India POS Terminals Market is Expected to Register a CAGR of 9.63% Through 2030
Growing Adoption of Digital Payments and Rising Consumer
Preference for Contactless Payments are likely to propel the market during the
forecast period.
According to
TechSci Research report, “India POS Terminals Market – By Region,
Competition, Forecast and Opportunities, 2020-2030F”, India POS Terminals Market was valued at USD 12.24
Billion in 2024 and is expected to reach USD 21.44 Billion by 2030 with a CAGR
of 9.63% during the forecast period.
The
surge in digital payments is one of the primary drivers of the Point of Sale
(POS) terminals market in India. As the country moves toward a cashless
economy, there has been a significant increase in the adoption of electronic
payment methods such as credit cards, debit cards, mobile wallets, UPI (Unified
Payments Interface), and QR code-based payments. This shift has prompted
businesses, both large and small, to invest in POS terminals to cater to the
growing demand for seamless, secure, and convenient payment solutions.
The
Indian government's push toward digital financial inclusion has also played a
crucial role in this transformation. Initiatives like the Digital India program
and the promotion of financial literacy have helped people become more
comfortable with electronic transactions. Furthermore, the government's
implementation of measures such as the demonetization drive in 2016, which
aimed to reduce the reliance on cash, accelerated the adoption of digital
payment methods and, in turn, boosted the demand for POS terminals.
The
convenience of using digital payments is another factor contributing to the
growth of POS terminals. Digital payment systems offer quicker and safer
transactions compared to cash, reducing the need for carrying large sums of
money and minimizing the risks associated with cash handling. Additionally,
mobile payment solutions, which are increasingly integrated with POS terminals,
have further fueled the demand for such devices. This has led businesses to
modernize their payment infrastructure and adopt POS terminals to enhance
customer satisfaction and improve overall operational efficiency.
The
growing e-commerce sector also drives the POS market, as many online businesses
need POS terminals to integrate with physical outlets or payment systems,
bridging the gap between online and offline transactions. As consumer behavior
shifts more toward digital transactions, it is clear that the demand for POS
terminals will continue to rise, making digital payments a central driver of
the POS terminals market in India.
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Based
on End User, The Retail held the largest market share in 2024. The retail sector is the dominant driver in
the India POS terminals market due to several key factors that make it the
largest adopter of POS technology. Retail businesses, ranging from small local
shops to large retail chains, have increasingly adopted POS terminals to
streamline their payment processing, enhance operational efficiency, and
improve the customer experience. One of the main reasons for the dominance of
retail in the POS market is the sheer volume of transactions that occur in this
sector. Retailers handle a large number of customer payments daily, whether
through cash, credit/debit cards, mobile wallets, or UPI. POS terminals provide
a secure and efficient way to process these transactions, reducing the risk of
human error associated with manual cash handling. With the rise of digital
payments, including UPI and contactless cards, POS terminals have become
essential for retailers to cater to the growing demand for fast, seamless, and
secure payment methods.
The
retail sector's rapid digital transformation is a significant factor driving
POS adoption. Many retail businesses have modernized their payment
infrastructure to integrate with online stores, loyalty programs, and inventory
management systems, creating a more unified, omnichannel shopping experience.
POS systems now offer features such as real-time inventory tracking, customer
relationship management (CRM), and detailed sales analytics, helping retailers
optimize operations and improve decision-making.
Government
initiatives such as the Digital India program and the push for a cashless
economy have also played a role in encouraging retailers to adopt POS systems.
The GST implementation has also made digital payments and proper invoicing
necessary for regulatory compliance, further boosting the adoption of POS
terminals.
Based
on region, North India is the fastest-growing region in the India POS terminals
market due to several key factors that drive its rapid adoption and expansion.
One of the primary drivers is the region’s increasing economic development and
urbanization. States like Delhi, Haryana, Punjab, and Uttar Pradesh are
witnessing robust growth in retail, hospitality, and service industries, all of
which require POS terminals to facilitate cashless transactions. With more
businesses adopting digital payment systems, the demand for POS terminals has
surged, driving growth in this region. North India has seen a significant
increase in digital payment adoption, aided by government initiatives like
Digital India, which aims to promote financial inclusion and a cashless
economy. The growing preference for cashless transactions in urban areas,
coupled with government policies incentivizing digital payments, has led to
widespread acceptance of POS terminals. Moreover, the increasing use of UPI
(Unified Payments Interface), mobile wallets, and other digital payment
platforms has pushed businesses in North India to upgrade their payment systems
to cater to the evolving preferences of consumers.
The
region also benefits from an expanding small and medium enterprise (SME)
sector. Many SMEs are transitioning to digital payment systems, recognizing the
need to accept card-based payments and improve operational efficiency. As SMEs
are more likely to adopt cost-effective, mobile POS (mPOS) systems, this
further fuels growth in the region’s POS terminal market. The
rise in e-commerce and retail expansion in North India, particularly in
metropolitan areas like Delhi NCR, has further accelerated the demand for POS
infrastructure. Retailers and businesses in this region are upgrading their
payment systems to provide seamless and secure transaction experiences to their
growing customer base.
Major companies
operating in the India POS Terminals Market are:
- NCR Corporation
- Huawei Technologies Co., Ltd.
- Zebra Technologies Corporation
- Square
- Clover Network LLC
- Ingenico
- Pax Technology
- Elavon, Inc.
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“The India POS terminals market presents
significant growth opportunities driven by increasing digital payment adoption,
government initiatives promoting financial inclusion, and the rising number of
SMEs. As the country shifts toward a cashless economy, demand for advanced,
secure, and cost-effective POS solutions continues to rise, particularly in
underserved rural and semi-urban areas. The integration of UPI, mobile POS
(mPOS) systems, and contactless payments further enhances market potential.
Additionally, evolving consumer preferences for seamless, real-time
transactions and the growth of e-commerce offer substantial avenues for
expansion, making India an attractive market for POS terminal providers”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“India POS Terminals
Market, By Component (Hardware, Software, Service), By Type
(Fixed Point of Sale Terminals, Mobile/Portable Point of Sale Terminals), By End
User (Entertainment, Hospitality, Healthcare, Retail, Others) By Region,
Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth
potential of India POS Terminals Market and provides statistics &
information on Market size, structure and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers make
sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
India POS Terminals Market.
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