Connect with us

Trends

Installed base of mPOS terminals to reach 135 mn units by 2026

The global installed base of POS terminals grew to almost 231 million units in 2021, as per a Berg Insight report.

The report said the market growth is primarily fuelled by the increasing adoption of electronic payments in emerging markets. Developed markets are relatively saturated in terms of POS terminal adoption. In addition, the mPOS terminal market is growing fast today and Berg Insight forecasts that the installed base of mPOS terminals worldwide will grow from 91 million units in 2021 to reach 135 million units by 2026.

Cellular connectivity has become a very popular option for POS terminals and was incorporated in 47 percent of the devices shipped in 2021. The wireless technology has an important role in facilitating the global adoption of electronic payments, as it enables the rollout of POS terminals to many new market segments and parts of the world where the fixed line telecommunications infrastructure is less developed. The installed base of cellular POS terminals reached 103.8 million in 2021. Berg Insight forecasts a CAGR of 10.2 percent between 2021 and 2026, resulting in a total of 168.5 million cellular POS terminals at the end of the forecast period.

The market for NFC-ready POS terminals continued to display strong momentum in 2021 with annual shipments reaching an estimated 75.3 million units worldwide. The attach rate for NFC was highest in EU27+3 and North America, where 98 percent of the POS terminals shipped featured NFC. NFC was also a very popular feature in many other major markets worldwide including Brazil, Turkey and China. While the installed base of NFC-ready POS terminals has grown quickly, some of the terminals still do not have the contactless features turned on.

Berg Insight estimates that approximately 100 million POS terminals accepted contactless payments with Visa payWave, MasterCard PayPass or UnionPay Quickpass in 2021.

CT Bureau

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2023 Communications Today

error: Content is protected !!