While the retail point-of-sale (POS) terminals market is currently sitting at $15 billion, Global Market Insights is expecting it to reach $45 billion by the year 2024.
Due to consumers increasing use of cashless forms of payment for everyday transactions, there has been a rise in counter money laundering, frauds and terrorism. To help combat these efforts and meet consumers preferred payment method demands, the retail POS terminal market will need to grow to bring down harmful actions.
With each step forward in the technology arena, the payment process becomes more complex and businesses are working to ensure security. Supermarkets along contributed 35 percent of all retail POS terminal market share in 2015, and this market is expected to see a severe growth spurt in the next few years as more payments become digital.
With EMV-enabled cards becoming the norm and consumers’ increased use of smart devices, the United States will soon follow suit of Asia-Pacific countries’ similar growth projections.