Global Virtual Payment (POS) Terminal Market Report 2022: Emergence of Biometric Payments Presents Opportunities – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The report “Global Virtual Payment (POS) Terminals Market Report 2022” has been added to from ResearchAndMarkets.com offer.

The global virtual payment terminal (POS) market is expected to grow from $22.19 billion in 2021 to $28.31 billion in 2022 at a compound annual growth rate (CAGR) of 27.6%. The market is expected to reach $70.68 billion in 2026 at a compound annual growth rate (CAGR) of 25.7%.

The main types of virtual payment terminals (POS) are software platforms and professional services. Software platform refers to a platform as a collection of software and a network of resources that help your business grow. Products or services are application-based such as device-based or web-based services or products. The different types of industry users include retail, warehouse, hospitality, consumer electronics, food and beverage, healthcare, entertainment, and others.

Asia-Pacific was the largest region in the Virtual Payment Terminals (POS) Market in 2021. Regions covered in the Virtual Payment Terminals (POS) market report are Asia-Pacific, Europe Western, Eastern Europe, North America, South America, Middle East and Africa.

An increase in the demand for contactless payments is expected to propel the growth of the virtual payment terminal market in the future. Contactless payment refers to a wireless financial transaction in which the customer authorizes monetary compensation for the purchase by moving a security token near the seller’s point-of-sale (PoS) reader.

For example, in August 2021, according to an article published by Consumer News and Business Channel (CNBC), a US-based business news channel, tap-to-pay transactions in the United States increased by more than 30 % year over year. Moreover, according to the latest study by digital payment company PhonePe and Boston Consulting Group (BCG), in India, 40% of all transactions are digital, and in 2021, $3 trillion in payments were made at using digital tools. It is expected to more than triple to reach $10 trillion by 2026. Hence, increasing demand for contactless payments is driving the growth of virtual payment terminals (POS) market.

The emergence of biometric payment is a key trend that is gaining popularity in the virtual payment terminal (POS) market. Major companies operating in the virtual payment terminal (POS) industry are focusing on developing advanced solutions to strengthen their market position. For example, in May 2022, Mastercard, a US-based financial services company, launched a program allowing companies to offer biometric payment methods, such as facial recognition and fingerprint scanning, instead to swipe the card. Customers could validate their payment at checkout by showing their face or the palm of their hand. To use this service, a customer must take a photo of their face or scan a fingerprint to register it with an application to create a Mastercard account. A smartphone or payment terminal is used for this. After that, customers can add a credit card which is connected to biometric information.

Scope

Covered markets:

1) By Solution: Software Platform; Professional services

2) By industry: Retail trade; Warehouse; Hospitality; Consumer electronics; Food and drinks; Health care; Entertainment; Other Industries

Main topics covered:

1. Summary

2. Features of Virtual Payment Terminals (POS) Market

3. Virtual Payment Terminal (POS) Market Trends and Strategies

4. Impact of COVID-19 on virtual payment terminal (POS)

5. Virtual Payment Terminal (POS) Market Size and Growth

6. Virtual Payment Terminal (POS) Market Segmentation

7. Regional and Country Analysis of Virtual Payment Terminals (POS) Market

8. Asia-Pacific Virtual Payment Terminal (POS) Market

9. China Virtual Payment Terminal (POS) Market

10. Virtual Payment Terminal (POS) Market in India

11. Japan Virtual Payment Terminal (POS) Market

12. Australia Virtual Payment Terminal (POS) Market

13. Virtual Payment Terminal (POS) Market in Indonesia

14. South Korea Virtual Payment Terminal (POS) Market

15. Western Europe Virtual Payment Terminal (POS) Market

16. UK Virtual Payment Terminal (POS) Market

17. Germany Virtual Payment Terminal (POS) Market

18. France virtual payment terminals (POS) market

19. Eastern Europe Virtual Payment Terminal (POS) Market

20. Russia Virtual Payment Terminals (POS) Market

21. North America Virtual Payment Terminals (POS) Market

22. Virtual Payment Terminal (POS) Market in United States

23. South America Virtual Payment Terminals (POS) Market

24. Brazil Virtual Payment Terminals (POS) Market

25. Middle East Virtual Payment Terminals (POS) Market

26. Africa Virtual Payment Terminals (POS) Market

27. Virtual Payment Terminal (POS) Market Competitive Landscape and Company Profiles

28. Key Mergers and Acquisitions in Virtual Payment Terminals (POS) Market

29. Virtual Payment Terminal (POS) Market Future Outlook and Potential Analysis

30. Appendix

Companies cited

  • Castle Technology

  • Diebold Nixdorf

  • NCR Company

  • Panasonic Company

  • PAX technology

  • CitiXsys Technologies

  • Elavon Inc.

  • First data company

  • Ingenico Group

  • Newland payment technology

  • Shenzhen Xinguodu Technology Co.Ltd.

  • Squirrel Systems

  • Verifone Inc.

  • Payment

  • Google LLC

For more information about this report visit https://www.researchandmarkets.com/r/q94e16

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