The amount of smart POS systems will increase by 156% by 2026, with companies needing to implement new features to stay ahead of the market.
The research from Juniper Research claims the number of smart POS terminals will increase from 13.7 million in 2021 to 35 million in 2026.
It claims that as digital payments accelerate and QR codes offer greater competition, POS systems will need to offer more features.
The research recommends POS manufacturers focus on high-value features, such as inventory management, loyalty scheme automation and store synchronisation to boost the appeal of their offering.
Additionally, the POS Terminals: Device Innovation, Competitive Landscape & Market Forecasts 2021-2026 report claims that by 2026 57% of all payments at POS will be contactless. This is a growth from just under 25% in 2021.
Due to this, Juniper suggests contactless enablement is a default for POS manufacturers.
The report also found that the ability to use NFC on mobile devices to accept contactless payments will increase.
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