Europe POS Terminals Market size exceeded USD 15 billion in 2019 and is anticipated to exhibit a CAGR of 10% between 2020 and 2026.
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The market growth is due to the rise in the number of smart card users. In 2019, Mastercard and Visa accounted for the majority of electronic payment transactions. People prefer using card-based payments over traditional cash-based techniques to keep a precise record of transactions while eliminating the need to carry heavy wallets. Enhanced security offered by digital transactions due to end-to-end encryption will further aid in the market growth.
The ongoing coronavirus (COVID-19) pandemic has propelled the adoption of contactless payment technology, in turn, boosting the adoption of POS terminals. For instance, in March 2020, there was a considerable rise in the use of contactless payments in Germany supported by a government initiative that doubled the contactless transaction limit to USD 59 (EUR 50). People are using these techniques to prevent the virus spread through direct cash handling. Health concerns associated with the spread of the disease through cash transactions will boost contactless payment.
Europe Market, By Component
The integration of advanced technologies in POS terminals will enhance their functionalities and fuel the industry growth. For instance, in July 2019, Pundi X, a provider of blockchain-powered devices, integrated the support of its XPOS module on Verifone’s X990 POS terminal, enabling retailers to accept payments in cryptocurrencies. With this integration, retailers can process cryptocurrency payments with traditional transactions. Similarly, in April 2019, NCR Corporation launched its POS solution that integrates payment processing with Samsung designed Quantum tablets. The product streamlines the complete payment process for small businesses, simplifying the setup, and offering related transaction data to owners, thus enabling them to improve customer engagement.
Europe Market, By Technology
The growing popularity of biometric POS terminals that ensure enhanced payment security will propel the market demand. Biometrics technology has gained traction in the security & identification industry due to enhanced authentication security offered by the technology. The integration of biometrics in POS systems will enable employees to access the system without entering passwords. This ensures that the system is accessed only by authorized personnel. The secured performance of smart card transactions along with payment solutions enabled by real-time and biometric will drive demand for contactless payments. Prominent companies offering biometric cards in the region are Thales Group, IDEMIA, and Ingenico Group SA.
Europe Market, By Application
The expanding retail industry in the region will surge the adoption of POS terminals as retailers adopt advanced techniques to ensure customer convenience. The UK retail sales witnessed a 3.4% increase in 2019 compared to 2018. There were around 306,665 retail outlets in the country in 2019. In several European markets including Netherlands, Poland, Greece, Croatia, Russia, and Denmark contactless in-store transactions are above 50%. Retailers incorporate POS systems to ensure fast transactions and streamline operations by busting long customer queues at payment counters.
Competitive Industry Landscape
Some of the leading companies operating in the Europe POS terminals market include Micros Retail Systems, Toshiba Corporation, Hewlett Packard Enterprise, Verifone Holdings, Inc., NCR Corporation, Ingenico Group, Inc., PAX Technology, Samsung Electronics Co., Ltd., and Diebold Nixdorf Incorporated. Companies are focusing on product launches to strengthen their market position, expand their product portfolio and cater to the growing demand for advanced POS terminals.