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:
Newland Payment Technology
Point of Sale Applications
The use of IoT on POS terminals can refer to different problems and solutions, forming the following applications:
IoT-enabled POS terminals can track inventory levels in real-time, helping businesses manage stock efficiently, prevent stockouts, and automate reordering.
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.
IoT technology enables contactless payment options, enhancing security and convenience for customers, and reducing physical contact during transactions.
POS terminals equipped with IoT sensors can be remotely monitored for issues, enabling proactive maintenance and minimizing downtime.
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.
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.
IoT sensors in POS devices can predict when maintenance is needed, preventing unexpected breakdowns and ensuring optimal performance.