Smart Features Will Maximize POS Platform Value

The total value of global transactions processed by point-of-sale (POS) terminals will exceed $17.3 trillion in 2026, from $14.8 trillion in 2021, up 28 per cent, says a study by Juniper Research. The growth is driven by a continually evolving payment processing landscape in which cash plays a reduced role. The report says that POS vendors must ensure they support omnichannel retail business models and be prepared to compete with alternative payment methods such as QR code payments. The pandemic and increased cashless currencies bring challenges that POS vendors must manage, with retail moving online and enabling contactless processing. The report recommends that POS vendors integrate smart capabilities, including stock management and data analytics to their terminals, to maximize the value of their platforms to end users. As well, the research predicts that shipments of mPOS (mobile point-of-sale) terminals will grow from 20 million in 2021 to 32 million by 2026. This represents a growth of 56 per cent over the next five years. This growth will be fueled by the accelerated transition from cash, with previously cash-only vendors adopting POS solutions rapidly.