A point of sale (POS), or point of purchase, is the place where a customer executes the payment for goods or services, whether it be in a physical store, where POS terminals and systems are used to process card payments, or a virtual sales point such as a computer or mobile electronic device.
With the Government planning to transform the country’s commercial economy to a cash-less economy by encouraging the adoption of digital payment methods, the demand for POS terminals in the world’s second most populous nation is at an unprecedented high. Also, the demonetization drive to curb black money has led to significant growth in the digital transactions. The Indian government have been encouraging banks to deploy over one million terminals after demonetization.
Key Takeaways: The India POS Terminal market size is set to exceed USD 3 billion by 2024, while shipments are set to grow at over 10% CAGR over the forecast period. This demand will be witnessed owing to the advantages offered by the technology such as enhanced security, free floor space, and minimized customer waiting time. This growth is going to be triggered by major deployment in end-user markets like hospitality, government and retail. However, security concerns pertaining to theft of confidential financial information is expected to inhibit the India POS terminals market growth.
Cool Vendors: Epson, VeriFone, TVS-E, HoneyWell, Posiflex, Visiontek and WeP.
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