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Virtual Payment (POS) Terminals Global Market Report 2024

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    Report

  • 200 Pages
  • December 2023
  • Region: Global
  • The Business Research Company
  • ID: 5767444
Virtual payment (POS) terminals are web-based applications designed to facilitate electronic payments through various channels such as phone, mail, fax, email, or in-person transactions. Unlike physical card readers, virtual terminals operate through non-physical software programs. Customers can input their payment details into the virtual terminal, which functions similarly to inserting or tapping a card into a physical card reader. This often involves entering a PIN to confirm the transaction, following which the system automatically processes the payment.

The primary components of virtual payment (POS) terminals encompass software platforms and professional services. The software platforms provide the necessary software solutions to operate virtual payment (POS) terminals effectively. End-users of virtual payment (POS) terminals span across various industries, including retail, warehouse management, hospitality, consumer electronics, food and beverages, healthcare, entertainment, and other sectors.

The virtual payment (POS) terminals market research report is one of a series of new reports that provides virtual payment (POS) terminals market statistics, including virtual payment (POS) terminals industry global market size, regional shares, competitors with a virtual payment (POS) terminals market share, detailed virtual payment (POS) terminals market segments, market trends and opportunities, and any further data you may need to thrive in the virtual payment (POS) terminals industry. This virtual payment (POS) terminals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The virtual payment (pos) terminals market size has grown exponentially in recent years. It will grow from $13.7 billion in 2023 to $18.18 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. The expansion observed in the historical period can be credited to factors such as market competition and the pursuit of product differentiation, the widespread adoption of mobile wallets, the evolution of the retail industry, increasing consumer demand for convenience, and regulatory changes.

The virtual payment (pos) terminals market size is expected to see exponential growth in the next few years. It will grow to $57.91 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%. The anticipated growth in the forecast period can be ascribed to swift technological adaptation, heightened environmental concerns and a focus on sustainability, the prevalence of subscription-based models with service enhancements, the increasing impact of globalization and cross-border transactions, and a growing emphasis on security and compliance measures. Key trends expected in the forecast period encompass strategic partnerships and integrations, the prevalence of subscription and service-based models, the continued globalization and prominence of cross-border payments, the ongoing evolution of technology, and a notable focus on product innovations.

The rise in digital payment methods is a driving force behind the growth of the virtual payment (POS) terminals market. The global expansion of financial services through formal institutions, coupled with the transformative impact of the COVID-19 pandemic, has accelerated financial inclusion and witnessed a significant surge in digital payments. Virtual payment (POS) terminals facilitate digital transactions, managing payments through various channels such as phone, mail, fax, email, or in-person interactions. According to McKinsey's 2021 Digital Payments Consumer Survey, digital payments experienced a 12% growth during the 2020-2021 period, indicating a substantial shift towards digital payment methods. Hence, the increasing prevalence of digital payments is anticipated to drive the demand for virtual payment (POS) terminals in the foreseeable future.

The growing demand for restaurants is poised to propel the expansion of the restaurant POS terminal market. With restaurants being establishments where meals or refreshments are purchased and consumed, virtual payment (POS) terminals play a crucial role by providing a computerized system that streamlines bookkeeping, tracks inventory, manages cash flow, and records sales. This technology becomes indispensable for restaurants handling a high volume of both cash and credit card transactions daily. The National Restaurant Association projects restaurant industry sales to reach $899 billion in 2023, underlining the significant impact of the growing demand for restaurants on the restaurant POS terminal market.

Technological advancement, particularly in the realm of biometric payment systems, is a prominent trend in the virtual payment (POS) terminals market. Biometric payment systems leverage physical characteristics for user identification and authorization of withdrawals from bank accounts at the point of sale. In May 2022, Mastercard introduced the Biometric Checkout Program, allowing customers to easily enroll in biometric checkout services either in-store or remotely via a merchant or identity provider app. This technology streamlines the checkout process, enhancing customer convenience while ensuring a quick and secure payment experience.

Major companies in the virtual payment (POS) terminals market are actively introducing advanced mobile restaurant POS solutions to stay competitive. Mobile restaurant POS platforms are software systems that empower restaurant owners to accept payments on the go using their tablets or smartphones. Square, a leading financial services platform, launched the Mobile Restaurant POS Platform in May 2022, providing a virtual payment (POS) terminal solution tailored for restaurants. This platform, integrated with Square's all-in-one restaurant POS, enhances order-taking capabilities for servers, particularly beneficial for managing large numbers of tables.

In September 2022, PNC Financial Services Group Inc. acquired Linga POS LLC in a strategic move to enhance its digital resources and better serve clients in the hotel and restaurant industries. Linga POS LLC, a virtual payment (POS) terminal company, offers a cloud-based platform-as-a-service solution designed for the hospitality industry. This acquisition positions PNC to strengthen its presence in the evolving landscape of virtual payment solutions.

Major companies operating in the in the virtual payment (pos) terminals market report are Castles Technology Co. Ltd., Diebold Nixdorf Incorporated, NCR Corporation, Panasonic Corporation, PAX Technology Limited, Square Inc., Stripe Inc., Adyen N. V., Global Payments Inc., First Data Corporation, Wirecard AG, Verifone Systems Inc., Ingenico Group SA, Fujian Newland Payment Technology Co Ltd., BBPOS Limited, BitPay Inc., Shift4 Payments LLC, PayU Group, Paytm Mobile Solutions Private Limited, Mswipe Technologies Private Limited, Payzone UK Limited, InovioPay LLC, Amazon. com Inc., VeriFone Inc., iZettle AB, SumUp Inc., Shopify Inc., Lightspeed POS Inc., Revel Systems Inc.

North America was the largest region in the virtual payment (POS) terminals market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual payment (pos) terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the virtual payment (pos) terminals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The virtual payment (POS) terminals market consists of revenues earned by entities by providing online POS, cloud-based POS and desktop POS. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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Table of Contents

1. Executive Summary2. Virtual Payment (POS) Terminals Market Characteristics3. Virtual Payment (POS) Terminals Market Trends And Strategies
4. Virtual Payment (POS) Terminals Market - Macro Economic Scenario
4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market
5. Global Virtual Payment (POS) Terminals Market Size and Growth
5.1. Global Virtual Payment (POS) Terminals Market Drivers and Restraints
5.1.1. Drivers Of The Market
5.1.2. Restraints Of The Market
5.2. Global Virtual Payment (POS) Terminals Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Virtual Payment (POS) Terminals Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Virtual Payment (POS) Terminals Market Segmentation
6.1. Global Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Software Platform
Professional Services
6.2. Global Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Retail
Warehouse
Hospitality
Consumer Electronics
Food and Beverages
Healthcare
Entertainment
Other Industries
7. Virtual Payment (POS) Terminals Market Regional And Country Analysis
7.1. Global Virtual Payment (POS) Terminals Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Virtual Payment (POS) Terminals Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Virtual Payment (POS) Terminals Market
8.1. Asia-Pacific Virtual Payment (POS) Terminals Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Virtual Payment (POS) Terminals Market
9.1. China Virtual Payment (POS) Terminals Market Overview
9.2. China Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Virtual Payment (POS) Terminals Market
10.1. India Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Virtual Payment (POS) Terminals Market
11.1. Japan Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Virtual Payment (POS) Terminals Market
12.1. Australia Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Virtual Payment (POS) Terminals Market
13.1. Indonesia Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Virtual Payment (POS) Terminals Market
14.1. South Korea Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Virtual Payment (POS) Terminals Market
15.1. Western Europe Virtual Payment (POS) Terminals Market Overview
15.2. Western Europe Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Virtual Payment (POS) Terminals Market
16.1. UK Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Virtual Payment (POS) Terminals Market
17.1. Germany Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Virtual Payment (POS) Terminals Market
18.1. France Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Virtual Payment (POS) Terminals Market
19.1. Italy Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Virtual Payment (POS) Terminals Market
20.1. Spain Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Virtual Payment (POS) Terminals Market
21.1. Eastern Europe Virtual Payment (POS) Terminals Market Overview
21.2. Eastern Europe Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Virtual Payment (POS) Terminals Market
22.1. Russia Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Virtual Payment (POS) Terminals Market
23.1. North America Virtual Payment (POS) Terminals Market Overview
23.2. North America Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Virtual Payment (POS) Terminals Market
24.1. USA Virtual Payment (POS) Terminals Market Overview
24.2. USA Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Virtual Payment (POS) Terminals Market
25.1. Canada Virtual Payment (POS) Terminals Market Overview
25.2. Canada Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Virtual Payment (POS) Terminals Market
26.1. South America Virtual Payment (POS) Terminals Market Overview
26.2. South America Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Virtual Payment (POS) Terminals Market
27.1. Brazil Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Virtual Payment (POS) Terminals Market
28.1. Middle East Virtual Payment (POS) Terminals Market Overview
28.2. Middle East Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Virtual Payment (POS) Terminals Market
29.1. Africa Virtual Payment (POS) Terminals Market Overview
29.2. Africa Virtual Payment (POS) Terminals Market, Segmentation By Solution, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Virtual Payment (POS) Terminals Market, Segmentation By Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Virtual Payment (POS) Terminals Market Competitive Landscape And Company Profiles
30.1. Virtual Payment (POS) Terminals Market Competitive Landscape
30.2. Virtual Payment (POS) Terminals Market Company Profiles
30.2.1. Castles Technology Co. Ltd.
30.2.1.1. Overview
30.2.1.2. Products and Services
30.2.1.3. Strategy
30.2.1.4. Financial Performance
30.2.2. Diebold Nixdorf Incorporated
30.2.2.1. Overview
30.2.2.2. Products and Services
30.2.2.3. Strategy
30.2.2.4. Financial Performance
30.2.3. NCR Corporation
30.2.3.1. Overview
30.2.3.2. Products and Services
30.2.3.3. Strategy
30.2.3.4. Financial Performance
30.2.4. Panasonic Corporation
30.2. 4.1. Overview
30.2. 4.2. Products and Services
30.2. 4.3. Strategy
30.2.4.4. Financial Performance
30.2.5. PAX Technology Limited
30.2. 5.1. Overview
30.2. 5.2. Products and Services
30.2. 5.3. Strategy
30.2.5.4. Financial Performance
31. Global Virtual Payment (POS) Terminals Market Competitive Benchmarking32. Global Virtual Payment (POS) Terminals Market Competitive Dashboard33. Key Mergers And Acquisitions In The Virtual Payment (POS) Terminals Market
34. Virtual Payment (POS) Terminals Market Future Outlook and Potential Analysis
34.1 Virtual Payment (POS) Terminals Market In 2028 - Countries Offering Most New Opportunities
34.2 Virtual Payment (POS) Terminals Market In 2028 - Segments Offering Most New Opportunities
34.3. Virtual Payment (POS) Terminals Market In 2028 - Growth Strategies
34.3.1 Market Trend Based Strategies
34.3.2 Competitor Strategies
35. Appendix
35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer

Executive Summary

Virtual Payment (POS) Terminals Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on virtual payment (pos) terminals market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
  • Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
  • Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
  • Measure the impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market shares.
  • Benchmark performance against key competitors.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis
  • All data from the report will also be delivered in an excel dashboard format.

Description:

Where is the largest and fastest growing market for virtual payment (pos) terminals? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

Scope

  • Markets Covered: 1) By Solution: Software Platform; Professional Services 2) By Industry: Retail; Warehouse; Hospitality; Consumer Electronics; Food and Beverages; Healthcare; Entertainment; Other Industries
  • Companies Mentioned: Castles Technology Co. Ltd.; Diebold Nixdorf Incorporated; NCR Corporation; Panasonic Corporation; PAX Technology Limited
  • Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
  • Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
  • Time series: Five years historic and ten years forecast.
  • Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
  • Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
  • Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
  • Delivery format: PDF, Word and Excel Data Dashboard.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Castles Technology Co. Ltd.
  • Diebold Nixdorf Incorporated
  • NCR Corporation
  • Panasonic Corporation
  • PAX Technology Limited
  • Square Inc.
  • Stripe Inc.
  • Adyen N. V.
  • Global Payments Inc.
  • First Data Corporation
  • Wirecard AG
  • Verifone Systems Inc.
  • Ingenico Group SA
  • Fujian Newland Payment Technology Co Ltd.
  • BBPOS Limited
  • BitPay Inc.
  • Shift4 Payments LLC
  • PayU Group
  • Paytm Mobile Solutions Private Limited
  • Mswipe Technologies Private Limited
  • Payzone UK Limited
  • InovioPay LLC
  • Amazon. com Inc.
  • VeriFone Inc.
  • iZettle AB
  • SumUp Inc.
  • Shopify Inc.
  • Lightspeed POS Inc.
  • Revel Systems Inc.

Methodology

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