China POS Terminals Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.23 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
China POS Terminals Market Analysis
China's POS Terminals Market is expected to grow at a CAGR of 5.23% over the next five years. The POS terminal market witnessed significant growth over the past few years, owing to its ability to offer an increased return on investment (ROI) and ease of access. POS terminal systems facilitating transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in small and big-sized companies over the years.
- Evolving consumer preferences, technological advancements, and government payment regulations have been changing dramatically. With individual goods taking the lead in transforming the China payment landscape, China is keeping up with these developments and driving growth in the POS terminals market.
- QR code payment is impacting the terminal-based payment market and is hard to overturn in the short term. The financial payment POS terminal industry still maintains healthy growth.
- However, artificial intelligence (AI), machine learning (ML), cloud technologies integration in POS terminals for fraud detection and prevention, integrated customer loyalty programs, and dematerialization of cards are driving this market. For Instance, Ingenico partnered with Ant Group, allowing acquirers and payment service providers to implement Alipay+ seamlessly across their merchant networks using Ingenico's PPaaS (Payments Platform as a Service) cloud-based solution.
- Data security concerns, high maintenance costs, and checkout-free offline retail models will be significant challenges for the POS terminals market. Biometrics and facial recognization systems will bring new growth opportunities to the market.
- Further, the COVID-19 pandemic significantly transformed how consumers shop, affecting several market verticals. The retail sector witnessed a drastic change due to the COVID-19 pandemic. Consumers have also increased their use of various sales methods, such as curbside pickup, virtual consultations, contactless payment, and even social commerce, i.e., shopping through social media. Such trends will drive the demand for POS terminals across the Country.
China POS Terminals Market Trends
This section covers the major market trends shaping the China POS Terminals Market according to our research experts:
Healthcare Segment will Significantly Contribute Growth to the Market
- The healthcare industry is a prominent adopter of POS terminals. The segment is expected to grow due to several factors, such as government initiatives and vendor activities. The demand for securing patient information is one of the significant drivers of POS terminals in the healthcare industry. According to the National Bureau of Statistics of China, Healthcare expenditure will grow by USD 1116.80 million in the previous year. Such increasing investments in the healthcare sector will drive the studied market for payment methods.
- With the rapid digitization of the healthcare sector in different parts of the world, the need for modern POS terminals is also increasing to process pandemic-related information, payment processes, and manage patient information. Furthermore, the region's significant presence of healthcare facilities aided the market's growth.
- Advanced technologies such as 5G and blockchain technology will be implemented in the POS terminals market for contactless payments to ensure data security throughout the transaction. This deployment of innovative technologies will bring new opportunities to the market. Furthermore, the Covid-19 pandemic triggered the demand for cashless payment acceptance at hospitals, stimulating the demand for POS terminals in the healthcare industry.
- Furthermore, with the rise in the number of patients across hospitals, hospital food service management companies are working to overcome their reputation of having in-room dining options. Modernization of hospital POS came to the forefront in the region as the light continues to be shed on hospital-quality food service as essential to health and healing.
Cashless Payment is Driving the Market Growth
- China is the fastest-growing region in technology adoption, influencing the POS terminals' growth. Cashless payment's prominence in different countries also creates new market opportunities. For Instance, Sovcombank in Russia signed an agreement with China's UnionPay International (UPI), whose services payment provider system is global and offers alternatives to US cards such as Mastercard and Visa. UnionPay cards also support the contactless QuickPass payment method, allowing customers to quickly and securely pay for purchases.
- According to the South China Morning Post report published in February last year, China took two steps closer to an entirely cashless economy after two small private Chinese banks announced they would end services related to banknotes and coins the previous month. Beijing-based ZhongguancunBank ended cash services, including over-the-counter deposits and withdrawals and cash services on ATMs, in April last year, while NewUpBank of Liaoning ended its cash services in March last year.
- Further, government bodies in the region are taking the initiative to enhance the digital payment solution. Moreover, according to Worldpay, in Asia-Pacific, digital or mobile wallets accounted for the most significant percentage of point-of-sale payment methods in 2021, with over 40% of transactions. Comparatively, in the Asia-Pacific area in 2021, 16% of point-of-sale payments were made in cash.
- According to CNNIC, the number of online payment users in China will grow by 904.44 million in the last year. The increasing number of online payment users will significantly expect to drive the contactless/cashless payment market.
China POS Terminals Industry Overview
The China POS terminal market is moderately consolidated, with a few prominent companies. The companies continuously invest in strategic partnerships and product developments to gain market share. Some of the current advancements in the market are:
- March 2022 - Newland Group, one of the world's top high-tech solution providers with digital technology in its DNA, is proud to have been selected to deploy cashless payment solutions for the Beijing Winter Olympics and Paralympic Winter Games.
- February 2022 - PAX Global Technology Limited, the world's leading provider of point-of-sale terminal solutions, is glad to announce that its latest generation Android Smart PINpad, the A35, received the Enhanced Contactless (Ecos) certification from Mastercard.
China POS Terminals Market Leaders
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Fujian Newland Payment Technology Co., Ltd.
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Verifone
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Ingenico
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Cybernet
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PAX Global Technology
*Disclaimer: Major Players sorted in no particular order
China POS Terminals Market News
- March 2022 - PAX Global Technology Limited is glad to announce that on January 21, 2022, PAXSTORE and the related Value Added Services (VAS) passed the PCI DSS v3.2.1 evaluation. PCI DSS is one of the world's most demanding financial data security standards. The examination verifies that PAXSTORE and VAS's information security level satisfies the highest international requirements. It gives further confidence to PAX customers and payment card service providers that their systems and data are safe. The PAXSTORE platform is regularly improved in terms of security and feature enhancements, providing clients with a full range of services.
- May 2022 -Lavu Partnered with Verifone to provide unified payment solutions and point-of-sale solutions to restaurants.
- June 2022 - Ingenico Group partnered with Fintech Pundi X. It announced a significant milestone in the worldwide adoption of crypto payments, as Pundi X completed the integration of their XPOS software with the point-of-sale (POS) APOS A8 devices of Ingenico. This partnership is a great way to prepare for the future of payments and introduce cryptocurrency as a reliable payment option to clients and customers worldwide.
China POS Terminals Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Assesment of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Adoption of Terminals by Small-size retailers and Quick service restaurants
5.1.2 Increasing Demand for Mobile POS Terminals and Wireless Communication Technology
5.2 Market Challenges
5.2.1 Data and Security Concerns for Sensitive Information
5.2.2 Problems With Transaction Limit Installation Costs
5.3 Market Opportunities
5.3.1 Rise in Contactless Payment Adoption
5.4 Key Regulations and Complaince Standards of PoS Terminals
5.5 Commentary on the rising use of contactless payment and its impact on the industry
5.6 Analysis of Major Case Studies
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Fixed Point-of-sale Systems
6.1.2 Mobile/Portable Point-of-sale Systems
6.2 By End-User Industry
6.2.1 Retail
6.2.2 Hospitality
6.2.3 Healthcare
6.2.4 Others
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Ingenico
7.1.2 VeriFone
7.1.3 Bitel
7.1.4 Cybernet
7.1.5 New POS Technology Limited
7.1.6 Fujian Newland Payment Technology Co., Ltd.
7.1.7 PAX Global Technology
7.1.8 Shenzhen Xinguodu Technology Co, Ltd
7.1.9 SZZT Electronics Shenzhen Co, Ltd.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
China POS Terminals Industry Segmentation
The Point of sale is the time and location where a transaction is completed. A POS system is computer hardware and software that manages the transaction while selling a product or a service. It helps to store, capture, share, and report data related to sales transactions. It eases the shopping experience and helps to expedite the checkout process, resulting in customer satisfaction. Inventory management, stock in hand, availability of a product, and pricing information are primary data acquired from the systems.
China's POS Terminals Market is segmented by type (fixed point-of-sale systems, mobile/portable point-of-sale systems) and end-user industry (retail, hospitality, healthcare, and others).
The market sizes and forecasts are in terms of value (USD million) for all the above segments.
| By Type | |
| Fixed Point-of-sale Systems | |
| Mobile/Portable Point-of-sale Systems |
| By End-User Industry | |
| Retail | |
| Hospitality | |
| Healthcare | |
| Others |
China POS Terminals Market Research FAQs
What is the current China POS Terminals Market size?
The China POS Terminals Market is projected to register a CAGR of 5.23% during the forecast period (2024-2029)
Who are the key players in China POS Terminals Market?
Fujian Newland Payment Technology Co., Ltd. , Verifone, Ingenico, Cybernet and PAX Global Technology are the major companies operating in the China POS Terminals Market.
What years does this China POS Terminals Market cover?
The report covers the China POS Terminals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the China POS Terminals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China POS Terminals Industry Report
Statistics for the 2024 China POS Terminals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China POS Terminals analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
