Ocean View, DE -- (SBWIRE) -- 04/06/2020 -- For increasing the adoption rate of POS terminals, the governments of various countries as well as the key players in POS terminals market are arranging awareness programs that focus on explaining the benefits and usage of POS terminals. Financial service companies have also been deploying different types of platforms to attract merchants as well as consumers. Recently, Mastercard revealed details about their trial project in Poland, in which smartphones are deployed to carry out contactless payments. Through this, the POS terminals industry giant seems to be attempting to provide a simpler and secure way of payment to the merchants. As per a market research report, mobile POS terminals market will record an appreciable growth rate in the years ahead, owing to the growing adoption rate of smartphones and mobiles.

The participants in point of sale terminals market are strictly involved in intensive research and development activities to enhance the POS terminals focusing on the factors such as improved service availability, applicability of the product for small consumers and merchants, cost effectiveness, and minimum processing time. Also, some of the giants are involved in the deployment of modern technology with ample support from the regional governments. For instance, Mastercard has collaborated with the Poland government to create digital payment gateways using mobile devices. Speaking of which, some of the notable companies in (point of sale) POS terminals market include VeriFone Holdings, Inc., Panasonic Corporation, Zebra Technologies, NEC Corporation, PAX Technology Limited, Ingenico, Posiflex Technology Incorporation, First Data Corporation, QVS Software Incorporation, and HP Company.

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POS (point-of-sale) terminals are computers that run software designed to facilitate necessary operations at the point of sale. Depending on the need, a setting may have one or more POS terminals. These terminals usually consist of a receipt printer, card swiper, and a cash drawer. They are all connected to a single server, which provides centralized database for collecting information about all the transactions in a setting.

Mobile POS terminals are increasingly gaining increased prominence in businesses worldwide. The product offers enhanced features like better user experience, ease in accessibility, flexibility and mobility. The hospitality sector is opting for mobile POS terminal to increase its ROI. Whereas retail stores are integrating tablet POS terminals to enable smoother and faster payment processing.

With security being a key parameter in business transactions, numerous financial businesses are adopting biometric technology-based POS terminals. These systems help make quicker check-outs at cash counters and streamline payment process across retail outlets. Countries like India, China, Japan and the U.S. are likely to accrue high produce demand given to the region's proliferating payment industry.

POS terminals are penetrating various industrial sectors, including retail, hospitality, warehousing & logistics industry, etc. Hospitality and retail sectors, in particular, are increasingly adopting these terminals due to requirement for customer analytics and enhanced ROI. Retail stores are also implementing tablet POS terminal as it saves installation costs and enables fast payment processing.

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Manufacturers in the POS terminals market are focused upon developing smart POS solutions as per the requirement of specific industries. For instance, a POS system for the retail industry has been developed by Ingenico Group. The POS system easily accepts all payment methods and helps retailers to increase conversion rate and enhance customer experience.

The key players contributing towards POS terminals market expansion include Panasonic Corporation, PAX Technology, Toshiba Corporation, NEC Corporation, NCR Corporation, POS Direct Ltd., VeriFone Systems, Inc., Ingenico Group, LS Retail, Diebold Nixdorf, Bucher Industries AG, Micros Systems, Inc., Cegid Group, Bitel Co., Cybernet and Epicor Software Corporation. These players are continuously launching differentiated and innovative products to sustain in the highly competitive market.

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