- POS infrastructure providers are scrambling to tune their offerings
- mPOS providers seek to balance demand from premium sellers and micromerchants
- Payment gateways need to go omnichannel to win customers
As the landscape of market leaders shifts, the installed base of U.S. point-of-sale (POS) terminals is expected to grow from 17.3 million this year to 20.2 million in 2026, largely due to provider technology upgrades. .
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Consumer and merchant demand for all-in-one solutions is blurring the line between POS hardware and software as demand increases for a simple, affordable, single integrated product. With the growing acceptance of digital payments slowing the growth of terminal installations, his two types of technology, near-field communication-based terminals and biometric terminals, are expected to be among the most popular of his POS upgrades in 2023. Standing at the forefront. But we are looming in the not too distant future. This poses a significant threat to traditional checkout methods as merchant interest and consumer readiness peak.
Another strong contender to watch is mobile POS (mPOS). These solutions provide businesses with a portable, affordable, turnkey alternative that can turn smartphones into payment terminals. The US mPOS market is forecast to grow at a three-year compound annual growth rate of 14.1% through 2026, accounting for he 47.2% of the US terminal market that year. Two groups are expected to drive the growth of mPOS share. Enterprise businesses are complementing their countertop hardware and kiosks with portable mPOS terminals.
According to a Paysafe survey in October 2022, 70% of SMBs cite their desire to simplify payment technology and partnerships. As a result, providers are more focused than ever on creating a one-stop shop for business needs beyond payments. With this growing demand, there is a great deal of focus on cash flow, next-generation omnichannel, and fraud prevention and detection. Providers need to make changes quickly to innovate. Otherwise, it risks losing its customer base to new players like Amazon and Walmart, who are building their own POS software.
Innovation is at the forefront of POS as merchants and consumers demand an all-in-one solution. Want to learn more about POS enhancements? click here Purchase this report directly from Insider Intelligence. Need more data?click here To purchase The Payments Ecosystem collection.