Point of Sale (POS) Terminals and IoT

The world is undergoing a continual shift away from traditional coin and paper-based payment methods like cash and checks towards electronic alternatives, including payment cards and mobile phone payments. According to Berg Insight, in 2021, the global number of installed Point of Sale (POS) terminals reached almost 231 million units, while specifically mobile (mPOS) terminals are expected to grow from 91 million units in 2021 to 135 million in 2026. The expansion of the POS terminals market can be attributed to the increasing use of electronic payment systems in developing economies due to their ability to conduct transactions throughout the store, reduce lengthy queues during peak hours, automatically update inventory with alerts for low stock levels, and collect customer behavior data for personalized loyalty programs. 

1NCE customers from the Retail industry, including POS Terminals’ owners and manufacturers have launched hundreds of IoT projects in the US, UK, Germany, Italy, South Korea, Japan, China, and more countries around the globe, which shows a high relevance of IoT to the Point-of-Sale terminals and other payment systems. 

Top Players within Point of Sale Terminals

The major leaders in the Point-of-Sale Terminal market include: 

Vendor 

Location 

Website 

Castles Technology 

Taiwan 

http://www.castlestech.com/ 

TopWise  

China 

https://www.topwisesz.com/ 

Ingenico  

France 

https://www.ingenico.com/ 

PAX Technology 

China 

https://www.paxtechnology.com/ 

Newland Payment Technology 

China 

http://www.newlandpayment.com/ 

Centerm  

China 

http://www.centerm.com/ 

Verifone 

USA 

https://www.verifone.com/ 

Dspread Technology  

China 

http://www.dspread.com/ 

Sunmi  

China 

https://www.sunmi.com/en/ 

Square 

USA 

https://squareup.com/ 

First Data  

USA 

https://www.fiserv.com/ 

Clover  

USA 

https://www.clover.com/ 

Point of Sale Applications 

The use of IoT on POS terminals can refer to different problems and solutions, forming the following applications: 

Application 

Description 

Inventory Management 

IoT-enabled POS terminals can track inventory levels in real-time, helping businesses manage stock efficiently, prevent stockouts, and automate reordering. 

Customer Analytics 

By collecting data on customer behavior, such as purchase history and preferences, IoT-enhanced POS systems can provide insights for targeted marketing and personalized experiences. 

Contactless Payments 

IoT technology enables contactless payment options, enhancing security and convenience for customers, and reducing physical contact during transactions. 

Remote Monitoring 

POS terminals equipped with IoT sensors can be remotely monitored for issues, enabling proactive maintenance and minimizing downtime. 

Loyalty Programs 

IoT-connected POS terminals can automatically enroll customers in loyalty programs, award points, and offer discounts or rewards based on purchase history. 

Mobile Ordering and Payment 

Customers can use their mobile devices to order and pay at IoT-enabled POS terminals, improving efficiency and reducing physical contact. 

Digital Signage Integration 

POS systems can integrate with digital signage for displaying dynamic content, promotions, and advertisements tailored to customer preferences. 

Energy Efficiency 

IoT technology can optimize power consumption in POS terminals, reducing energy costs and environmental impact. 

Security and Surveillance 

IoT-enabled POS terminals can incorporate security cameras and sensors to monitor the point of sale area for theft prevention and employee safety. 

Predictive Maintenance 

IoT sensors in POS devices can predict when maintenance is needed, preventing unexpected breakdowns and ensuring optimal performance. 

Learn more about the role of IoT in Retail and explore our Customer Insights.

1NCE Shop

Buy the 1NCE IoT Lifetime Flat now

Visit the 1NCE Shop and start connecting your IoT devices easily. Simply order your SIM cards, choose the desired type of SIM card and fill out all required forms. After the payment has been approved you get your cards within five to seven business days.