Digital Lifescapes

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 20...

The digital payments arena is undergoing rapid change, owing to a combination of factors. Transactions are growing rapidly year-on-year as convenience improves, and regulatory changes help to drive adoption. Meanwhile, the scope of different payment types is increasing. Traditionally, payments were made via Card Not Present (CNP) transactions, or through digital wallets such as PayPal. Presently, the wallet landscape has expanded dramatically since the early days of PayPal, while new pay-by-bank schemes such as SCT Inst in the EU, or Zelle in the U.S. market have created more choice for consumers. Additionally, the banking world is becoming more open -- an API-driven world has created banking-as-a-service opportunities and enabled new financial service firms to enter the market as a result. Digital Payments Market Development According to the latest worldwide market study by Juniper Research, retailers across the globe are now forecast to lose $130 billion in digital CNP fraud ...

While much of retailer digital transformation continues to drive online commerce applications, innovation is advancing the whole sector. Retail point of sale (POS) technologies is an example, as more CIOs and CTOs seek ways to improve in-store product or service payment transaction processing. According to the latest worldwide market study by Berg Insight, the market for NFC-ready POS terminals continued to show strong momentum in 2017 with annual shipments reaching an estimated 24.7 million units worldwide. Retail POS Market Development The attach rate for near field communications (NFC) was highest in EU28+2 and North America markets, where 90 percent and 88 percent respectively of the POS terminals shipped featured NFC. NFC was also a very popular feature in many other major markets worldwide -- including Brazil, Turkey and China. On a global basis, almost three out of every five POS terminals shipped in 2017 included NFC. Berg Insight projects the global installed base of...

Retailers across the globe continue to invest in new payment technologies, as the growing use of mobile devices, associated software applications and cloud-based financial services enter the mainstream marketplace. ABI Research forecasts the point of sale (POS) hardware market will increase to more than $4.5 billion in 2021, with revenues generated from a combination of traditional POS and mPOS -- which employs a smartphone or media tablet as the cash register. Merchants looking to enhance convenience and foster new experiences and transaction choices at the point of sale will propel POS hardware development over the next five years. POS Technology Market Development "Arguably, despite hype, mPOS did not yet eat into the traditional POS market as many industry experts initially hoped," said Phil Sealy, senior analyst at ABI Research . This is reinforced by the vendor emphasis on competitive pricing strategies on hardware devices, used in a bid to gain market share a...

Retail in-store payment capabilities are evolving with near-field communication (NFC) for point-of-sale (POS) terminals. NFC is a secure wireless technology that enables two devices in close proximity to exchange data. It's used for a variety of applications, including contactless payments. The market for NFC-ready POS terminals continued to show momentum in 2016 with annual shipments anticipated to reach an estimated 16.1 million units, according to the latest worldwide market study by Berg Insight. Retail Payments Market Development The attach rate for NFC was highest in EU28+2 and the North America regions, where 93 percent and 92 percent respectively of the POS terminals shipped featured NFC. NFC was also a popular feature in many other major markets worldwide -- including Brazil, Turkey and China. On a global basis, almost three out of every five POS terminals shipped in 2016 included NFC. Berg Insight projects the global installed base of NFC-ready POS terminals wil...

The global retail sector is undergoing a significant disruption from technology-based innovations. Online eCommerce is part of the story, but there's nearly as many dramatic changes occurring within physical retail stores -- particularly at the point of sale (POS). A POS terminal is an electronic device used to process card or contactless mobile payments at retail or merchant locations such as stores, restaurants etc. The terminal can be owned by the retailer or an acquirer-owned terminal (i.e. provided on a rental basis to the merchant). According to the latest market study by Juniper Research, the global value of contactless POS terminal transactions -- conducted in-store via cards, mobile phones and wearables -- will approach $500 billion annually by 2017; that's up from an estimated $321 billion this year. However, the low value nature of contactless payments means that it will only represent just 5 percent of the total value of all worldwide POS transactions in 2017....

At local retailers everywhere, the counter-top device where you swipe your credit or debit card is likely to become more mobile. Furthermore, mobile payment technologies are cropping up in numerous new application scenarios. Mobile point of sale (mPoS) growth continues as the technology deepens its reach across vertical industries, merchant tiers and geographies. 451 Research has forecast that the global mPoS installed base will grow from 13.3 million units today to 54.03 million units in 2019. Diverse factors including enterprise deployments, expansion into new vertical industries and financial inclusion in developing economies will serve to increase the installed base at a 32 percent CAGR during the forecast period. 451 Research defines mPoS as a smartphone, tablet or other consumer-oriented mobile device that functions as a point-of-sale terminal and facilitates payment card transactions through a wired or wireless connection to a card-accepting reader or device. The 451 Res...

Mobile payments continue to represent one of the most dynamic and fast-evolving arenas of our connected society. This evolution encompasses what we now buy via the mobile commerce ecosystem, the payment mechanisms we use to buy it and the devices on which we shop for a selected product or service. Juniper Research now forecasts that annual retail payments on mobile handsets and tablets are expected to reach $707 billion by 2018, representing 30 percent of all eRetail by that time. This compares with mobile retail spend of $182 billion in 2013, when mobile accounted for around 15 percent of eRetail. The latest market study by Juniper found that leading retailers were increasingly developing strategies built around mobile, using it as a hub facilitating payment, product discovery and customer retention. As a result, it found that the size and scale of purchases across both smartphones and tablets was increasing strongly. However, for users owning both devices there was a strong tre...