India currently has over 1.5 million operational POS terminals which have been deployed in various end user markets such as retail outlets, hotels, restaurants & cafes, Quick Service Restaurants (QSRs), petrol pumps, hospitals, government offices, etc. This huge applicability of POS terminals across various sectors along with recent demonetization (occurred in the last quarter of 2016) & ensuing cash deficit led to exponential increase in demand for POS terminals in the country. RBI’s initiative towards proliferation of card acceptance infrastructure, schemes for financial inclusion of rural masses and increasing domestic manufacturing to further drive the market of POS in India and would provide ample opportunities to foreign and domestic players.
According to 6Wresearch, India POS terminal Market is expected to grow at a CAGR of 16% during 2017-23. POS terminal penetration has increased steadily over the previous two years with increased usage of credit and debit cards in the country. This increase in card usage can be attributed to government initiatives like ‘Pradhan Mantri Jan Dhan Yojna’ and profits being earned by the card issuing bank from the interchange fee of a card transaction at POS terminals. These factors led to the issuance of over 767 million debit and credit cards in the country.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Retail segment which include retail outlets, shopping malls, super & hyper-markets as well as e-commerce accounted for major share in the overall POS market.
Moreover, apart from growing demand from Tier-I cities, Tier-II & Tier-III cities are primed for prospective growth in the coming years; Tier-II & Tier-III cities have high penetration of banking & internet infrastructure in the country," Samuel further added
According to Kushagra Sharma, Research Associate, Research and Consulting, 6Wresearch, "India POS terminal market would register higher growth in demand for mPOS terminals in the next six years owing to its ease of accessibility and low cost of installation and availability of the same on monthly rental basis."
"Additionally, increasing domestic manufacturing particularly for mPOS terminals would further contribute rigorously in reduction of the overall cost of device", Kushagra concluded.
The major companies in India POS terminals market include- Verifone, Ingenico, Pax, Ezetap and Mswipe.
"India POS Terminal Market (2017-2023)" provides in-depth analysis with 47 figures and 6 tables covered in more than 110 pages. The report estimates and forecast overall India POS terminals market by revenue, sales volume, POS type, end user, and region. The report also gives key insights on competitive landscape, market share by companies, company profiles, market trends, market drivers and restraints.