Point-of-sale (POS) technology has come a long way since its introduction in the retail industry many decades ago. Today, POS hardware vendors are witnessing a new era of innovation and transformation in the wake of the COVID-19 pandemic. As brick-and-mortar businesses adapt to the new normal, the demand for contactless and mobile payment options is on the rise, and POS players are rushing to cater to this trend.
In this blog, we will discuss the latest developments in the POS hardware market and highlight the key players that are driving this industry forward.
The Rise of Contactless Payments
Contactless payments have been around for some time, but their adoption was slow until the pandemic hit. The fear of contracting the virus through cash or card transactions prompted consumers to switch to contactless payment options. As a result, the demand for NFC-enabled POS terminals has gone up significantly.
According to a report by Mordor Intelligence, the global NFC POS terminal market is projected to grow at a CAGR of 23.1% from 2021 to 2026. This growth is fueled by the increasing adoption of contactless payments and the rising demand for mobile POS solutions.
Mobile POS Solutions
Another trend that has gained momentum in the post-pandemic world is the use of mobile POS solutions. These solutions allow retailers to process transactions on the go, without having to rely on traditional POS systems. Moreover, they enable contactless payments and provide a seamless checkout experience.
Mobile POS systems are particularly useful for small and medium-sized businesses that do not have the resources to invest in expensive hardware and software. They are also gaining popularity in industries such as restaurants, where table-side ordering and payment options are becoming the norm.
Key Players in the POS Hardware Market
The POS hardware market is highly competitive, with players ranging from established giants to nimble startups. Let's take a look at some of the key players that are driving innovation in this space:
1. Ingenico Group: A leader in the payment industry, Ingenico offers a wide range of POS terminals, including the iWL and Desk models. The company's focus on security and innovation has helped it stay ahead of the competition.
2. Verifone: Another major player in the POS hardware segment, Verifone offers a variety of countertop, portable, and mobile POS systems. The company's solutions are designed to meet the needs of businesses of all sizes and industries.
3. Square: A popular choice among small businesses, Square offers a range of POS solutions, including the Square Terminal, Square Register, and Square Stand. The company's user-friendly interface and affordable pricing make it an attractive option for startups and SMBs.
4. PAX Global Technology: Based in China, PAX Global Technology is a leading provider of electronic payment terminals and related services. The company's products include countertop and portable POS terminals, as well as mobile and contactless solutions.
5. NCR Corp: A global leader in banking, retail, and hospitality technology, NCR Corp offers a variety of POS systems for different industries, including the NCR Silver and Aloha POS. The company's solutions focus on ease of use, security, and customer engagement.
Conclusion
The POS hardware market is undergoing a significant transformation, driven by the need for contactless and mobile payment options. As retailers adapt to the post-pandemic world, they will be looking for solutions that offer convenience, security, and scalability. POS hardware vendors that can meet these demands with innovative and cost-effective solutions will be best positioned to succeed.