With the recent trend of going ‘cashless’, there has been a subsequent rise in the adoption cashless digitalized payment systems. Small businesses, in particular, will serve as a vital growth platform for virtual (POS) payment terminals. This is mainly because they refrain from investing in complex hardware and systems, making virtual terminals an indispensable resource for accepting online payments. Virtual terminals have gained their very own eminence with advancements in mobile applications, and the mounting need to enhance merchant and consumer interactions. Businesses are focusing on adapting to the new digital consumer behavior by replacing traditional payment systems with virtual payment (POS) terminals.

However, with intensified competition in global markets, companies are facing challenges in terms of meeting the rising customer needs for safety and security in processing transactions. Manufacturers have used this restraint to their benefit by integrating data encryption or tokenization into their virtual payment platforms, thereby enhancing security in payment processes. These strides towards a cashless future have compelled TMR analysts to conduct an in-depth analysis of the virtual payment (POS) terminals market. In its new study, TMR highlights the key drivers and changes in consumer behavior that are unlocking growth opportunities in the industry.

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Walk through the Markets Evolutionary Timeline

The payments industry is a complex space that has been seeing spinning transition, with numerous companies offering advanced payment options to climb up the digital space. Electronic payment terminals existed long before the Internet era, with retailers increasingly adopting solutions from hardware manufacturers such as Ingencio and Hypercom. The landscape of terminal payments completely transformed with the emergence of the internet, as it led to the inundation of new online POS terminals. This technology has seen tremendous evolution from the launch of TWINPOS G Series in 2011 to the development of TWINPOS G5100Li POS models in 2018.

With a ballooning e-Commerce industry and the emergence of multiple payment gateways, the virtual payment (POS) terminals market is anticipated to grow at a promising CAGR of ~28%, and reach the mark of ~US$ 78 Bnby the end of the forecast period.

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