The India POS terminals market could witness significant growth on account of increasing digitalization across the country’s financial sector. The demonetization movement, which was intended to curb black money, has propelled the practice of digital transactions and the need for platforms that support e-wallets, cards and bank transfers.
Card transactions using POS terminals have risen to 60% after the demonetization drive, twice the rate (30%) recorded in 2016. In a bid to maintain this progressive rise in digital transactions, the Reserve Bank of India has offered a substantial cut in Merchant Discount Rate (MDR) charges on transactions from debit cards.
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India POS terminals market share from the healthcare sector is set to experience a prominent expansion over the years to come, subject to the rising need for collating and assorting the patient data along with high demand for effective modes of payments. Rapidly improving healthcare infrastructure across various parts of the country will offer more opportunities for the expansion of market.
POS terminals provide value-added services to customers via connected and standalone payment terminals. Market growth curve from products incorporated with the connected functionality is expected to witness an upswing over the coming years, owing to the high product demand across retail shops and restaurants. Its high usage in inventory management along with its ability to offer robust security and free floor space will lucratively impact market development. The ability to reduce the waiting period of the end-users and affordability has made the product more popular across the country, thereby leveraging market trends.
India POS software industry is predicted to experience a luminous expansion over the next few years with the software offering prominent benefits such as stock control management, billing, effective customer data collection, automation, real-time data gathering, and comprehensive dashboard reporting.
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Major participants in India POS terminals market include Paynear Solutions Private Limited, Ezetap Mobile Solutions Private Limited, VeriFone Holding Incorporation, Skilworth Technologies Private Limited, Mosambee, NEC Corporation, Visiontek Telesystems Private Limited, MobiSwipe Technologies Private Limited, and Demandware Incorporation. Many of the participants such as MSwipe and Ezetap have declared to install various mPOS equipment across the country by 2017 and such moves will favorably influence the industry landscape.
Major Key Points from Table of Content:
Chapter 4 India POS Terminals Market, By Product
4.1 Market share by product, 2016 & 2024
4.2.1 India mobile POS terminals market, by region, 2013 - 2024
4.3.1 India fixed POS terminals market, by region, 2013 - 2024
Chapter 5 India POS Terminals Market, By Service
5.1 Market share by service, 2016 & 2024
5.2 Professional Services
5.2.1 Market demand from professional services, by region, 2013 - 2024
5.3 Support & Maintenance
5.3.1 Market demand from support & maintenance, by region, 2013 - 2024
5.4.1 Market demand from training, by region, 2013 - 2024
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