Spain POS Terminals Market Size (2024 - 2029)

Spain POS Terminals Market Analysis

The Spain POS Terminals Market is expected to register a CAGR of 7.23% over the forecast period (2022-2027). The COVID-19 pandemic created a demand for contactless payments, increasing the need for POS terminals equipped with NFC, RFID, and other technologies accepting payments from contactless chip cards or digital interface cards.

• Bank transfers are a common way to pay for goods and services in the Spanish market. Because bank transfers are direct, they appeal to businesses that wish to guarantee and safeguard their payments. Additionally, it expedites payment processing and aids people without common debit or credit cards. Trustly is a well-liked way to pay while using online banking. Additionally, there is a tonne of Spanish-specific money transfer applications like Bizum and Teleingreso.
• In the Spanish market, bank transfers are a typical method of payment. Bank transfers are appealing to companies who want to guarantee and secure their payments because they are direct. It also facilitates payment processing and helps those who lack typical debit or credit cards. A popular method of payment while utilizing internet banking is Trustly. There is also a tonne of Spanish-specific money transfer programs like Teleingreso and Bizum.
• Debit cards are being used for payments more frequently than ATM withdrawals as low-value cash transactions continue to move to them. Debit cards thus saw a large increase in both the number and value of card payments. Banks supplying cards for specialized markets and providing discounts at partner retailers are partially to blame for the increase in usage.
• Credit cards are being used more often as well. Banks' inclusion of credit cards in packages of bundled accounts was a major factor in this expansion. Charge cards, however, are more widely used in Spain than credit cards. Between 2017 and 2021, there was a huge growth in the number of charge cards in use.
• The country's contactless payment limit was raised from EUR 20 (USD 24.46) to EUR 50 to encourage the usage of contactless payments (USD 61.14). Additionally, in September 2021, the Ministry of Transport and Renfe, with assistance from Mastercard and Santander, announced the beginning of the Cronos project, which aims to install POS terminals in Cercanas train stations so that users can make contactless payments for tickets using cards and mobile devices.
• The lower total cost of ownership in comparison to alternative payment methods, as well as a sharp increase in demand for contactless and mobile POS terminals, are the main factors propelling the market's growth. However, security concerns caused by the use of sensitive data that might result in data breaches on mPOS restrict the market growth.
• The COVID-19 epidemic has compelled Spain to finally start utilizing cards and electronic payments more, but not everyone is pleased with the shift. In Spain, bank cash withdrawals decreased by 33% in 2020. In contrast, the number of point-of-sale (POS) machines has surged by approximately 50% since three years ago.

Spain POS Terminals Industry Segmentation

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 those devices being used to process a transaction/information. 

The market is further categorized to include end-users such as retail, healthcare, hospitality, etc., across Spain. Also, a detailed COVID-19 impact on the market studied is made part of the study.