POS Terminal Market in Europe 2016-2020
POS terminals allow cashless transactions to sell goods. Retailers use POS terminals to manage information about their customers, cash flows, and inventory. A POS terminal enhances the shopping experience for customers by minimizing the payment processing time and provides companies with information pertaining to the sales of their respective products.
Technavio’s analysts forecast the POS terminal market in Europe to grow at a CAGR of 6.44% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the POS terminal market in Europe for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of POS terminals, transaction fees, and other fees such as monthly fees charged by vendors in Europe.
The market is divided into the following segments based on product:
Technavio Announces the Publication of its Research Report – POS Terminal Market in Europe 2016-2020
Technavio recognizes the following companies as the key players in the POS terminal market in Europe: Ingenico, PAX Technology, and Verifone.
Other Prominent Vendors in the market are: ATOS Worldline, CyberNet, Equinox Payments, First Data, Keycorp, NCR, and Spire Payments.
Commenting on the report, an analyst from Technavio’s team said: “Increased demand for value-added services will be a key trend for market growth. Conventional POS terminal vendors such as Ingenico and Verifone are providing different value-added services to their customers in the form of inventory management, analytics, advertising and marketing assistance, and other related consulting services. This has not only helped them increase the customer base but also retain the existing customers. It is imperative for other vendors, especially card reader providers such as Square, Jusp, and PayAnywhere, to provide such services to their customers in order to survive the market competition.”
According to the report, rising regulatory intervention on secure payments will be a key driver for market growth. Different instances of financial fraud have forced countries to set stringent regulations with respect to security standards. Regulatory bodies have imposed a rule for the recertification of electronic payment systems deployed by retailers and merchants. In Europe, the EMV liability shift rule, which was implemented during 2005-2006, mandates that the issuers and merchants should adopt EMV technology standards, failing which they will be liable to fraud charges in the case of any fraudulent transaction.
Further, the report states that multiple instances of credit and debit card fraud continue to be a major challenge for stakeholders in the market. The most largely affected stakeholder were banks until 2015. However, with the liability shift policy, merchants are liable for losses accounting from fraudulent activities involving card transactions. A large number of developed economies such as Germany, the UK, and France are EMV compliant. However, countries such as the Slovakia, Lithuania, and Finland have yet to fully shift to EMV standards.
Ingenico, PAX Technology, Verifone, ATOS Worldline, CyberNet, Equinox Payments, First Data, Keycorp, NCR, Spire Payments.
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