DUBLIN–( BUSINESS WIRE )–The "Europe POS Terminal Market – Growth, Trends, COVID -19 Impact, Forecasts (2021 – 2026)" report has been added to ResearchAndMarkets.com’s offering. Tweet this The European POS terminal market shipment accounted for 10.25 million units in 2020, and it is expected to reach 22.10 million by 2026, registering a CAGR of 13.87% during 2021-2026.
The COVID-19 pandemic created a demand for contactless payments, increasing the need for POS terminals equipped with NFC, RFID, and other technologies accepting payments from contactless chip cards or digital interface cards.
In the current market scenario, the POS terminal systems have evolved from transaction-oriented devices to systems that support and integrate into businesses’ CRM and other financial solutions. This instance allowed companies to leverage captured transactional data through POS terminals to business intelligence.
The growth in the number of credit transfers within the euro area also triggers the adoption of POS terminals in the region. According to ECB, the number of credit transfers within the euro area increased in 2020 by 3.2% to 23.1 billion, and the total value increased by 10.3% to EUR 155.8 trillion.
The declining number of ATMs across the region also indicates the rising adoption of cashless payments, ultimately supporting the market’s growth. According to the European Association for Secure Transactions (EAST), many ATMs have been declining since 2016. The number of ATMs in the euro area declined by 2%, from 390,221 in 2019 to 381,410 in 2020.
The introduction of regional and country-level security regulations also creates a need for new or retrofits of POS terminals. For instance, the PSD2 regulation has created several requirements that reinforce in-person payments in stores.
Similarly, the POS security regulation 2020 in Germany has pushed the need for new POS terminals certified by the Federal Office of Information Security (BSI). The need for such devices is mainly to protect merchants against manipulations of essential digital records.
There have been various cases of security breaches that device manufacturers have reported. Recently, in December 2020, prominent vendors in the market, Verifone and Ingenico, issued mitigations after discovering that the devices use default passwords. The affected devices included Verifone VX520, the Verifone MX series, and the Ingenico Telium 2 series.
The Europe POS Terminal Market is moderately competitive, with a considerable number of regional players. The companies are leveraging strategic collaborative initiatives, acquisitions to increase market share and profitability. July 2021 – Posbank Europe updated its Apexa 1500, 1560, and 1950 series to Intel Celeron J3455 microprocessor based on the Apollo Lake chipset. The microprocessor offers better performance, data security, and protection. Furthermore, the new maximum frequency of 2.3 GHz ensures faster data transfer rates, resulting in a reliable POS system solution. Significant upgrades have also been made to the Apexa Android range.
April 2021 – SumUp partnered with the mobile bank N26. The collaboration is based on the shared vision of promoting a wider acceptance of cashless payment solutions across Europe. Eligible N26 account holders benefit from a special offer for Air card terminals from SumUp. […]