Estonia POS Terminal Market Size (2024 - 2029)

Estonia POS Terminal Market Analysis

Estonia Point Of Sale terminal market is expected to grow at a CAGR above 14.3% during the forecast period, 2022-2027. Estonia is a frontrunner for card payments, and its community was among the first to adhere to the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) in 2017.

• Estonians rank highly for their use of cards and other non-cash payments because of their literacy in digital payments and the broad acceptance and use of cards without minimum thresholds. In the early 1990s, we built our financial and payment infrastructure from scratch using the best technologies available.
• Estonia is set out to become a digital nation where banks act as fintechs, advancing digital payment solutions and building up high expectations among payment service users.
• The efforts by the European Commission to simplify the payment acceptance facilities of merchants are also triggering the market's growth. Till 2023, as part of the retail payments strategy, the European Commission has an action plan to support the modernization and simplification of EU merchants' payment acceptance facilities. This support could be achieved by guidance and awareness-raising amongst national retailers.
• However, the country's sharp decline in birth rate has been the topic of discussion. According to IMF, the country's population is forecasted to remain at 1.33 million by 2027. The decline in population can have a negative impact on the long term usage of POS Terminals market.
• The move to a cashless society was in full swing before COVID-19. However, the perceived risk of infection accelerated it via hard currency. Before the pandemic, cash accounted for around 44% of in-store payments in Europe, according to Worldpay's Global Payments Report. Already being a digitally fueled economy, the country witnessed a significant surge in demand for PoS Terminals.

Estonia POS Terminal Industry Segmentation

• Estonia PoS Terminal market covers the number of terminals sold in a particular year.
• Fixed POS terminals include devices such as PC-based workstations, namely PC-class Processor-based and LAN available terminals. Also, PC on Cash Drawer Devices (PCOCD) and self-checkout (unattended terminals) are part of the scope.
• Mobile/Portable devices such as tablets of all sizes and handheld terminals with or without payment processing capabilities are considered. This specific segment caters to the devices used to process a transaction/information. mPOS systems are linked to traditional transaction peripherals, including credit card machines, receipt printers, or scanners, and run on tablets, allowing the user to quickly process a transaction from anywhere on the floor or open a new lane/terminal. Devices are considered with or without credit/debit readers.
• The market is further categorized to include end-users across Estonia, such as retail, healthcare, hospitality, etc. Also, a detailed COVID-19 impact on the market studied is made part of the study.