Outdoor Payment Terminals Market to Reach Valuation of USD 1236.7 Million by 2028 – Increasing Online Transactions and Growing Usage of Cashless Methods for Payments Drives the Market

Vantage Market Research

Jul 01, 2022

In terms of revenue, the Global Outdoor Payment Terminals Market is expected to reach USD 1236.7 Million by 2028, increasing at a Compound Annual Growth Rate (CAGR) of 7.1% from 2022 to 2028.

Online transactions and increasing usage of cashless payment methods are significant factors fueling the demand for Outdoor Payment Terminals Market. Furthermore, growing digitalization, the global need for cashless transactions, and relying on a touch-less mode of payment is another factor expected to boost the demand for the market during the forecast period. Moreover, the work-from-home culture and the rise in e-commerce platforms have increased the reliability of outdoor payment terminals across the globe.

Key Highlights from Report:

  • The cloud-based sub-segment of the deployment segment is anticipated to dominate the Outdoor Payment Terminals Market. The increasing digitalization and easy accessibility of outdoor payment terminals provided by key service providers are driving the demand for this segment.

  • The Banking, Financial Services, and Insurance (BFSI) sub-segment of the end-user segment is accounted for the largest market share in 2021 for the Outdoor Payment Terminals Market. BFSI (Banking, Financial Services, and Insurance) is expected to drive this segment during the forecast period. High reliability in accounting and managing complicated encrypted coding systems to safeguard payment terminals further develops the need for Outdoor Payment Terminals Market.

  • North America is the largest regional segment. This insurge is attributed to the rising demand for outdoor payment terminals in developing economies such as India, China, and Indonesia. The growing adoption of OTP (One Time Password) and UPI (Universal Payment Interface) is generating huge demand in this region by using outdoor payment terminals provided by key service providers.

Market Dynamics:

Outdoor payment terminals provide high security, robust infrastructure, and anti-theft locks, making it acceptable for the general population to carry out successful transactions. Outdoor payment terminals help customers access 24/7 services by decoding highly encrypted codes to a user-friendly interface. For instance, in India, there were more than 4.5 million online points of sale (PoS) stations installed with user-friendly access, thus helping millions of customers get access. With the growing trend for digitalization and easy access to smartphones, the market is expected to proliferate during the forecast period. In addition, service providers and customers have gained trust, ensuring positive payment methods. The market is expected to increase in the coming years due to all such factors.

North America is expected to dominate the global Outdoor Payment Terminals Market in 2021 and is expected to exhibit the same trend during the forecast period (2022-2028). An increase in government initiatives provided for banks and support for outdoor payment terminals is expected to generate demand in this region for this market shortly. Furthermore, increasing key players, rising inclination toward payment efficiency, and removing human error in countries such as India & China are further adding spotlight. In addition, significant improvements in the adoption by the younger generation, especially in the developing economies, are providing a thrust to the Outdoor Payment Terminals Market growth.