Increased Card Transactions to Boost the Global EMV POS Terminals Market Through 2021, Reports Technavio

LONDON--(BUSINESS WIRE)--

Technavio market research analysts forecast the global Europay, MasterCard, and Visa (EMV) point of sale (POS) terminals market to grow at a CAGR of close to 10% during the forecast period, according to their latest report.

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The market study covers the present scenario and growth prospects of the global EMV POS terminals market for 2017-2021. The report also lists fixed EMV POS and mobile EMV POS as the two main product segments for the market of which fixed EMV POS accounted for over 55% of the market in 2016.

According to Chetan Mohan, a lead analyst at Technavio for computing devices research, "The EMV POS market is driven by the increase in the urbanization and high penetration of card transactions. This has resulted in a high adoption of POS terminals in the retail and hospitality sectors."

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Technavio hardware and semiconductor analysts highlight the following three market drivers that are contributing to the growth of the global EMV POS terminals market:

• Regulatory intervention for secure payments
• Increased card transactions
• Increased e-commerce transactions

Regulatory intervention for secure payments

Before the implementation of EMV regulations, card issuers were liable for fraud related to debit or credit cards and the merchants were usually exempt from any liability. However, due to increasing fraudulent activities, on October 1, 2015, the US shifted the liability of fraud to the merchants in case they do not have EMV POS terminals (transactions made with chip and PIN cards). The payment gateways and network providers have also adopted EMV standards to reduce the chances of fraud.

Increased card transactions

With an increase in card transactions, enterprises that were once reluctant to adopt payment mechanisms involving cards are now more likely to consider them. Also, consumers are expected to use cards and digital money as a mode of payment more often than cash. This encourages mobile card reader vendors to invest in the technology and market, with the assurance that sellers and consumers will process payments through card transactions.

"In 2016, most global transactions carried out were through card-based payments, followed by digital money and liquid money. This market behavior is expected throughout the forecast period as well, which augurs well for the growth of the market," says Chetan.

Most of the credit or debit card issuers like American Express, MasterCard, and Visa have been issuing chip-and-PIN-enabled cards, making the end-user merchants more open to the adoption of EMV POS terminals.

Increased e-commerce transactions

The increased adoption of mobile devices and smartphones is driving the growth of the e-commerce market. The market consists of over 50% people opting for online shopping using smartphones or tablets. While many companies are making digital sales, some are completely replacing their physical stores with the digital sales channel. The need to remain competitive, penetrate unfamiliar markets, meet increasing demands from customers, and respond to changing customer needs and business scenarios are some of the reasons for the rise in e-commerce websites.

With the increase in e-commerce transactions, a need for adopting user-friendly payment mechanisms is also rising. In certain countries, such as India, consumers prefer to pay after receiving the product. The card on delivery (COD) payment mode is quite popular, which creates the need for mPOS terminals that can accept cards. Increasing e-commerce transactions will increase the demand for mPOS and will be a major driver for the market.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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