According to TechSci Research report, “India POS Terminal Market – By Region, Competition, Forecast and Opportunities, 2019-2029F” The India POS Terminal market was valued at USD 5.42 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 8.63% during the forecast period. With India's rapid digitalization, there has been a surge in demand for modern, efficient payment solutions. POS terminals, crucial for accepting card payments, have become essential for retailers, restaurants, and service providers nationwide.
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A significant driver of the Indian POS Terminal market is the government's emphasis on digital payments and financial inclusion through initiatives like "Digital India" and "Make in India." These efforts have spurred the adoption of electronic payment methods, prompting businesses to invest in POS infrastructure. The demonetization measures in 2016 further accelerated this shift towards digital payments, compelling businesses to upgrade their POS systems to cater to changing consumer preferences.
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Furthermore, the growing middle-class population and increasing consumer spending have significantly contributed to the expansion of organized retail sectors such as supermarkets, hypermarkets, and malls. These establishments are progressively adopting POS terminals to enhance the shopping experience and support cashless transactions. The thriving e-commerce sector has also fueled the adoption of POS terminals, particularly among small and medium-sized online sellers in both urban and rural areas.
The COVID-19 pandemic accelerated the shift towards contactless and digital payments, boosting the demand for POS terminals with features like NFC (Near Field Communication) and QR code scanning. Concerns over safety drove businesses to adopt touchless payment solutions, positioning POS terminals as essential tools to meet these new requirements.
Competition in the Indian POS Terminal market is fierce, with both global and domestic players offering a wide range of products and services. Notable innovations include mobile POS solutions that allow small businesses and street vendors to accept card payments via smartphones and tablets. The market is expected to continue growing, spurred by government initiatives, changing consumer behavior, and advancements in technology. There is a growing emphasis on enhancing security features in POS terminals to combat fraud and data breaches. Additionally, integrating features such as inventory management and customer relationship management into POS systems is likely to boost adoption across businesses of all sizes.
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In summary, the Indian POS Terminal market is advancing rapidly, driven by evolving consumer preferences, government policies promoting digital payments, and ongoing technological innovations. As India moves forward with its digital transformation, POS terminals will continue to be indispensable for enabling secure and convenient electronic payments across a wide range of industries.
The India POS Terminal market is segmented by component, type, and end user. By component, the market is divided into hardware, software, and services. By type, it is segmented into fixed POS terminals and mobile/portable POS terminals. In terms of end users, the market is segmented into entertainment, restaurants, hospitality, healthcare, warehouse/distribution, retail, and others.
Among the components, the hardware segment emerges as a dominant force in the India POS Terminal market and is expected to maintain its strong influence throughout the forecast period. Hardware encompasses the physical devices, including terminals, scanners, receipt printers, cash drawers, and other essential equipment, which are crucial for the smooth operation of POS systems across various industries. Businesses ranging from retail to hospitality rely heavily on reliable hardware to facilitate transactions efficiently and deliver excellent customer service. As technology advances, hardware components are evolving to meet growing demands for speed, security, and versatility. With the increasing adoption of contactless and mobile payments, the hardware segment remains at the forefront, adapting to these trends and equipping businesses with the tools necessary to succeed in India's rapidly evolving POS market.
Key market players in the India POS Terminal market include:
- Verifone Systems India Pvt. Ltd.
- Ingenico India Pvt. Ltd.
- Pax India Pvt. Ltd.
- Mswipe Technologies Pvt. Ltd.
- Pine Labs Pvt. Ltd.
- Infibeam Avenues Ltd.(BillDesk)
- One97 Communications Ltd. (Paytm)
- Amazon India Pvt. Ltd. (Amazon Pay)
- Flipkart Payments Pvt. Ltd. (PhonePe)
- Google India Pvt. Ltd. (Google Pay)
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“The West region of India has undeniably established a commanding and indomitable presence within the nation's POS Terminal market. This region, which encompasses major economic centers like Mumbai, Pune, and Ahmedabad, has been at the forefront of India's economic growth and urban development. Its prominence is particularly pronounced in the POS Terminal market, where it boasts a strong presence across various industry verticals. One of the key factors driving the Western region's dominance is the robust retail sector. Mumbai is home to numerous retail giants, shopping malls, and restaurant chains, all of which heavily rely on advanced POS systems to manage transactions efficiently, monitor inventory, and enhance customer experiences. The demand for POS terminals in organized retail outlets and hospitality establishments has been consistently high in this region. Moreover, the Western region has been quick to embrace technological advancements in the POS landscape. With a strong financial and technological infrastructure, businesses in this region have readily adopted contactless payment methods, mobile wallets, and data analytics integrated into POS systems. This tech-savvy approach has propelled the Western region to the forefront of POS innovation in India.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“India POS Terminal Market - Segmented by Component (Hardware, Software, and Services), By Type (Fixed Point-of-Sale Terminal, Mobile/Portable Point-of-Sale Terminal), By End User (Entertainment, Restaurants, Hospitality, Healthcare, Warehouse/ Distribution, Retail, and Other), By Region, Competition, Opportunity, and Forecast, 2019-2029F”, has evaluated the future growth potential of POS Terminal and provides statistics and information on market structure, size, share, and future growth. the report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India POS Terminal market.
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