Global EMV POS Terminals Market 2017-2021
About Europay, MasterCard, and Visa point of sale terminals
Europay, MasterCard, and Visa (EMV) is the standard for payment cards, payment terminals, and ATMs. EMV standards were developed to deliver safer payment transactions between chip-based payment cards and terminals. EMV POS terminals generate a dynamic code for every transaction, making it almost impossible for fraudsters to decode and retrieve customer information. When a POS terminal performs all the above functions and is EMV compatible, it is referred to as an EMV POS terminal.
Technavio’s analysts forecast the global Europay, MasterCard, and Visa point of sale terminals market to grow at a CAGR of 9.9% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global Europay, MasterCard, and Visa point of sale terminals market for 2017-2021. To calculate the market size, the report considers the total sales of EMV POS terminals (fixed line and mobile) across all the sectors such as retail and hospitality.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Europay, MasterCard, and Visa Point of Sale Terminals Market 2017-2021
Technavio recognizes the following companies as the key players in the global Europay, MasterCard, and Visa point of sale terminals market: Ingenico, PAX Technology, SZZT Technology, and Verifone.
Other Prominent Vendors in the market are: ATOS Worldline, CyberNet, Equinox, First Data, Keycorp, NCR, and Spire Payments.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing number of mobile devices with NFC. There is a significant increase in smart devices from smartwatches and smartphones to even smart wristbands that have NFC capabilities incorporated in them. Until 2011, the contactless payment option available was for NFC-enabled debit/credit cards.”
According to the report, one of the major drivers for this market is increasing penetration of contactless payments. The NFC POS systems have been continuously evolving with functionalities such as an increase in transaction limit, the emergence of NFC-enabled mobile EMV POS terminals, and, most importantly, a shift in consumer preferences for fast and reliable payment options. The market for NFC EMV POS terminals will grow significantly with an increase in the use of contactless cards and mobile payments during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is growing number of online transactions. Online financial transactions using net banking are becoming popular among people. These e-payment systems are easy to use and allow faster transactions. Many users find it convenient and safe to transfer money online using Internet banking. Banks provide these services with high levels of security, and the majority of B2B transactions are done through the Internet banking at present. Large enterprises in the manufacturing, production, service and maintenance, and government sectors are not using EMV POS terminals. Instead, they rely on Internet banking. Therefore, the vendors in the market cannot target a large number of enterprises that are in the B2B sector.
Ingenico, PAX Technology, SZZT Technology, Verifone, ATOS Worldline, CyberNet, Equinox, First Data, Keycorp, NCR, Spire Payments.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook