Acumen Research and Consulting has published a new report titled ‘Restaurant POS Terminals Market (By Product: Fixed POS Terminals, Mobile POS Terminals; By Component: Hardware, Software, Services; By Application: FSR [Fine dine, Casual Dine/Fast Casua], QSR, Bars & Pubs, Cafes & Bistros) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026'
LOS ANGELES, Feb. 06, 2019 (GLOBE NEWSWIRE) -- The global restaurant POS terminals market is prophesied to grow with 13.2% CAGR between the years 2018 to 2025 and the market is foretold to reach USD 22.4 billion by 2026.
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The growing adoption of mobile advances in the restaurant POS terminals market is giving a few points of demand to food outlets including expanded deals, client encounter upgrades, enhanced security, proficient and precise exchanges, convenience of the developing exchange volumes, and more affordable, simple movement to EMV, and tolerating versatile wallet payments. These advantages enable small restaurants to get every one of the capacities that were performed in fixed terminals done at an entirely moderate expense. Expanded versatility of these gadgets enables these food outlets to give payment alternatives to clients at their doorsteps with the utilization of cards or mobile wallets, in this manner quickening the reception of these arrangements in food conveyance applications.
The technological changes in the restaurant POS terminals market are constraining food outlets to receive present day arrangements in their offices to improve the business undertakings and client commitment activities. EMV-empowered gadgets are seeing a high appropriation in the market because of the increased payment flexibility with the utilization of contactless chip cards. It enables clients to pay their restaurant bills without entering their PINs, accordingly improving the security and wellbeing of their record subtleties. Such gadgets are as a rule broadly embraced in FSRs because of the high spending scope of these outlets. These innovative arrangements are relied upon to drive the appropriation of anchored and propelled advanced payment alternatives in the business.
Although the plastic cards equipped with magnetic stripe remain the primary form for payment transactions in most of the markets today, new modes of accessing financial accounts are becoming extensive. Technological innovations are offering new ways to pay and accept payments. As a result, a new potential has been offered to the card payment acceptance infrastructure overcoming barriers for slow growth rate of POS terminals. For instance, contactless POS terminals could be used for NFC-enabled phones in the markets where smartphones are growing.
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Electronic payment systems such as POS terminals requires up-front investment and operational costs for both acquirers and merchants. Merchants with less payment volume, seasonal businesses and those with higher failure rate, such as restaurants, often require high levels of customer service and make it difficult to justify the initial start-up and servicing costs.
The global restaurant POS terminals market is segmented into product, component, application and region. On the basis product, the global Restaurant POS Terminals market is segmented into Fixed POS Terminals, Mobile POS Terminals. On the basis component, the global restaurant POS terminals market is segmented into hardware, software, services. On the basis application, the global restaurant POS terminals market is segmented into FSR, QSR, Bars & Pubs, Cafes & Bistros. FSR is further segmented into Fine dine, Casual Dine/Fast Casual. On the basis of region the global restaurant POS terminals market is bifurcated into Europe, Latin America, North America, Middle East and Africa.
This is a cost-effective method of POS transaction mainly used by small and medium sized businesses. It is a mobile POS that can be connected to a smartphone or a tablet that can function as a register. The customer either swipes the card on the machine connected to the phone or directly reads through the merchant’s phone using NFC or Bluetooth.
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In this, the customer scans the sticker or the phone of merchant to complete the transaction. In some cases, merchant can send information to the customer via NFC for offers and payment details. This method provides higher level of security as the unique tokens are stored in the secured location on the phone or in the cloud and ensure that sensitive information is not available in the phone during the transaction.
The governments, central banks and regulators of South-East Asia have recently started promoting electronic payments as they help in removing the transaction friction, eliminating the costs of printing notes and help to focus on managing the risk of fraud and tax invasion. Most of the policymakers believe that expanding the access to electronic payments is a critical factor for the development of financial sector.
The foremost businesses operating in the global restaurant POS terminals market are Toshiba Corporation, Diebold Nixdorf, VeriFone Systems, Inc., Ingenico Group, TouchBistro, Inc., Micros Systems, Inc., Toast, Inc., NEC Corporation, Square, Inc., NCR Corporation, PAX Technology, PAR Technology Corporation, Samsung Electronics Co., Ltd., and Panasonic Corporation.
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