The Asia Pacific Outdoor Payment Terminal Market would witness market growth of 9.5% CAGR during the forecast period (2022-2028).
Prior to the invention of payment terminals, retailers would manually enter card data into ZipZap devices. The benefit of efficiency through quicker transaction processing times as well as immediate payment authorization drove the development of payment terminals. Terminals offer end-to-end card data encryption or auditing capabilities in terms of security. Nevertheless, POS pin pad malware has occasionally been found.
Additionally, there have been instances of card terminal skimming, which prompted the switch from the magnetic strip to EMV standards for data collection. Prior to the invention of payment terminals, businesses would manually imprint information from a credit card's embossed data over a paper slip along with carbon paper copies. These paper slips needed to be processed at the bank. It took a long time and was difficult to do. Users can swiftly and securely make purchases leveraging mobile payment programs supplied by competitors, like Apple Pay, Samsung Pay, and Google's Android Pay through NFC-enabled terminals.
The adoption of digital payment approaches in the region is accelerating. According to the Australian Competition and Consumer Commission, 85% of people on the planet live in emerging markets. The 2.5 billion people in India and China alone make up more than a third of the global population, making even little market improvements in rapidly expanding nations enormously significant. The payments business in these nations is undergoing a considerable transition as a result of changing customer expectations.
The China market dominated the Asia Pacific Outdoor Payment Terminal Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $160.7 Million by 2028. The Japan market is estimated to grow a CAGR of 8.8% during (2022 - 2028). Additionally, The India market would experience a CAGR of 10.1% during (2022 - 2028).
Based on Application, the market is segmented into Refuel, Carwash, Malls and Others. Based on Type, the market is segmented into Contact-based, and Contactless. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Outdoor Payment Terminal Market is Projected to reach USD 2.1 Billion by 2028, at a CAGR of 8.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., NCR Corporation, Temenos AG, VeriFone Holdings, Inc. (Francisco Partners), Capgemini SE, Scheidt & Bachmann GmbH, Finastra Group Holdings Limited (Vista Equity Partners), Dover Fueling Solutions (Dover Corporation), Invenco Group Ltd., and Gilbarco, Inc. (Fortive Corporation).
By Application
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