Strong Consumer Preference for Card Based Payments Drive the Global EFTPOS Terminals Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) September 16, 2014 -- Follow us on LinkedIn – Although not completely immune to fraud, theft, and misuse, EFTPOS/Card-based payments are relatively safer than carrying cash, and more secure than online payment transactions. These payments also bring cost benefits to customers by sparing personal checks and ATM fees. Credit/debit cards are presently the most popular non-cash payment medium among consumers. Besides cost considerations and safety reasons, the convenience factor too has been driving strong consumer shift from cash transactions to card based payments. This growing preference for card based payments among customers represents a key factor driving adoption of EFTPOS terminals among retailers. With provision to pay through credit/debit card turning out to be major deciding factor for customers to visit a particular retail outlet or a restaurant, retail merchants and restaurant owners, have been eagerly installing EFTPOS terminals. Also, given that Card-based payments help encourage unplanned or impulse buying among consumers, merchants are now more than willing to install EFTPOS terminals in order to improve their sales prospects.
Growing levels of EMV compliance has been driving strong replacement market for EFTPOS terminals across the globe. Marking the demise of conventional magnetic stripe cards and mandatory shift towards smart-card based debit/credit cards, EMV compliance has accelerated replacement of magnetic-stripe card based EFTPOS terminals to EMV compliant POS terminals. While major countries across the globe have taken the lead in migration to smart cards and smart payment solutions, the US has been lagging behind for a host of reasons. However, with technical and other implementation challenges now sorted out and with consumers and retailers alike realizing the benefits of EMV compliance, the US market too has slowly but surely started migrating towards EMV compliant cards. MasterCard and Visa have already announced incentives to merchants migrating to the new technology in a bid to encourage adoption and other companies are expected to follow suit. With the US expected to achieve about 50% EMV card penetration by 2018, the market for EMV compliant POS terminals is expected to benefit immensely in coming years.
Contactless card payments are becoming increasingly popular with consumers, especially the young purchasers supported by the usage benefits that the technology offers such as ease of use, and reduced wait time for payment realization. With retailers and consumers shifting their loyalties towards more sophisticated technologies that can help them increase efficiency, avoid errors, facilitate automation and realize value for money, the market for contactless card based terminals is expected to increase substantially in the coming years.
As stated by the new market research report on EFTPOS Terminals, Asia-Pacific represents the largest regional market worldwide. The region is also forecast to emerge as the fastest growing market with a CAGR of 13.8% over the analysis period. Rapid economic development, steady GDP growth, expanding base of affluent middle class population, improving spending power, and emergence of several modern retail infrastructure projects such as malls, super markets, and chain stores in China and India represent key growth drivers in the region.
Key players covered in the report include Atos Worldline, Equinox Payments LLC, First Data Corporation, Fujitsu Limited, Ingenico S.A, Keycorp Pty Limited, Motorola Solutions Inc, NCR Corporation, Olivetti S.p.A., PAX Technology Limited-PAX, Smartpay Ltd, SPIRE PAYMENTS, VeriFone, Wincor Nixdorf AG, among others.
The research report titled “Electronic Funds Transfer POS (EFTPOS) Terminals: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in volume (thousand units) for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin-America (Brazil, and Rest of Latin America) and Rest of World.
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Electronic_Funds_Transfer_Point_of_Sale_EFTPOS_Terminals_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Public Relations, Global Industry Analysts, Inc., http://www.StrategyR.com/, +1 (408) 528-9966, [email protected]
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