According to TechSci Research report, “India POS Terminal Market – By Region, Competition, Forecast and Opportunities, 2019-2029F” The Point of Sale (POS) Terminal market in India has undergone substantial growth and transformation recently, driven by factors that reflect the evolving dynamics of the country's retail and payment landscape. With India's rapid digitalization, there has been a surge in demand for modern, efficient payment solutions. POS terminals, crucial for accepting card payments, have become essential for retailers, restaurants, and service providers nationwide.
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A significant driver of the Indian POS Terminal market is the government's emphasis on digital payments and financial inclusion through initiatives like "Digital India" and "Make in India." These efforts have spurred the adoption of electronic payment methods, prompting businesses to invest in POS infrastructure. The demonetization measures in 2016 further accelerated this shift towards digital payments, compelling businesses to upgrade their POS systems to cater to changing consumer preferences.
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Moreover, the expanding middle-class population and rising consumer spending have boosted the growth of organized retail sectors such as supermarkets, hypermarkets, and malls. These establishments increasingly utilize POS terminals to improve the shopping experience and facilitate cashless transactions. Additionally, the burgeoning e-commerce industry has driven the proliferation of POS terminals among small and medium-sized online sellers operating in both urban and rural areas.
The COVID-19 pandemic amplified the adoption of contactless and digital payment methods, propelling demand for POS terminals equipped with features like NFC (Near Field Communication) and QR code scanning. Safety concerns prompted businesses to implement touchless payment options, with POS terminals playing a pivotal role in meeting this need.
Competition in the Indian POS Terminal market is intense, with a mix of global and domestic players offering diverse products and services. Innovation has been evident in mobile POS solutions, enabling smaller businesses and street vendors to accept card payments via smartphones and tablets. Looking forward, the market is poised for continued growth, driven by government initiatives, shifting consumer behaviors, and technological advancements. There is a growing focus on enhancing POS terminal security features to address fraud and data breach concerns. Additionally, integrating services like inventory management and customer relationship management into POS systems is expected to further drive adoption across businesses of all sizes.
In summary, the Indian POS Terminal market is advancing rapidly, shaped by changing consumer preferences, government policies promoting digital payments, and ongoing technological innovations. As India progresses on its digital transformation journey, POS terminals will remain indispensable tools for facilitating secure and convenient electronic payments across various sectors.
The India POS Terminal market is segmented into component, type, and end user. Based on components, the market is segmented into hardware, software, and services. Based on type, the market is segmented into fixed point-of-sale terminals, and mobile/portable point-of-sale terminals. Based on the end user, the market is segmented into entertainment, restaurants, hospitality, healthcare, warehouse/ distribution, retail, and other.
Based on component, the hardware segment in the India POS Terminal market emerges as the dominant and steadfast force, maintaining a commanding influence that is projected to persist throughout the forecast period. The hardware component is the backbone of any POS system, encompassing the physical devices such as terminals, scanners, receipt printers, cash drawers, and other essential equipment. Its prominence can be attributed to the critical role it plays in the seamless functioning of point-of-sale operations across various industries. Businesses, from retail establishments to hospitality services and beyond, rely on robust and reliable hardware to facilitate efficient transactions and deliver superior customer experiences. As technological advancements continue to shape the market, hardware components evolve to meet the increasing demands for speed, security, and versatility. Furthermore, with the widespread adoption of contactless and mobile payment methods, the hardware segment remains at the forefront, adapting to these evolving trends and ensuring businesses have the tools necessary to thrive in the ever-evolving Indian POS landscape.
Key market players in the India POS Terminal market include:
- Verifone Systems India Pvt. Ltd.
- Ingenico India Pvt. Ltd.
- Pax India Pvt. Ltd.
- Mswipe Technologies Pvt. Ltd.
- Pine Labs Pvt. Ltd.
- Infibeam Avenues Ltd.(BillDesk)
- One97 Communications Ltd. (Paytm)
- Amazon India Pvt. Ltd. (Amazon Pay)
- Flipkart Payments Pvt. Ltd. (PhonePe)
- Google India Pvt. Ltd. (Google Pay)
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“The West region of India has undeniably established a commanding and indomitable presence within the nation's POS Terminal market. This region, which encompasses major economic centers like Mumbai, Pune, and Ahmedabad, has been at the forefront of India's economic growth and urban development. Its prominence is particularly pronounced in the POS Terminal market, where it boasts a strong presence across various industry verticals. One of the key factors driving the Western region's dominance is the robust retail sector. Mumbai is home to numerous retail giants, shopping malls, and restaurant chains, all of which heavily rely on advanced POS systems to manage transactions efficiently, monitor inventory, and enhance customer experiences. The demand for POS terminals in organized retail outlets and hospitality establishments has been consistently high in this region. Moreover, the Western region has been quick to embrace technological advancements in the POS landscape. With a strong financial and technological infrastructure, businesses in this region have readily adopted contactless payment methods, mobile wallets, and data analytics integrated into POS systems. This tech-savvy approach has propelled the Western region to the forefront of POS innovation in India.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“India POS Terminal Market - Segmented by Component (Hardware, Software, and Services), By Type (Fixed Point-of-Sale Terminal, Mobile/Portable Point-of-Sale Terminal), By End User (Entertainment, Restaurants, Hospitality, Healthcare, Warehouse/ Distribution, Retail, and Other), By Region, Competition, Opportunity, and Forecast, 2019-2029F”, has evaluated the future growth potential of POS Terminal and provides statistics and information on market structure, size, share, and future growth. the report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India POS Terminal market.
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