NFC-Ready POS Terminals to Hit 8 in 10 Globally by 2022
7-10-2018
An analysis from Swedish market research firm Berg Insight has predicted NFC-enabled point-of-sale (POS) device installations will grow annually at a compound rate of 15.6 percent from 2017, resulting in an uptick which will make 78 percent of the world’s POS terminals ready for contactless payments by 2022.
Total installations will total 112.3 million NFC-ready units globally in 2022, the analysis found, up from 54.5 million units in 2017. Currently, 3 in 5 POS terminals shipped in 2017 are NFC-ready globally; about 50 percent of POS terminals are ready to accept NFC contactless payments, the report said.
The research report also noted strong momentum for NFC-enabled terminals in 2017. Annual shipments reached an estimated 24.7 million units worldwide. Shipments were the highest in Europe and North America, where 90 percent and 88 percent of shipments were contactless ready respectively, the report found.
Mobile POS devices (mPOS), or terminals based on connected mobile devices like tablets and smartphones, are also driving contactless payments forward. The report found that NFC-ready mPOS shipments reached 9.7 million units in 2017, and Berg forecasts that global shipments will grow annually at 28.9 percent to reach 34.5 million units by 2022.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
Related Posts
News
ETA Expert Insights: The Evolution of Mobile Payments
By Eddie Johnson, VP of Proposition, Aevi and Chris Barker, Product Proposition Manager, Aevi ETA Mobile Payments Committee From the introduction of NFC and contactless technologies to the adoption of softPOS and the rise of . . .
6-30-2022
learn more
News
Is the Relationship Between Financial Institutions (FIs) And Fintechs Complicated? Not Anymore.
By Sumit Arora, Senior Vice President, Enterprise Payments Strategy, Wells Fargo Building a Balance Between Competition and Collaboration There is a long history between banking and technology, dating back to around 1866 when the telegraph . . .
6-16-2022
learn more