In reply to Chris Farlee.

Chris,

You must be based in the US - here is Europe EMV is in every shop and 2 million already accept contactless - those accounting for a greater proportion of transactions. It took just 3 years for this to critical mass to materialise.

Replacement cycle obviously depends on the retail segment and the type of terminal. You are correct that integrated systems are replaced less frequently - every 7 to 10 years, but those use PIN pads which are replaced regularly due to heavy use - and all you need to accept contactless (in terms of client-facing hardware) is to replace the PIN pad. Traditional (stand-alone) POS terminals do not typically survive more than 4-5 years - that's for low foot-fall merchants.