Point Of Sale Terminal Market Trends

Key Emerging Trends in the Point Of Sale Terminal Market

These trends taking place on the Point of Sale (POS) terminal market are already profoundly changing the nature of electronic payment systems. A major trend is the increasing use of contactless payment methods. As consumers become more aware of hygiene matters and businesses pursue convenience, contactless transactions that are enabled by POS terminals find favor. The huge amount of cheap Near Field Communication (NFC) technology makes this trend possible, with the user just tapping his or her card on a special terminal for safe payment transactions. Therefore, POS terminal makers are incorporating more advanced contactless capability to meet the growing desire for speedy and sanitary payment method.
A second major direction in the POS terminal market is towards mPOS systems. More and more businesses, tiny firms to medium-sized enterprises (SMEs) are turning to mobile POS solutions that use smartphones or tablets. These compact, portable systems provide great flexibility to businesses on the move. The transactions can take place anywhere in a store or even outside of traditional brick-and-mortar stores all together! The mPOS trend is transforming the traditional checkout procedure, opting for a faster and customer-focused method of doing business that befits today's businesses.
Advanced technologies such as Artificial Intelligence (AI) and machine learning are coming into vogue in the field of POS terminals. Using AI-based POS systems, we can study the data on transactions to find out customers 'behavioral characteristics, preferences and buying habits. With this data-driven approach, businesses can make informed choices, tailor marketing strategies to individual needs and deliver superior customer experiences. With the growing interest in data-driven insights, POS terminal providers are adding intelligent functions on top of simple transaction processing.
The trend toward more sophisticated authentication methods in the POS terminal market is being led by security concerns. Fingerprint scanning and facial recognition--biometric authentication methods with a high degree of security-are beginning to catch on for use in verifying identity during transactions. With the need to keep sensitive financial information protected, POS terminals integrated with biometric technology provide even greater security for businesses and consumers.
On-premise systems are passe. The market is trending toward cloud POS. POS (point-of-sale) terminals in the cloud: scalable, economical and accessible anywhere at any time. It is particularly attractive to businesses that want their operations to be more simple and agile, because cloud-based solutions allow you manage multiple locations or update software over the network.