India POS Terminal Market (2023-2029) | Share, Size, Growth, Revenue, Forecast, Analysis, Trends, Value, industry & Outlook

India POS terminal Market Synopsis

India POS terminal Market report is a part of the Asia Pacific POS Terminal Market that thoroughly covers the market by type, end-users, and by regions including Eastern, Western, Northern, and Southern. India POS Terminal market outlook report provides an unbiased and detailed analysis of the ongoing India POS terminal market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies accordingly to the current and future market dynamics.

India POS terminal market is expected to register substantial growth primarily due to demonetization initiatives introduced by the Government of India to transform the country into a cashless economy. The adoption of digital transactions has increased the demand for new payment modes and devices which can offer e-payment facilities to buyers. Additionally, government initiatives under the extension of Pradhan Mantri Jan-Dhan Yojana in 2018 will further enhance the demand for online cashless transactions in the country. The introduction of the second phase of the financial inclusion scheme aims at providing a bank account and a bundle of other financial products to every citizen in India. These initiatives would further drive the growth of the POS terminal market in India.

According to 6Wresearch, India POS Terminal Market is anticipated to witness growth during 2023-2029. Rising demand for mobile POS terminals, increasing adoption of mobile wallets, favorable regulations, growing e-commerce sector and the emergence of new players, rapid urbanization as well as technological advancement are some of the key growth drivers of the POS terminal market in India. Further, the growing tourism industry will also contribute to increased demand for imported POS Terminals and would further propel the growth of the Indian POS Terminal market in the near future. However, the India POS terminal market is expected to witness a downfall during the initial months of 2020 due to the outbreak of the Covid-19 pandemic in the country. The market is expected to recover gradually over the next few years.

India POS terminal market is expected to gain momentum in the upcoming six years on the back of the rising wide scope of product applications across various verticals including the healthcare, and transportation sectors. Further, The growing establishment of commercial sectors such as retail outlets, hypermarkets, and supermarket stores due to the increasing growth of the urban population and rising discretionary spending of the population in the country has led to simultaneously proliferation of the adoption of POS terminals to ensure efficient payment method and this is expected to benefit the progressive growth of the India POS terminal market in the upcoming six years.

India point of sale terminal market is anticipated to find its true potential underpinned by the rising impressive growth of the commercial sector. The increase in the growth of the ritual outlets in the country with the growing urban population coupled with the growing e-commerce stores also strengthening the retail sector growth, as a result, is estimated to bolster the point of sale terminal Installation for the payment purpose and is estimated to benefit the substantial growth of the India point of sale terminal market in the upcoming six years.

Trends & Opportunities of the India POS Terminal Market 

India POS terminal Market is one of the largest markets. The POS terminal industry has accomplished various new developments which include the introduction of UPI and Bharat QR for digital transactions, which has increased the demand for POS terminals. The growing retail industry in India is leading to an increase in the number of retail outlets, driving the demand for POS terminals in India. The increasing acceptance of digital payments in India is leading to a rise in the demand for POS terminals, as more businesses seek to adopt cashless transactions.

 

The growing e-commerce industry in India is leading to an increased demand for POS terminals, as online retailers are seeking to accept digital payments. The Indian government is actively promoting the use of digital payments, through initiatives such as the Digital India program, which propels the growth of the POS terminal industry. The introduction of new technologies such as artificial intelligence and machine learning is leading to the development of innovative POS terminals in India. Moreover, the growing investment from venture capital firms in the POS terminal market is spurring innovation and proliferates market expansion.

Government Initiatives in the India POS Terminal Market

India POS Terminal Industry has been gaining momentum underpinned by the presence of favourable government policies and programmes.  One of the significant initiatives is “Digital India Campaign” under this government’s aims is to promote digital literacy and digital financial inclusion. This has left a positive impact on the POS terminals demand by encouraging digital payment. Furthermore, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a financial inclusion program that stimulates bank accounts opening for all and encourges the use of RuPay debit cards. These debit cards are used with POS terminals, ensuring a high demand of the POS terminal in both rural and semi-rural areas. The Indian government has made compulsory digital payments for several government services and transactions, including government fees, licenses, and taxes. Such initiatives surge the POS terminals adoption by government agencies. 

COVID-19 Impact on India POS Terminal Market

 

The pandemic had impacted the India POS Terminal Market which is a part of the Asia Pacific POS Terminal Market. The pandemic interrupted global supply chains, led to delays in the manufacturing of POS terminals. This influenced the availability of POS equipment for businesses seeking upgrade their systems. The outburst of the coronavirus pandemic has surged the growth of the market owing to the increasing trend regarding digital payments. The remote transaction experienced a major hike along with expanding digitization. In addition to this, with an increased concern of the virus spread through physical contact, population shifting towards the contactless payment solution in India. As a result, a boost in demand for POS terminals. 

Market Analysis By Types

 

According to Dhaval, Research Manager, 6Wresearch, Mobile and portable POS terminals have been gaining traction in the market and dominating India POS Terminal Market share, driven by their flexibility, and increasing adoption with the growing e-commerce and online sales channels.

Market Analysis By End-User

Healthcare and retail verticals are dominating the overall India POS terminal market due to the outbreak of the Covid-19 pandemic in the country. Further, the rural areas are expected to witness a huge demand for the POS terminal market in India due to government initiatives to promote rural development.

Key players in the Market 

Some of the prominent players in the India POS Terminal Market are: 

• International India Pvt. Ltd
• Verifone India Sales Pvt. Ltd.
• Mswipe Technologies Private Limited
• Ezetap Mobile Solutions Pvt. Ltd.
• MobiSwipe Technologies Private Limited
• Paynear One
• PayU Money
• ePaisa
• Pine Labs
• PAX Technologies Pvt. Ltd.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India POS Terminal Market Outlook
• Market Size of India POS Terminal Market, 2022
• Forecast of India POS Terminal Market, 2029
• Historical Data and Forecast of India POS Terminal Revenues & Volume for the Period 2019 - 2029
• India POS Terminal Market Trend Evolution
• India POS Terminal Market Drivers and Challenges
• India POS Terminal Price Trends
• India POS Terminal Porter's Five Forces
• India POS Terminal Industry Life Cycle
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By POS Terminal Types for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By Portable for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By Countertop for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By Mobile POS for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By PIN Pad & Multimedia for the Period 2019 – 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By End Users for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By Hospitality for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By Healthcare for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By Retail for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By Government & Transportation for the Period 2019 - 2029
• Historical Data and Forecast of India POS Terminal Market Revenues & Volume By Others for the Period 2019 - 2029
• India POS Terminal Import Export Trade Statistics
• Market Opportunity Assessment By POS Terminal Types
• Market Opportunity Assessment By End-User
• India POS Terminal Top Companies Market Share
• India POS Terminal Market Company Profiles
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• India POS Terminal Market Key Strategic Recommendation

Markets Covered

The India POS terminal market report provides a detailed analysis of the following market segments:

By Type

• Portable
• Countertop
• Mobile POS
• PIN Pad
• Multimedia

By End Users

• Hospitality
• Retail  
• Government & Transportation
• Healthcare
• Others