The India POS terminals market could reach USD 3 billion, registering a 10% CAGR on shipments by the end of 2024. Card transactions using POS terminals have risen to 60% after the demonetization drive, twice the rate (30%) recorded in 2016. In a bid to maintain this progressive rise in digital transactions, the Reserve Bank of India has offered a substantial cut in Merchant Discount Rate (MDR) charges on transactions from debit cards.

The India Point of Sale (POS) terminals market could witness significant growth on account of increasing digitalization across the country’s financial sector. The demonetization movement, which was intended to curb black money, has propelled the practice of digital transactions and the need for platforms that support e-wallets, cards and bank transfers. 

Request for a sample copy of this research report@ https://www.decresearch.com/request-sample/detail/1844  

Emphasis on the local government on developing a cashless economy could play a crucial role in enhancing the demand for POS terminals. However, growing security concerns like theft of confidential financial data might dampen the POS terminal industry growth. Rising incidence of malware attacks and skimming during active transactions on POS platforms could hamper user experience. 

In a bid to address these issues, the RBI has publishing new guidelines to secure credit and debit cards. As per the latest guidelines, cardholders can now register preferences like spend limits and opt-in/opt-out services for online transactions, international transactions and contactless card transactions on POS terminals.

Listed below are a few of the ongoing trends driving the India POS terminal industry size:

Escalating demand for mobile POS terminals -

Mobile POS terminals are experiencing large-scale adoption across restaurants, hospitality and retail sectors owing to rising need to facilitate payment from different locations. These devices offer remarkable features like enhanced productivity, streamlined operations, secure payment transactions and service efficiency to all kinds of businesses.

Benefits of connected POS terminals -

Connected POS terminals are witnessing heavy usage in India due to its tremendous advantages like free floor space, minimized customer waiting time and enhanced security. These machines are observing heavy adoption from small enterprises across restaurants and retail as the technology becomes more approachable and affordable.

Request for customization@ https://www.decresearch.com/roc/1844  

Adoption of innovative business strategies -

Companies operating in the India POS terminal industry are emphasizing on forming strategic alliances and developing new solutions to simplify the transaction procedures on POS devices. Taking September 2020, IDFC First Bank revealed its plans to release a contactless debit card payment option called SafePay through mobile devices. The new feature will enable customers to complete transactions by simply waving their phones over an NFC-enabled POS terminal.

Table of contents for this research report@ https://www.decresearch.com/toc/detail/india-point-of-sale-pos-terminal-market  

About Us: –          

DecResearch.com, powered by GMI, is an online aggregator of information on market research reports. The website provides comprehensive information as well as a detailed ‘Table of Contents’ for reports being regularly published by GMI. Via this platform, users not only get to answers to their questions about these reports, they also have an additional avenue to talk to the sales and research teams of GMI to learn more about the topics of their interest.

Contact Us: –

DecResearch.com

Website: – https://www.decresearch.com/

Email: [email protected]