The world-wide restaurant POS terminals market is predictable to touch USD 22.4 billion by 2026, this market is predictable to grow with 13.2% CAGR during the forthcoming years. The market is majorly driven by surge in flexible payment solutions.
Point-of-sale (POS) usually means a place where a sale or a transaction has been done. Consumers exchange money for the services or products they procure and the point at which the transaction takes place is called as point-of-sale (POS). Earlier, these transactions were purely cash-based where the cashier of the store would generally collect the cash in the register and then return a receipt of bill to the customer. Today, smartphones have flourished and payments have never been this easy. Contactless card payments, mobile wallets and internet banking are few examples of latest payment technologies used worldwide.
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The restaurant POS terminals market is seeing a high development because of the expanded selection of such payment solutions in a few application sections including FSR, QSR, and so forth. With an ascent in the foundation of food outlets to serve distinctive sorts of food things to clients, the demand for such propelled arrangements will develop quickly. FSRs are putting forth multi-cuisine dishes because of the nearness of clients from various districts or nations, who have diverse tastes and enthusiasm for food items. Such factors are driving the establishment of numbers of restaurants. Producers in the market are focusing on such restaurants with an expansive client base and where the prerequisite for inventory management solutions &effective sales are required. The players give arrangements that are adaptable dependent on the business tasks of restaurant. It enables food outlets to deal with their business, payment, and stocks with the assistance of a single solution, in this way lessening the extra expense of introducing numerous frameworks.
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 well being 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.
Merchant Discount Rate (MDR) is the fee charged by merchants on every card transaction that is made on POS terminals. Falling MDR due to growing competition in areas such as small towns and developing cities where the transaction volumes are smaller, would result in lower return on investment on POS terminals.
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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.
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 players emerging and contributing 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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