, monitor inventory, and enhance customer experiences.
The demand for POS terminals in organized retail outlets and hospitality
establishments has been consistently high in this region. Moreover, the Western
region has been quick to embrace technological advancements in the POS
landscape. With a strong financial and technological infrastructure, businesses
in this region have readily adopted contactless payment methods, mobile
wallets, and data analytics integrated into POS systems. This tech-savvy
approach has propelled the Western region to the forefront of POS innovation in
India.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based Global management consulting firm.
“India
POS Terminal Market - Segmented by Component (Hardware,
Software, and Services), By Type (Fixed Point-of-Sale
Terminal, Mobile/Portable Point-of-Sale Terminal), By End User (Entertainment,
Restaurants, Hospitality, Healthcare, Warehouse/ Distribution, Retail, and Other),
By Region, Competition, Opportunity, and Forecast, 2019-2029F”, has evaluated the future growth potential
of POS Terminal and provides statistics and information on market structure,
size, share, and future growth. the report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the India POS Terminal market.
Contact
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