Latest News- EMV POS Terminals Market: Retail is expected to lead the End-user segment during 2024-2028

The EMV POS Terminals Market is being driven by Increasing volume of e-commerce transactions spurring use of mPOS terminals

The EMV POS Terminals Market is expected to grow at a CAGR of 10.22% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6406.87 million. EMV POS terminals can now accept contactless payments from certain smartphones, such as Samsung's models equipped with Magnetic Secure Transmission (MST) technology. This innovation enables these devices to emit magnetic signals that mimic traditional payment cards, allowing them to be read by standard card-reading POS terminals. Merchants using such terminals do not need to upgrade their software or hardware components to facilitate these transactions. Notably, all NFC-enabled contactless POS terminals also feature a traditional card insert or swipe section, ensuring compatibility with a broader range of payment methods. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Retail
  • Hospitality
• Product
  • Conventional EMV POS terminals
  • Mobile card readers
• Geography
  • APAC
    • China
    • India
  • North America
    • Canada
    • US
  • Europe
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing volume of e-commerce transactions spurring use of mPOS terminals
• Increasing focus on self-service model in retail industry
• Strong value proposition for EMV card users and merchants

However, the market also witnesses some limitations, which are as follows:

• Growing number of online transactions
• Low transaction speed of EMV POS terminals
• Software development, upgrading, and licensing-related expenses

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Market Scope in EMV POS Terminals Market Research Report

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Research Analysis Overview

The EMV POS Terminals Market is driven by the adoption of EMV technology, originally developed by Europay, Mastercard, and Visa, which utilizes chip cards and microchips for enhanced security. These terminals provide transaction code authentication to prevent fraudsters from cloning sensitive card data. With the shifting liability for fraud to merchants, security benefits such as PIN pad protection and NFC technology are crucial. Healthcare, Entertainment, Transportation, and Retail sectors are major users, with smart, portable terminals offering transaction information and addressing cybersecurity risks.

Market Research Overview

The EMV POS terminals market is a significant segment of the global electronic equipment and instruments market, which is part of the broader electronics industry. This market is driven by the adoption of EMV technology, represented by Europay, Mastercard, and Visa, in the production of chip cards and microchip-enabled POS terminals. These advanced technologies enhance transaction security by generating unique transaction codes and reducing the risk of fraud, such as clone card creation and sensitive card data theft. Despite the challenges posed by fraudsters, the global electronic equipment and instruments market is projected to expand moderately, with revenue growth derived from sales of associated ICT and electronics products, equipment, and components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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