Virtual Payment (POS) Terminals Market is growing at a CAGR of 28%
Virtual Payment (POS) Terminals market is set to witness steady growth during 2021-2031. One of the major growth drivers for the virtual payment terminals happens to be the increasing popularity of online shopping. Online retailers are extensively using virtual payment terminals due to huge Internet penetration among the urban population. Hence, the market for virtual payment terminals is anticipated to grow rapidly over the forecast period.
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What is Driving Demand for Virtual Payment (POS) Terminals?
With the emergence of Internet, there has been a huge transformation in the landscape of terminal payments, as it led to the inundation of new online POS terminals. Integration of digital payments systems happens to be one of the major factors driving the growth of the market.
Increasing government initiatives coupled with initiatives from BFSI sector are encouraging the implementation of digital payments in order to reduce their operating costs and offer better visibility of transactions. Therefore, the integration of digitalized payment systems is anticipated to drive the demand for virtual payment terminals over the forecast period.
Web-Based Payment Software Solutions is expected to hold the largest share of the Virtual Payment (POS) Terminals Market by Solution
On the basis of solution, the virtual payment (POS) terminals market has been bifurcated in to web based payment software solutions and device based payment software solutions. Out of which, the web-based payment software solutions happens to hold the largest share of the market.
These software solutions help sellers and dealers in driving the sales by receiving orders over mobile devices or through mail orders. This is anticipated to drive the growth of the virtual point of sale terminal market across the globe.
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US and Canada Virtual Payment (POS) Terminals Demand Outlook
U.S. happens to be one of the largest markets for Virtual Payment (POS) Terminals across the globe. The growth in U.S. is attributed to the presence of established players such as VeriFone, Inc., Ingenico Group., First Data Corporation, and NCR Corporation, among others in the region. Moreover, US happens to be one of the major contributors to the growth of virtual payment terminals.
Growing inclination towards shopping on e-Commerce websites happens to be one of the major factors driving the growth of virtual payment terminal market in the region. Furthermore the demand for virtual point of sale terminals is likely to upsurge considerably over the forecast period owing to the rise in mobile payment transaction.
Europe Demand Outlook for Virtual Payment (POS) Terminals
With the increasing adoption of digitalization, there has been a consequent rise in the demand for virtual payments terminal across different countries in the Europe region. The widespread use of online shopping platforms coupled with advancements in digital systems are major factors driving the market for virtual payment terminals in the region.
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Moreover, countries such as Germany, France, Italy, and UK are shifting towards a robust digital economy, as virtual payment systems are taking the limelight.
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