Point Of Sale Terminals Market Size, Share, Growth Analysis, By Product Type(Fixed POS terminals and Wireless mobile POS), By Component(Hardware and Software), By Region - Industry Forecast 2024-2031

Point Of Sale Terminals Market Driver

• Increasing demand for mPOS among the population

In a retail environment, agents sell goods to customers in different areas of the store. Many businesses often sell goods/services outside the store, such as farmers' markets, food trucks, or customers' homes, and can use mPoS solutions to securely accept different types of card payments. This significantly improves the customer experience, helps create a complete view of the market, and increases sales opportunities. In the United States, the Europay, Mastercard, and Visa (EMV) migration are also underway, and many merchants require payment solutions that allow them to accept FMV cards. All these factors contribute to the growth of the market.

Point Of Sale Terminals Market Restraint

• Increase in cyber-attacks and bank fraud

According to technology experts, flaws in mPoS allow malicious merchants to trick consumers and attackers into stealing payment card data. Among others, Square, Zettle, SumUp, and PayPal have disclosed vulnerabilities in their mPOS systems in the US and Europe. The device connects to a mobile app via Bluetooth and sends data to the payment processor's server. In the United States, only 58.5% of debit and credit card transactions use EMV technology, and only 41% of purchases are processed this way, proving a significant risk for Magstripe attacks. Remote code execution attacks have been used against individual mPOS software. This vulnerability can compromise the entire operating system of the reader. Distributing random notifications to other readers can influence their behavior.