(GLOBE NEWSWIRE) — Dublin, Ireland, April 1, 2022 (GLOBE NEWSWIRE) — ResearchAndMarkets.com has published the "Europe Payment Terminal Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, Enterprise Size, and End User" report.
The market for payment terminals in Europe is expected to grow from US$ 17,055.3 million in 2020 to US$ 34,437.1 million in 2028, with a CAGR of 9.4% from 2021 to 2028.
The need for digital payment is expanding quickly in Europe due to customers' preference for electronic payments, the necessity for convenient cross-border transactions, and the forthcoming introduction of the official European Digital Identity Wallet. The most popularly used digital wallet applications include ApplePay, PayPal, YooMoney, Qiwi, iDEAL, and Samsung Pay.
The European Payments Initiative (EPI) intends to build a pan-European payments solution, leveraging and solving critical use cases for consumers and merchants, therefore creating new European payment standards.
Additionally, retailers' rapid adoption of wireless payment terminals, the rising popularity of EuroPay, MasterCard, and Visa (EMV) cards, rising e-commerce transactions, growth in cashless transactions in the region, and the growing uptake of wireless technology in mobile handsets and wearables are all key factors driving the payment terminal market significantly.
Growing acceptance of contactless payment for mobile payment systems and increased demand for cashless and contactless payments are among the important factors driving the development of the Europe payment terminal industry. In addition, the necessity for staff and customer management, integration of online and in-store sales, and inventory monitoring have escalated the need for digitization.
The digital revolution has increased the usage of the product to keep track of corporate operations and enable for cashless payments in the retail, healthcare, and hospitality sectors. The payment terminal market is predicted to rise in the approaching years due to increasing digitization across numerous sectors, the growing smartphones usage, and advancement in digital technology.
Also, the soaring usage of e-payment platforms and the rising governmental involvement on safe payments due to many financial fraud incidents boost the expansion of the payment terminal market.
PAX Technology; SumUp Inc.; VeriFone, Inc.; GK Software SE; Ingenico Group S.A.; NEC Corporation; ASEE Group; NCR Corporation; MYPOS WORLD LTD; and Zettle by PayPal are among the prominent businesses active in the Europe payment terminal industry.
Key Industry Dynamics
Market Drivers
- Increasing Demand for Better Secured Payment Options
- Rising Adoption of Contactless Payments
Market Restraints
- Data Security Breaches
Market Opportunities
- Growing Interest in Payment Terminal Solutions Among Small Businesses
Future Trends
- Surging Demand for Mobile Point of Sales (mPOS) (mPOS)
Company Profiles
- PAX Technology
- SumUp Inc
- VeriFone, Inc.
- GK Software SE
- Ingenico Group S.A.
- NEC Corporation.
- ASEE Group.
- NCR Corporation.
- MYPOS WORLD LTD.
- Zettle by PayPal
 — Dublin, Ireland, April 1, 2022 (GLOBE NEWSWIRE) — ResearchAndMarkets.com has published the "Europe Payment Terminal…){kind=link}
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