Effect of COVID-19 on POS Market Worldwide

Posted by Jim Walker

A POS terminal or Point of Sale Terminal is an electronic device which is widely used in retail operations to process card payments. Generally, a POS terminal reads customer data off their debit or credit cards. It also ensures the customer’s bank account has sufficient funds before transferring the funds from their account to merchant account. It also keeps a record of transactions and provides a receipt printout. 

An extensive analysis has come out by the research report of Point of Sale Terminal Market on top market leaders, major drivers, regions and key segments. The experts have come up with a competitive scenario by studying various geographical regions deeply to help top market players, new entrants, and investors to support growing economics. In the report, these insights would help key players to form future strategies and get superior position in the market. 

Effect of COVID-19 on the market

In December 2019, the Coronavirus had affected over 100 countries worldwide when it was declared a global health emergency by the World Health Organization. The global impacts are being felt already and the extended lockdown situation will drastically affect the POS terminal market in the near future. COVID-19 or Coronavirus can hit the international economy in three ways – by creating disruption in the market and supply chain, affecting demand and production, and by financial impact on financial markets and firms. The report also keeps track of the impact of COVID-19 on POS terminals. 

The report states how the POS industry has achieved such great progress over the years with huge developments to boost significant growth in the market. The report has been prepared on the basis of in-depth industry analysis conducted by experts. This report could be valuable for investors, stakeholders, marketing executives, product managers and other experts looking for factual information on demand, supply, and future predictions. 

In the marketing, there was high competitiveness in the market before Coronavirus as the prospects of industrial growth were growing at great pace thanks to the rise in investments by a lot of end users. The industry has seen a lot of vendors making entry into the market and existing ones focusing on scaling up their business. In the POS terminal market, there is an intense competition with several regional, international and local players gaining more and more customers. Currently, the retention ratio is quite stable. Only few players are known to have large shares in this fragment market. 

Some of the leading players these days are Pax Technology, Verifone, Hp, Castles Technology, Cisco Systems, Elavon, Panasonic Corporation, Newland Payment Technology, Touchbistro, Citixys Americas, Zebra Technologies, and more. It is very vital to study the POS terminal market before making any investment. The POS terminal industry has been segmented on the basis of applications, product type and regions on global level. 

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