As per the current market research conducted by the CMI Team, the India POS Terminal Market size is expected to record a CAGR of 12.8% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 39,665.1 Million. By 2033, the valuation is anticipated to reach USD 117,271.1 Million.

India POS Terminal Market: Growth Factors and Dynamics

  • Rising Digital Payments Adoption: India’s increasing shift towards digital payments, driven by government initiatives like Digital India and demonetization, fuels demand for POS terminals. With a growing preference for cashless transactions among consumers and businesses, the POS terminal market has experienced significant growth.
  • Expanding Retail Sector: The rapid expansion of organized retail chains, supermarkets, and e-commerce platforms drives demand for POS terminals. Retailers require efficient payment solutions to process transactions securely and provide a seamless checkout experience, leading to increased deployment of POS terminals across various retail segments.
  • Government Regulations and Mandates: Government regulations mandating the adoption of digital payment systems in certain sectors, along with initiatives to promote financial inclusion, act as catalysts for the POS terminal market’s growth. Regulatory measures such as the introduction of GST and interoperable payment systems encourage businesses to invest in POS infrastructure.
  • Technological Advancements: Continuous advancements in POS technology, including the integration of contactless payment options, mobile POS solutions, and cloud-based analytics, drive market growth. Merchants seek innovative POS solutions that offer enhanced security, flexibility, and functionality to meet evolving consumer preferences and business needs.
  • Increasing Demand from SMEs: Small and medium-sized enterprises (SMEs) represent a significant market segment for POS terminal adoption. With growing awareness of the benefits of digital payments and the availability of affordable POS solutions, SMEs across various industries, including hospitality, healthcare, and transportation, are increasingly investing in POS infrastructure to streamline operations and improve customer service.
  • Partnerships and Collaborations: Strategic partnerships and collaborations between POS terminal providers, financial institutions, software developers, and e-commerce platforms drive market dynamics. Partnerships enable POS solution providers to expand their market reach, offer integrated payment solutions, and tailor offerings to specific industry verticals, fostering market growth and innovation.
  • Emergence of Contactless and NFC Technology: The adoption of contactless payment methods and Near Field Communication (NFC) technology is a significant growth driver in the India POS terminal market. With increasing concerns over hygiene and convenience, consumers and merchants alike are embracing contactless payment options.

Get Free Sample Copy @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=47164

India POS Terminal Market: Partnership and Acquisitions

  • In 2024, Razorpay Software unveiled the Enterprise QR Soundbox, a versatile POS device supporting QR-based payments, tap card payments, and various other functionalities. This innovation aims to offer businesses a comprehensive payment solution, enhancing convenience and flexibility in transaction processing.
  • In 2022, Worldline launched the LINURA LP 7220, a LINUX-based 4G POS terminal with advanced security features, a Dual Core Cortex CPU, and 256MB RAM. This innovation aims to enhance the in-store digital payment experience in India, benefiting businesses and customers alike.

India POS Terminal Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the India POS Terminal Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

  • Decline in Retail Activity: During the COVID-19 pandemic, lockdowns and restrictions led to a significant decline in retail activity across India. With shops closed and consumer spending reduced, the demand for POS terminals plummeted as merchants postponed or canceled their plans to invest in new payment infrastructure.
  • Shift Towards Contactless Payments: The pandemic accelerated the adoption of contactless payment methods in India as consumers prioritized safety and hygiene. This shift in consumer behavior increased the demand for POS terminals with contactless payment capabilities, while traditional POS systems faced challenges due to concerns over physical contact with payment devices.

List of the prominent players in the India POS Terminal Market:

  • Mswipe Technologies Pvt. Ltd.
  • Pine Labs Pvt. Ltd.
  • Innoviti Payment Solutions Pvt. Ltd.
  • Ezetap Mobile Solutions Pvt. Ltd.
  • Paytm Payments Bank Ltd.
  • PayU Payments Private Limited
  • SBI Cards and Payment Services Private Limited
  • ICICI Merchant Services Pvt. Ltd.
  • HDFC Bank Ltd.
  • Axis Bank Ltd.
  • State Bank of India
  • FSS (Financial Software and Systems) Pvt. Ltd.
  • PAX Technology India Pvt. Ltd.
  • Verifone India Sales Pvt. Ltd.
  • Ingenico ePayments India Pvt. Ltd.
  • Others

Table of Contents: https://www.custommarketinsights.com/report/india-pos-terminal-market/#table-of-contents

About Us:

Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.

Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.

Contact Us:

USA Corporate Office

CMI Consulting LLC

1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061

Email : support@custommarketinsights.com

Website : https://www.custommarketinsights.com/