India POS terminal market report thoroughly covers the market by type and end-user. The chocolate market outlook report provides an unbiased and detailed analysis of the ongoing chocolate market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Growth of the market
India’s POS terminal market is expected to project substantial growth during the upcoming years owing to the rapid shift towards a cashless country. The demonetization of currency has also shifted the consumer towards e-payments driving the demand of the POS market. Consumers these days are keener to adopt the latest payment technology and go cashless, which is also boosting the demand. The rising demand for E-commerce is one of the key factors in driving the market. Moreover, growing urbanization and rising disposable income have also contributed to the development of the market. The adoption of POS has led to the reduction of human errors in cost management, and data entry and enriches customer satisfaction.
Increasing industrialization accompanies the need for cashless transactions further boosting the market. The initiatives are taken by the government such as launching Pradhan Mantri Jan Dhan Yojana in order to promote a cashless economy coupled with the establishment of ATM. Rising financial frauds across the country have pushed the government towards the adoption of secure and safe transaction methods leading to growth in the POS terminal market. Increasing online retail stores and E-commerce backed by the advent of cashless transactions is driving the market. It is not necessary for small retailers to pay the rent of the device. Additionally, consumers do not have to pay the extra fee is also contributes to the development of the market. Most of the Healthcare, Tourism, and retail sectors are transforming digitally owing to the technological advancement that will further lead to the adoption of safe digital methods leading to the growth of the POS terminal market. The increasing adoption of mobile wallets among every retailer is boosting the growth of the market.
Reasons behind the growth
Advancement of payment technologies such as EVM pay, MasterCard, and chip payment method is expected to further develop the growth of the market. The increase in the usage of communication devices, inclination towards contactless payment, and demand for e-commerce activities is likely to stimulate the growth of the India POS terminal market. Expansion of the market can also be recognized by the initiatives taken by the Government of India to promote digital payment and move to a cashless economy in the country. The use of cloud-based retail POS software is growing immensely. The cloud-powered retail POS software is affordable, and merchants can access customer data distantly with an Internet connection. Such technological advancements in the retail POS market are expected to enhance the growth in the software segment. The integration of the POS software with EMV, mobile-compatible payment terminals helps retailers to achieve secure and quick transaction payments. Changing preferences of the consumers such as the adoption of debit and credit cards is likely to fuel the growth of the market. The advent of affordable wireless communication technologies has led to increased consumer acceptance of these systems. Furthermore, the flexibility of having a smartphone or tablet-based POS, due to low installation costs, has attracted small and medium-sized businesses towards POS.
POS software providers study various factors during the software development phase, such as support for many operating systems, payment modes, and the capability to create and manage customer databases in an organized format. For instance, merchants demand a flexible and cost-effective POS solution feasible with numerous devices, such as laptops, mobile, PC, and tablets. These devices operate on different operating systems, such as Windows, Linux, Mac OS, Android, and iOS, and need compatible software. Therefore, vendors ensure the availability of software for different devices and operating systems to cater to large and small businesses alike.
Impact of COVID-19 on India POS terminal market
However, the lack of adequate POS terminals is expected to hinder the market growth of the POS terminal. High installation charges and maintenance cost is likely to create hurdle in the POS terminal market. The COVID-19 pandemic has hampered business growth wherein end-users are forced to use modern point-of-sale technology. The shutdown of shops and restriction on travel has negatively affected the digital transaction market. Although, in order to curb the spread of infectious disease consumers preferred online grocery stores and online payment. Advanced POS solutions to facilitate online orders & payments and unified analytics would help understand & meet new customer expectations. POS vendors have taken this opportunity to upgrade solutions for retailers to assist their management in both online and in-store sale information.