Skip to main content

How the Global Pandemic Impacted Retail Transactions

The way shoppers pay for products has evolved due to the rise of eCommerce during the pandemic. Online retail transactions have grown rapidly, and in many parts of the world, in-person cash transactions are now a smaller percentage of retail payments.

These changes have a significant implication for retail point-of-sale (POS) terminal vendors, as consumers choose to shop less at local in-store retailers and more online, or the vendor may lack the functional capabilities to process contactless payments.

The evolution of payment interactions has driven an in-store retailer transformation. With COVID-19 pandemic-related government control measures and the ongoing public wariness in many nations, non-contact forms of payment are becoming even more popular.

POS Terminal Market Development

According to the latest worldwide market study by Juniper Research, the total value of transactions processed by POS terminals will exceed $17.3 trillion in 2026 -- that's up from $14.8 trillion in 2021; growing at 28 percent CAGR.

The growth is driven by a continually evolving payment processing landscape in which cash plays a reduced role. The study found that POS vendors must ensure they support omnichannel retail business models and are prepared to compete with alternative payment methods, such as QR code payments.

The global pandemic and increased 'cashless' currencies create many challenges that traditional POS vendors need to manage, with retail moving online and enabling 'contactless' payment processing.


Juniper analysts recommend that POS vendors must integrate smart capabilities, including stock management and data analytics on their terminals, to maximize the value of their platforms to end-users.

The new research study has ranked leading POS terminal providers in the Juniper Research Leaderboard -- scoring vendors on their service innovation, market investment, and reach of services.

The following vendors were ranked as the market leaders: ​Fiserv, ​PAX Technology, ​PayPal, ​Square, ​Worldline, and Verifone. According to the Juniper assessment, these vendors have achieved significant worldwide penetration and comprehensive breadth and depth of solutions in the POS market.

Outlook for Mobile POS Applications Growth 

Juniper now predicts that shipments of mobile point of sale (mPOS) terminals will grow from 20 million units in 2021 to 32 million units by 2026. This represents a growth of 56 percent over the next 5 years.

Juniper analysts found that this growth will be fuelled by the accelerated transition from cash, with previously cash-only vendors adopting mPOS solutions rapidly. Juniper believes that emerging markets will offer the greatest opportunities for mPOS vendors, as demand for digital payments grows within these regions.

The research findings also indicate that more terminal vendors should build a strong mPOS offering -- backed up by free access to business insights, in order to capitalize on this emerging growth potential.

That said, I believe that ongoing disruptions within the global retail sector throughout the remainder of 2021 may motivate more legacy retailers to reconsider their core business model, and lead to further changes. Therefore, I anticipate a significant increase in new digital transformation projects for traditional merchants to reimagine their future.

Popular posts from this blog

How the COVID-19 Pandemic Advanced Telehealth Adoption

The global COVID-19 pandemic has accelerated digital transformation across many industries. As an example, consider the healthcare sector. Some routine medical situations can be diagnosed and resolved online. While the trend was already in motion long before the pandemic arrived, the adoption of telehealth increased rapidly in 2020. Around the world, many governments responded to the disruption and inaccessibility of healthcare facilities by loosening previous regulations and restrictions on the practice of telemedicine apps, and teleconsultations. This decision resulted in the mass adoption of these medical services among patients and providers. According to the latest market study by Juniper Research, telemedicine will save the healthcare industry $21 billion in costs by 2025 -- that's rising from an estimated $11 billion in 2021. This increased app usage represents an anticipated growth rate of over 80 percent in the next four years. Telehealth Services Market Development The co

How Edge Computing and AI Applications Drive IoT

The global pandemic has accelerated the adoption of emerging technologies, including edge computing and TinyML. As more CIOs and CTOs seek ways to capture and process data at the edge of their enterprise IT network, the demand has fueled investment for Internet of Things (IoT) applications. According to the latest worldwide market study by ABI Research, the global edge Artificial Intelligence (AI), Software-as-a-Service (SaaS), and turnkey service market will grow at a CAGR of 46 percent between 2020 and 2025 to reach $7.2 billion. This is 25 percent of the global edge AI market, which is estimated to be $28 billion by 2025. The market is comprised of edge AI chipsets, SaaS, and turnkey services, as well as professional services. As the benefits of edge AI becomes more obvious, enterprises are searching for edge AI solutions that offer low latency and are fully secured to assist them with data-based analysis or decision-making. Edge Artificial Intelligence Market Development "The

Worldwide Semiconductor Demand will Accelerate in 2021

The technology sector is a key driver of the U.S. economy. Therefore, components like semiconductors play an important role in America's future. The 'CHIPS for America Act' is a new law that calls for incentives on domestic semiconductor manufacturing and investments in research and development. But these renewed efforts will require years of ongoing commitment. Meanwhile, despite the impact of the COVID-19 pandemic, the semiconductor market performed well in 2020. However, new demand by industry was uneven throughout last year due to global lockdowns, remote working adoption, and shifts in consumer and commercial buying behavior. Worldwide semiconductor revenue grew to $464 billion in 2020 -- that's an increase of 10.8 percent compared to 2019, according to the latest market study by International Data Corporation (IDC). Semiconductor Technology Market Development IDC now forecasts that the semiconductor market will reach $522 billion in 2021, that's a 12.5 percent