Market Trends of Czech Republic POS Terminals Industry
This section covers the major market trends shaping the Czech Republic POS Terminals Market according to our research experts:
Significant Rise in the Demand for Contactless and Mobile POS Terminals
- In the post-pandemic period, the Czech Republic is one of Europe's trailblazers when switching from cash to contactless payment systems. According to data from the European Payments Council, contactless card payments are a leading trend in the Czech Republic and throughout Europe. According to the survey, the Czech Republic has a long history of innovation, which, to put it simply, makes it ready to adopt new payment technology.
- Further, Mastercard states that around 98% of the country's population own a contactless payment card, and 94% use contactless payments. Czechs spent more than 574 billion Czech korunas through contactless transactions. Additionally, the growing partnerships in the country are significantly contributing to the market growth rate.
- For instance, In April 2020, Worldline, the prominent French payment services provider, and GoPay, the major Czech online payment services provider, announced a partnership by the number of e-stores handled. Worldline has bought a 53% majority ownership in GoPay for an unknown sum, as was reported in April 2020. The deal was completed in the third quarter of 2020, and Worldline has the right to purchase the unsold shares in 2022. The company stated that Worldline's technological expertise would give it product synergies that will enable it to expand services domestically and abroad, such as adding new features to card payments, expedited clearing for foreign currencies, or adding new features to POS terminals under more favorable circumstances.
Understand The Key Trends Shaping This Market
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Retail is Expected to Register the Fastest Growth Rate
- One of the major industries using POS terminals is the retail sector. The retail industry's consistent rise in the POS terminal market has been driven by the rising demand for various POS systems among big retailers, supermarkets, and department stores with a strong and centralized system. Due to its consumer mapping application, POS has seen growing use as the focus on customer behavior has evolved.
- IT has completely changed the industry. This rate of change is accelerating and has a significant influence on the retail sector. Companies are eager to win over customers; they provide flexible payment alternatives and user-friendly technologies.
- Moreover, despite all the difficulties and modifications that the coronavirus outbreak has brought, physical shopping still plays a significant role in the retail industry. Czechia continues to be the main market for the entry of international brands into the Central and Eastern European region because of the consistently high local purchasing power and because foreign tourists make up a significant portion of the country's customer base, particularly in Prague and other tourist hotspots, and are factored into retailers' long-term plans.
- Further, the growing expansions in the region are analyzed to boost the market growth rate during forecast period. For instance, in June 2021, Primark has established its first store for the Czech Republic, entering its fourteenth market. The business, located on Wenceslas Square, employs around 300 people. According to the company, this is yet another crucial market as it continues its expansion into Central and Eastern Europe and develops its pipeline of new stores around the area.
