The wireless POS terminal market is expected to reach USD 13.00 billion by 2023 from USD 6.73 billion in 2017, at a CAGR of 11.59% during the forecast period. The factors such as wide adoption of wireless payment terminals by retailers; growing use of EuroPay, MasterCard, and Visa (EMV) cards; increasing e-commerce transactions; increase in cashless transactions in different countries, and growing adoption of wireless technology in mobile handsets and wearables drive the demand for wireless POS terminals.
Reduction in the cost of wireless technologies and increase in their reliability would create growth opportunities for the wireless POS terminal market players in the near future. Some of the major players operating in the wireless POS terminal market are Ingenico (France), Verifone (US), First Data (US), PAX Global Technology (Hong Kong), NCR Corporation (US), Diebold Nixdorf (US), BBPOS (Hong Kong), Elavon (US), Castles Technology (Taiwan), Winpos (Finland), BITEL (Korea), Cegid Group (France), Squirrel Systems (Canada), Newland Payment Technology (China), and CITIXSYS AMERICAS (US).
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Ingenico (US) was ranked first in the wireless POS terminal market. It focuses on investing in innovation through Ingenico Labs, which enables it to launch new products in the market. In June 2017, it launched first open payment fare system in Italy for Trenord Railways. Ingenico strengthened its presence in Asia with the acquisition of 2 companies—Lyudia and Nera Payment Solutions—which would help it to accelerate its growth in the Southeast Asian market. Lyudia is a distribution partner of Ingenico in Japan. In line with its strategy of integrating payment within connected objects, the group acquired a majority stake in the start-up named Think&Go, a specialist in connected screens and world leader in screen commerce. It also deploys the strategies such as partnerships to expand its geographic presence. The company partnered with Alipay (China), the payment solution with 450 million active users in China, to facilitate the purchases made by Chinese tourists in Europe by allowing them to use their preferred payment method.