EFTPOS or Electronic Funds Transfer Point of Sale terminal is an electronic payment device, which is used to process the debit card and credit card based fund transfers at payment terminals. Change in payments landscape resulting in growing preference for cashless or cash-based transactions is one of the key trends supporting the demand for EFTPOS terminals across different end-use verticals. Banks have played a key role in bringing about this transformation by issuing the debit cards to all account holders. Moreover, the global payments industry (issuers & merchants) is steadily migrating towards Europay MasterCard Visa (EMV) chip card technology, replacing traditional magnetic-stripe bank cards. The move towards EMV chip card payment is primarily driven by the growing desire to reduce the rising incidences of card frauds in the “card-present.
As per analysis, “Global Electronic Funds Transfer Point of Sale (EFTPOS) Terminal Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global electronic Funds Transfer Point of Sale (EFTPOS) Terminal market include VeriFone (Formerly Hypercom), Atos Worldline, PAX, VeriFone Systems, XAC Automation Corp., Fujitsu Limited, Exadigm, NCR, Smartpay, Dejavoo, Equinox Payments LLC, Ingenico, First Data Corporation, Panasonic, Olivetti and among others. Key players are aiming to capitalize on global trends driving various terminal growth, including mobility, cashless payments, and security. These players are engaged in developing numerous products variants to amplify their market share and increase traction in the global marketplace. They are also expected to remain active in the mobile advertising industry throughout the forecasting period. Leading companies are engaging in various strategic acquisitions including product launches, Research & Development (R&D), application dominance, agreements, product width & breadth, and collaborations to gain the market share.
Based on type, electronic funds transfer point of sale terminal market is segmented as mobile terminals, counter-top terminals, and inbuilt terminals. In addition, based on application, market is segmented as entertainment, retail, restaurants, hospitality & healthcare system, warehousing, and others (government, field services and transportation).
Rise in need for quick & efficient fund transfer solution in retail sector, followed by increase in preference of consumers for cashless payments (via payment cards) are some majors, which are responsible for growth of the electronic funds transfer point of sale terminal market. However, lack of awareness regarding the technology may impact the market. Additionally, rise in preference for card-based payments and increase in penetration of credit & debit cards are leading opportunities for market. Moreover, growth in acceptance for the EMV chip-card technology is a key trend for market. Furthermore, Lack of standard technology platform is a major challenge for global market.
By regional analysis, the North-America and Europe regions hold major share in global electronic funds transfer point of sale terminal market owing to increase in investment from small &medium-sized business (SMB) retailers across the region. The Asia-Pacific region is expected to exhibit higher CAGR due to growth in economy and presence of key manufacturers over the forecast period.
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Ankur Gupta, Head Marketing & Communications