Virtual Payment (POS) Terminals Global Market to Reach $34.7 Billion by 2026 with a 34.6% CAGR

DUBLIN, Oct. 26, 2022 /PRNewswire/ -- The "Virtual Payment (POS) Terminals Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global virtual payment (POS) terminals market is expected to grow from $7.94 billion in 2021 to $10.59 billion in 2022 at a compound annual growth rate (CAGR) of 33.4%. The virtual payment (POS) terminals market is expected to reach $34.71 billion in 2026 at a CAGR of 34.6%.

North America was the largest region in the virtual payment (POS) terminals market in 2021. North America is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing prevalence of digital payment methods is driving the virtual payment (POS) terminals market. The digital revolution has increased access to and use of financial services globally, changing how people send and receive payments, borrow money, and save money.

In addition to the global spread of formal financial institutions, the COVID-19 epidemic has sparked financial inclusion and led to a significant rise in digital payments. Virtual payment (POS) terminals aid digital payments and manage the payments over the phone, through the mail, fax, email, or in person. For instance, in 2021, according to McKinsey's 2021 Digital Payments Consumer Survey, digital payments grew by 12% during 2020-2021 period. Thus, the increase in digital payments is expected to boost demand for virtual payment (POS) terminals during the forecast period.

Technological Advancement is a key trend gaining popularity in the virtual payment (POS) terminals market. The biometric payment system is a technology that is being widely used for virtual payment (POS) terminals. Biometric payment is a point-of-sale (POS) technology that identifies users and authorizes withdrawals from bank accounts using physical characteristics-based biometric authentication. In May 2022, Mastercard, a global payments & technology company, launched a Biometric Checkout Program.

The Biometric Checkout Program participants allow customers to easily sign up for their biometric checkout services in-store or at home via a merchant or identity provider app. Once enrolled, there is no need to make the checkout line slower by digging around in their luggage or pockets. Customers only need to verify the bill, smile for the camera, or wave their palms over the reader to make a payment. The new technology gives customers the freedom to choose their preferred payment method while ensuring a quick and safe checkout experience.

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Scope

Markets Covered:

1) By Solution: Software Platform; Professional Services
2) By Industry: Retail; Warehouse; Hospitality; Consumer Electronics; Food and Beverages; Healthcare; Entertainment; Other Industries

Key Topics Covered:

1. Executive Summary

2. Virtual Payment (POS) Terminals Market Characteristics

3. Virtual Payment (POS) Terminals Market Trends And Strategies

4. Impact Of COVID-19 On Virtual Payment (POS) Terminals

5. Virtual Payment (POS) Terminals Market Size And Growth

6. Virtual Payment (POS) Terminals Market Segmentation

7. Virtual Payment (POS) Terminals Market Regional And Country Analysis

8. Asia-Pacific Virtual Payment (POS) Terminals Market

9. China Virtual Payment (POS) Terminals Market

10. India Virtual Payment (POS) Terminals Market

11. Japan Virtual Payment (POS) Terminals Market

12. Australia Virtual Payment (POS) Terminals Market

13. Indonesia Virtual Payment (POS) Terminals Market

14. South Korea Virtual Payment (POS) Terminals Market

15. Western Europe Virtual Payment (POS) Terminals Market

16. UK Virtual Payment (POS) Terminals Market

17. Germany Virtual Payment (POS) Terminals Market

18. France Virtual Payment (POS) Terminals Market

19. Eastern Europe Virtual Payment (POS) Terminals Market

20. Russia Virtual Payment (POS) Terminals Market

21. North America Virtual Payment (POS) Terminals Market

22. USA Virtual Payment (POS) Terminals Market

23. South America Virtual Payment (POS) Terminals Market

24. Brazil Virtual Payment (POS) Terminals Market

25. Middle East Virtual Payment (POS) Terminals Market

26. Africa Virtual Payment (POS) Terminals Market

27. Virtual Payment (POS) Terminals Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Virtual Payment (POS) Terminals Market

29. Virtual Payment (POS) Terminals Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

• Castles Technology
• Diebold Nixdorf, Incorporated
• NCR Corporation
• Panasonic Corporation
• PAX Technology

For more information about this report visit https://www.researchandmarkets.com/r/ky9rvr

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