The latest trend gaining momentum in the payments market is NFC in smart devices and PoS systems. The global PoS accessories market is witnessing a major shift in technology with the increasing adoption of NFC in wearable devices, such as smartwatches, smart wristbands, and smartphones. Till 2011, the contactless payment option was available for NFC-enabled debit/credit cards.
In November 2011, Acer introduced a Liquid Express E320 Android smartphone that has NFC capabilities and can carry out payments. This led to the rapid adoption of NFC-enabled smart devices, which are used for contactless payments. This trend of using contactless payments along with the increase in transaction limits is driving the market.
A new report from Technavio: Global PoS Accessories Market 2017-2021, covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The report forecasts the global PoS accessories market to grow at a CAGR of 7.80% during the period 2017-2021.
According to the report, one of the major drivers for this market is Evolution of global retail landscape. The number of retail outlets opening worldwide is increasing. Major retailers, such as Walmart Stores, Carrefour, Tesco, and Metro, are expanding their presence in Africa and APAC.
For instance, Walmart Stores announced its plans to open 1,246 retail stores outlets in Africa in 2016. Carrefour entered a joint venture with CFAO, a global leader in brand distribution, to expand its operations across eight countries in West and Central Africa.
Further, the report states that one of the major factors hindering the growth of this market is growing number of online transactions. E-commerce is spread across more than 100 economies worldwide. This is mainly because of the increased trade opportunities in these regions.
Online shopping has gained immense popularity, leading to an increase in the number of online financial transactions. Many users find it convenient and safe to transfer money online using Internet banking as banks provide high security for online transactions.
Large enterprises in the manufacturing, production, service and maintenance, and government sectors rely on Internet banking instead of using PoS accessories, such as ECRs or receipt printers. Therefore, vendors in the market cannot target many enterprises that are in the B2B sector.