Global Virtual Payment POS Terminal Market 2024, Forecast To 2033
27 Feb, 2024
The virtual payment (POS) terminals market has grown exponentially from $13.7 billion in 2023 to $18.18 billion in 2024, with a CAGR of 32.7%. Market competition, mobile wallet adoption, and regulatory changes contributed to historic growth. The forecast anticipates further growth to $57.91 billion by 2028, driven by technological adaptation, sustainability, subscription-based models, globalization, and security measures. Key trends include partnerships, subscription models, cross-border payments, evolving technology, and product innovations.
Global Virtual Payment POS Terminal Market Key Driver
The virtual payment (POS) terminals market is witnessing growth due to the increased prevalence of digital payment methods. The global digital revolution has expanded access to financial services, with the COVID-19 pandemic accelerating the adoption of digital payments. Virtual payment terminals facilitate secure transactions through various channels. McKinsey's 2021 Digital Payments Consumer Survey indicates a 12% growth in digital payments during 2020-2021, underscoring the rising demand for virtual payment (POS) terminals.
Get A Free Sample Of The Global Virtual Payment POS Terminal Market ReportGlobal Virtual Payment POS Terminal Market Segments
The virtual payment (pos) terminals market covered in this report is segmented –
1) By Solution: Software Platform, Professional Services
2) By Industry: Retail, Warehouse, Hospitality, Consumer Electronics, Food and Beverages, Healthcare, Entertainment, Other Industries
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the virtual payment (POS) terminals market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual payment (pos) terminals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Virtual Payment POS Terminal Industry Players
Castles Technology Co. Ltd.; Diebold Nixdorf Incorporated; NCR Corporation; Panasonic Corporation; PAX Technology Limited; Square Inc.; Stripe Inc.; Adyen N. V.; Global Payments Inc.; First Data Corporation; Wirecard AG; Verifone Systems Inc.; Ingenico Group SA; Fujian Newland Payment Technology Co Ltd.; BBPOS Limited; BitPay Inc.; Shift4 Payments LLC; PayU Group; Paytm Mobile Solutions Private Limited; Mswipe Technologies Private Limited; Payzone UK Limited; InovioPay LLC; Amazon. com Inc.; VeriFone Inc.; iZettle AB; SumUp Inc.; Shopify Inc.; Lightspeed POS Inc.; Revel Systems Inc.
Get The Full Global Virtual Payment POS Terminal Market Report
Virtual Payment POS Terminal Market Overview
The virtual payment (POS) terminals refer to a web-based application that enables to manage the electronic payments over the phone, through the mail, fax, email, or in person. Virtual terminals utilize non-physical software programs yet function similarly to a physical card reader. The customers insert or tap their card into a physical card reader and enter their PIN to confirm the transaction with the machine. After then, the transaction is processed automatically.
Virtual Payment POS Terminal Global Market Report 2023 provides data on the global virtual payment pos terminal market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The virtual payment pos terminal market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.