Europe Payment Terminal Market Analysis and Opportunities by 2028

The Europe payment terminal market is expected to grow from US$ 18,326.7 million in 2021 to US$ 34,437.1 million by 2028; it is estimated to grow at a CAGR of 9.4% from 2021 to 2028.

 A payment terminal, a point of sale (POS) terminal, credit card terminal, or EFTPOS terminal (previously Process Data Quickly or PDQ terminal) is a device that interfaces with payment cards to transfer electronic funds. The terminal consists of a secure keypad (called a PINpad) for entering a PIN, a screen, a means of capturing information from payments cards, and a network connection to access the payment network for authorization. A payment terminal allows a merchant to capture required credit and debit card details and transmit this data to the merchant services provider or bank for authorization before transferring funds to the merchant. The terminal allows the merchant or its client to swipe, insert, or hold a card near the device to capture the information. They are often connected to a point-of-sale (POS) system to automatically transfer payment amounts and payment confirmation to the merchant’s retail management system. Terminals can be used in stand-alone mode, where the merchant keys the amount into the terminal before the customer presents their card and personal identification number (PIN).

The growing demand for online payment methods propels the payment terminal market growth. Many merchant offerings on online payment, such as point-of-sale and rebate, encourage users to make digital payments, driving the demand for payment terminals. The digital payment market is growing due to rapid advancements in e-commerce, mobile payment technologies, and the rising use of mobile wallets. The growing desire for cashless and contactless payments has fueled the market growth. The rise in digitalization, the use of e-payment platforms, and the rising regulatory intervention on secure payments due to multiple financial fraud cases have led to the growth of the payment terminal market. Germany and the UK are the leading revenue-generating markets in Europe, owing to the surge in the adoption of online platforms for financial transactions and cashless transactions in these countries. The demand for mobile payment terminals is rising exponentially, as its application helps in financial transactions and improves the customers’ experience.

Impact of COVID-19 Pandemic on Europe Payment Terminal Market

In Europe, the COVID-19 pandemic has created a temporary distortion in the European market. The government body of Europe realized that all businesses, irrespective of their size scale, need assistance during the COVID-19 outbreak. The crisis negatively impacted the business operations of public and private companies in Europe. The UK, France, Italy, Spain, Poland, and Germany are among the worst-affected member states in Europe due to the COVID-19 outbreak. Businesses in the region faced severe economic difficulties as they either suspended their operations or substantially reduced their activities. Due to the business shutdown, Europe witnessed an economic slowdown in the first half of 2021. The pandemic had a negative impact on the tourism sector across the region. With tourist activities coming to a halt in 2020, sectors such as retail, entertainment, and restaurants, which were gold mines for POS vendors, suffered losses. The pandemic had a negative impact on most of industries. However, the crisis has bolstered the adoption of cashless payment systems, which fueled the payment terminal market. The demand for mobile payment terminal systems was boosted as it does not require using a common terminal.

Lucrative Countries for Europe Payment Terminal Market

Market Insight

Increasing Demand for Better Secured Payment Options

The payment terminal system's software and hardware continue to improve to ensure safe transactions and mobility. Payment terminal providers have increased their investments in end-to-end encryption technology to protect payment gateways, which helps in building consumer confidence and promoting product demand. Furthermore, multipurpose software linked to a payment terminal system allows safe payment, storing employee information, and analyzing customer data to the end user. The ability of the product to function as an effective employee management tool for tracking employee performance and generating a pleased staff has further augmented the demand for payment terminal products. The concept of cashless payment has produced new products in the hospitality and retail industries. Furthermore, as credit and debit card technology advanced, contactless payment became famous for completing a transaction quickly without entering a PIN. Near Field Communication (NFC) or Radio-Frequency Identification (RFID) technology is used in this payment mode to conduct secure transactions in seconds. This technology speeds up transactions and makes purchasing little products more convenient, thus increasing demand for payment terminal products. Furthermore, low-cost cloud-based POS systems enable automated regular software updates without the presence of a specialist to save money on future upgrades. Such developments are driving the global payment terminal market substantially.

Type Segment Insights

Based on type, the Europe payment terminal market is segmented into fixed terminal and mobile terminal. The fixed terminal segment is expected to hold a potential share in the market during the forecast period. Fixed terminals or card machines are devices that accept credit and debit card payments through a cable plugged into the phone socket. Many businesses, such as petrol stations, travel or estate agents, and post offices, use fixed terminals. It is best suited for face-to-face transactions by shops with a payment counter for the customers. The fixed terminal provides an instant connection and is robust in operation, which augments the market growth for the segment.

Europe Payment Terminal Market, by Type (% Share)

Enterprise Size Segment Insights

Based on enterprise size, the Europe payment terminal market is segmented into small enterprises, medium enterprises, and large enterprises. The large enterprises segment is expected to hold potential share in the market during the forecast period. Large enterprises need to process a much larger volume of transactions and require complex technology. They may also need to process specific payment methods and a variety of them. Large businesses often need a fully integrated system that allows for multiple payment methods used across various platforms. Thus, it tends to hold large portion of market share. Small and medium-sized enterprises are the backbone of Europe's economy, which represents around 99% of all businesses in the Europe. The payment terminal offers the flexibility of mobility, secure payments, and the choice of terminals that best fit the business model. Thus, medium and small enterprises demand payment terminal due to its various advantages, which fuels the market growth for the segment.

End User Segment Insights

Based on end user, the Europe payment terminal market is segmented into retail & consumer goods, restaurants, hospitality, media & entertainment, transportation & logistics, healthcare, and others. The retail and consumer goods segment is expected to hold a potential share in the market during the forecast period. The society is moving toward virtual shopping, which augments the demand for payment terminal. Also, growing digitalization is propelling the usage of payment terminals in small enterprises and large enterprises, which is driving the market growth for the segment. Contactless order and delivery is a primary trend in post pandemic scenario. From fine dining to fast food, contactless tech and food delivery may continue to be key investments. Thus, the market for the restaurants segment is expected to grow at the fastest pace in the coming years. The pandemic had hampered the hospitality industry significantly. The vaccination program and death mortality ratio is way improving every day. Thus, growing awareness for safety and ease in travelling restriction are surging the market outlook for the hospitality industry. Thus, growing trend for maintaining social distancing is escalating the demand for payment terminals in European countries.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Europe Payment Terminal Market: Strategic Insights

Europe Payment Terminal Market

• Market Size 2021
  US$ 18,326.7 Million
• Market Size 2028
  US$ 34,437.1 Million

Market Dynamics

GROWTH DRIVERS

• XXXXXXX
• XXXXXXX
• XXXXXXX

FUTURE TRENDS

• XXXXXXX
• XXXXXXX
• XXXXXXX

OPPORTUNITIES

• XXXXXXX
• XXXXXXX
• XXXXXXX

Regional Overview

• Europe

Market Segmentation

Type

• Fixed Terminal and Mobile Terminal

Enterprise Size

• Small Enterprises
• Medium Enterprises
• Large Enterprises

End User

• Retail & Consumer Goods
• Restaurants
• Hospitality
• Media & Entertainment
• Transportation & Logistics
• Healthcare

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Europe Payment Terminal MarketReport Scope

Europe Payment Terminal Market Report Scope