Global Wireless POS Terminals Market Report 2023: A $17.5 Billion Industry by 2028
A wireless POS terminal (Point of Sale) is a digital device used to process card payments in various settings, including banks, retail stores, museums, metro stations, pharmacies, and restaurants.
It consists of both software and hardware components. The software solution includes asset management, content management, and configuration solutions, while the hardware category encompasses workstations, payment terminals (such as smartphones and tablets) equipped with credit or debit card readers, and accessories like monitors, barcode scanners, receipt printers, and cash drawers.
The typical POS transaction begins with scanning the user's payment card, whether it's a debit, credit, or prepaid card. The terminal then verifies whether the available funds in the user's bank account are sufficient to complete the transaction. Once confirmed, the transaction is processed, and the terminal records the transfer, providing the user with a receipt.
The introduction of Personal Identification Number (PIN) and chip-embedded payment cards has significantly improved security in POS transactions, fostering a positive outlook for the global wireless POS terminals market.
Additionally, the increasing prevalence of wireless connectivity and the availability of peripheral devices such as scanners, card readers, and printers are driving the sales of POS terminals. These devices are known for their affordability and portability, which help reduce operational costs for retailers.
Manufacturers are also introducing ultra-portable POS systems, some as small as a credit card. Furthermore, there is a growing trend of people using their existing tablets or systems as POS terminals with specialized software, contributing to the expansion of the market.
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