DUBLIN, Nov. 09, 2015 /PRNewswire/ --
Research and Markets(http://www.researchandmarkets.com/research/7hh4pl/global_pos) has announced the addition of the "Global POS Terminals Market in the Hospitality Sector 2015-2019" report to their offering.
The report forecasts the revenue of the global POS terminals market in the hospitality sector to grow at a CAGR of 14.76% in terms of revenue during 2014-2019.
This report covers the present scenario and the growth prospects of the global POS terminal market in the hospitality sector for 2015-2019. The report considers the revenue generated from the shipments of POS terminals in the hospitality sector including fixed POS terminals and wireless POS terminals. The report also includes a discussion of the key vendors operating in this market.
In the forecast period, a number of large merchants and SMBs are likely to shift back-end process to SaaS or hosted platforms in the cloud. This would enable them to store a large amount of data that can be accessed by authorized personnel from anywhere across the world. Moreover, these solutions will require less IT resources and will reduce costs associated with POS terminals. This is likely to enhance the cloud computing technology and related POS processing environment for retailers, thus increasing the usage of POS.
According to the report, merchants and customers, worldwide, are increasingly adopting EMV, which is a global standard for card authentication and processing. Financial institutions across the world have to meet regional deadlines for becoming EMV compliant. Almost all developed countries have migrated or upgraded their payment cards and POS terminals to becoming EMV compliant.
Further, the report states that regional differences related to the payment habitat and acquirer demands create obstacles for new vendors trying to enter the market.
A POS terminal is an electronic device and performs the following functions:
- Reads the information of a customer's credit/debit card
- Checks the funds status in a customer's bank account
- Transfers the funds from customer's account to the seller's account
- Records the transaction
- Print the receipt of the transaction
The merchants in the POS terminal market for the hospitality sector include the following:
- Fast-food takeaways
- First data
Other prominent vendors
- PAX Technology
For more information visit http://www.researchandmarkets.com/research/7hh4pl/global_pos
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SOURCE Research and Markets