That’s a 28% growth
POS transaction values to surpass $17T by 2026: research. Source: pexels.com
According to Juniper Research, the total value of transactions processed by POS terminals will exceed $17.3 trillion in 2026, from $14.8 trillion in 2021.
This boost is caused by a continually evolving payment processing landscape in which cash plays a reduced role. The report found that POS vendors must ensure they support omnichannel retail business models and are prepared to compete with alternative payment methods such as QR code payments.
The pandemic and grown cashless currencies bring challenges that POS vendors must manage, with retail moving online and enabling contactless processing.
Juniper Research predicts that shipments of mPOS (mobile point of sale) terminals will grow from 20 million in 2021 to 32 million by 2026.
It found that this growth will be fuelled by the accelerated transition from cash, with previously cash-only vendors adopting mPOS solutions rapidly. The report identified that emerging markets will offer the greatest opportunities for mPOS vendors during this time, as demand for digital payments grows in these regions.
We’ve reported that the first bank in Southeast Asia enabled face recognition at ATMs.
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