A new study by Juniper Research has found that the total value of transactions processed by POS terminals will exceed $17.3 trillion in 2026; growing 28% from the $14.8 trillion recorded in 2021.
The growth, which was detailed in Juniper Research’s ‘POS Terminals – Changing the Payments Experience‘ whitepaper, is driven by a continually evolving payment processing landscape in which cash plays a reduced role. The report found that POS vendors must ensure they support omnichannel retail business models and are prepared to compete with alternative payment methods such as QR code payments.
The pandemic and increased cashless currencies bring challenges that POS vendors must manage, with retail moving online and enabling contactless processing. The report recommends that POS vendors must integrate smart capabilities, including stock management and data analytics to their terminals, to maximise the value of their platforms to end-users.
Leading Terminal Vendors Ranked
The new research ranked leading POS terminal providers in the Juniper Research Leaderboard; scoring vendors on service innovation, market investment, and reach of services. Out of all the vendors evaluated, Fiserv, PAX Technology, PayPal, Square, Worldline, and Verifone were ranked as the established leaders.
These vendors have achieved significant worldwide penetration and comprehensive breadth and depth of solutions in the POS market.
mPOS Terminal Growth Outstripping Dedicated POS
The research predicts that shipments of mPOS (mobile point of sale) terminals will grow from 20 million in 2021 to 32 million by 2026. This represents a growth of 56% over the next 5 years. It found that this growth will be fuelled by the accelerated transition from cash, with previously cash-only vendors adopting mPOS solutions rapidly.
The report identified that emerging markets will offer the greatest opportunities for mPOS vendors during this time, as demand for digital payments grows in these regions. The research recommends that vendors build a strong mPOS offering; backed up by free access to business insights, to capitalise on this growth potential.