GVR Report cover Outdoor Payment Terminals Market Size, Share & Trends Report

Outdoor Payment Terminals Market Size, Share & Trends Analysis Report By Type, By Application, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR452108
  • Format: Electronic (PDF)
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The global outdoor payment terminals market is expected to witness significant growth over the forecast period. The rising adoption of technologies such as machine learning and artificial intelligence (AI) for faster financial transactions at fuel stations, coupled with benefits such as lesser transaction time and ease of convenience offered by outdoor payment terminals (OPTs), is propelling the market growth. The increasing adoption of alternative payment methods such as contactless or mobile methods of payments using digital wallets is also expected to contribute to the market growth. Additionally, the integration of intelligent algorithms to make quick payments at NFC-enabled terminals using smartphones, along with the untapped potential of emerging economies, are expected to offer lucrative opportunities to solution providers over the forecast period.

Outdoor Payment Terminals Market Segmentation

Segments

Details

Type

Contactless Payment Terminal; Contact Payment Terminal

Application

Refuel; Carwash; Others

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

Numerous companies across the globe are focusing on adopting next-generation payment solutions as these solutions enable customers to perform basic financial transactions seamlessly. Moreover, self-service payment technology providers are partnering with other companies to enhance their offerings and improve customer experience. For instance, in August 2021, Invenco Group Ltd., a company that provides self-service payment technology, announced its partnership with Centrapay, a digital assets technology provider to integrate consumer and merchant systems, to enable pay-at-pump terminals to accept digital payments and offer increased flexibility to customers.

The outbreak of the COVID-19 pandemic has adversely impacted the market growth. Lockdowns imposed across the globe to curb the spread of the virus led to restrictions on the movement of people and goods, thereby resulting in supply chain disruptions and a decline in the demand for OPTs. However, the increasing need to reduce the use of payment systems that involve physical contact has prompted merchants to rapidly adopt OPTs to enable safer payments. As a result, OPTs system vendors are expected to witness exponential growth in their customer base over the forecast period.

OPTs enable customers to conveniently make payments without any additional staff. It offers efficiency, security, and flexibility to the transaction processes. Self-service payment terminals help to reduce the operating costs and also provides 24/7 consistent customer services. These systems are designed to withstand harsh environmental and climatical conditions and are water, temperature, and dust resistant. OPTs offer PCI-certified services with redundant communication channels through 3G and ethernet to ensure consistent quality of communication. Such factors bode well for the market growth.

Key players in the outdoor payment terminals market include NCR Corporation, Gilbarco Inc., Invenco Group Ltd., VeriFone, Inc., Dover Fueling Solutions, and Scheidt & Bachmann GmbH. These players are focused on adopting growth strategies such as partnerships, mergers & acquisitions, and new product development to further expand their global market presence. For instance, in October 2021, NCR Corporation announced the expansion of its partnership with Royal Farm, a convenience store retailer, to provide self-checkout solutions in over 250 stores. Self-checkout solutions offer touch-free customer interactions through scan and payment options, thus providing flexible services.

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