Contactless Payment Terminals Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 With the increased use of contactless payment terminals in retail, together with benefits arising from placing them on offer like promotion of sales at merchants and improved customer satisfaction, it is expected to have a strong market share. Retailers provide a contactless payment option to enhance the speed and efficiency of the checkout process, fostering customer loyalty through smoother and quicker transactions.

Point-of-sale terminals (POS) across retail stores and The primary drivers for this segment are outlets and a preference of mobile wallets to check out from retail stores. The evolution of mobile-based POS (mPOS) includes an card reader connected to a basic ePOS app on a tablet or smartphone, and while Merchant onboarding is simple, where the service is delivered on a ‘pay-as-you-go model. In the retail sector, these cases are likely to lead to deployment of Contactless Payment Terminals.

Market players offer innovative and smart solutions for retailers, expected to drive the adoption of contactless payment terminals in the retail segment. For instance, the previous year, Square, a financial services platform, It's announced to its millions of sellers in the United States that it will be launching a Tap To Pay service for iPhone. In addition, the newly launched Tap to Pay on iPhone enables all sizes of vendors Accepting contactless payments directly from their iPhones without any hardware or additional costs is also available as an application in Square Point Of Sale'siOS point of sale applications. The Contactless Payment Terminals Market size is expected to grow from USD 18.98 billion in the previous year to USD 61.2 billion in the next five years at a CAGR of 20.98% during the forecast period. The landscape of transactions and payments worldwide is undergoing rapid changes due to the increasing inclination of consumers and businesses towards digital transformation, coupled with the widespread adoption of smartphones.

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