The Wireless POS Terminal Market is projected to reach US$6.25 billion by 2027, growing at a CAGR of 12.5% during the
forecast period 2022-2027. The wireless POS terminal is a payment gateway that typically
employs radio frequency identification, a type of terminal for near-field
communications. There are several different wireless POS terminal systems for accepting card payments and scanning bar codes. The widespread
use of wireless POS terminals is a result of ongoing worldwide digitization and cutting-edge technologies to enable flexible corporate operations. In
September 2022, Elavon Inc. announced the Ingenico Link 2500 wireless card
payment terminal with enhanced mobile transaction flexibility. It is a
lightweight design for mobile use and connects via Bluetooth or USB-C. The portable countertop & PIN pad segment held the
largest share (35% of the Wireless
POS Terminal Market) by type in 2021. The widespread adoption of portable countertops & PIN pad is due to the rising
usage of advanced technologies to support quick and adaptable business
operations. In May 2022, Fiserv, Inc. introduced
the new countertop POS terminal for use in retail and grocery stores. It has
multi-payment acceptance including smart card payment, UPI and QR code
Asia-Pacific is expected to grow at the fastest CAGR of 15.3% during the forecast period 2022-2027. The widespread use of wireless POS terminals in the various industries in this region is aimed at providing operational flexibility because of the significant rise in the number of online consumers. In June 2022, PYMNTS stated that CITCON expanded its wireless payment services into South Korea and Japan because of the fast-growing market. They stated that eCommerce sales totaled almost US$3 trillion in which Japan and South Korea which are the 4th and 5th largest markets for online purchases worldwide. CITCON also expanded its presence in this region recently adding various wallet solutions in the Philippines, Singapore and Malaysia.
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Wireless POS Terminal Market Growth Driver:
The widespread use of wireless POS terminals in the retail and e-commerce sectors to provide secure and efficient transaction systems:
The Wireless POS Terminal is being widely used in the retail and e-commerce sector to ensure secure and effective transaction processes. A wireless POS terminal makes it easier for the retail and e-commerce sector to engage with clients as more people switch to cashless payment options. In October 2020, Ingenico Group introduced the new AXIUM EX8000 mobile payment and commerce solution for retail stores. It has android apps under Android 10 and works as a compact business POS for easy check-out from anywhere.
The Major Players in this Market
Major players in the Wireless POS Terminal Market Include Ingenico Group, First Data Corporation, Elavon Inc., Castles Technology Ltd., and Verifone Holdings, Inc. In July 2022, Ingenico Group launched the new AXIUM DX8000 smart payment solution for in-store performance. It has high security with Android & PCI PTS V6 compliance.