The value of transactions processed by point of sale (POS) terminals is set to soar, reaching over $17.3 trillion globally by 2026, according to new data from Juniper Research.
A growth of 28% from current figures, the jump is being fuelled by the dynamic payment landscape where cash is being used less and less. Since the arrival of Covid-19 many businesses have been forced to ensure a wider range of payment options for customers, which includes having the latest POS equipment.
However, traditional POS terminals have competition, especially from the likes of QR code payment options and digital wallets. Juniper’s research highlights how businesses need to ensure they have the latest POS hardware with smart capabilities such as stock management tools and data analytics.
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Meanwhile, alongside traditional POS terminals, there’s increasing demand for mPOS or mobile point of sale hardware. Juniper predicts this area of the payment processing marketplace will grow from 20 million in 2021 to 32 million by 2026. That represents a growth spurt of 56% over the course of the next five years.
Less demand for using cash is pushing vendors towards adapting mPOS solutions while growing demand from emerging markets is also helping to accelerate the take-up.
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Rob Clymo has been a tech journalist for more years than he can actually remember, having started out in the wacky world of print magazines before discovering the power of the internet. Since he's been all-digital he has run the Innovation channel during a few years at Microsoft as well as turning out regular news, reviews, features and other content for the likes of TechRadar, TechRadar Pro, Tom's Guide, Fit&Well, Gizmodo, Shortlist, Automotive Interiors World, Automotive Testing Technology International, Future of Transportation and Electric & Hybrid Vehicle Technology International. In the rare moments he's not working he's usually out and about on one of numerous e-bikes in his collection.