Outdoor Payment Terminal (OPT) Market

Outdoor payment terminals (opts) are unattended payment terminals that provide customers with secure and quick self-service transaction options using contact or contactless payment methods. For end-user industries that see a high volume of transactions daily such as gas stations, outdoor payment terminal allows customers to take advantage of services and pay conveniently without the need for additional staff. Outdoor payment terminals improve security, efficiency, and flexibility in transaction processes. In addition, using outdoor payment terminals reduces operating costs by eliminating the need for personnel for transactions, provides consistent customer service, and increases service availability 24/7. Furthermore, outdoor payment terminals communicate with management systems to improve control and oversight of transaction processes. Therefore, reduce maintenance and increase terminal serviceability, and maximize the service uptime of the terminals.

The global outdoor payment terminal market is segmented on the basis of deployment mode, end user, and region. Based on deployment mode, the market is divided into On-premises, Cloud. In terms of end user, the market is categorized into BFSI, IT and Telecommunications, Retail, E-commerce, Government, Energy, Utilities, Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

COVID-19 Scenario Analysis

• With the rising trend of cashless transactions during the COVID-19, OPT market is expected to grow significantly as consumers, as well as merchants, rely on touchless mode of transactions because of the fear of the spread of the virus. Therefore, the pandemic has positively impacted the outdoor payment terminals market. 
• Moreover, work-from-home culture and the increased demand for e-commerce have increased the market growth of the outdoor payment terminal (OTP) market during the pandemic.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Increased usage of smartphones, adoption of cloud-based solutions, and customers’ demand for quicker payment settlements are driving the growth of the market. However, high deployment costs and increasing market competition are expected to hamper the growth of the market. Contrarily, the rise in adoption of the internet-of-things can be seen as an opportunity for the outdoor payment terminal market.

The Outdoor Payment Terminal Market Trends Are As Follows:

The Rise in the Adoption of Smartphones:

The rising use of smartphones and consumer awareness regarding online payments, facial recognition, fingerprint software for their smartphones, and the availability of online grocery, clothing, and electric products, is driving the demand for smart payment systems such as OPT. Users have built trust among consumers by adding a layer of verification to payment portals to secure information. Furthermore, real-time payment technology allows for payment access 24/7. Moreover, companies across industries are adopting an online payment culture, which is expected to boost the demand for this outdoor payment terminal (OTP) portals. Therefore, the adoption of smartphones by consumers is a major boosting factor for the growth of the outdoor payment market.

High Deployment Cost:

Cost is an important consideration when selecting advanced technologies such as outdoor payment terminals (OTP), UPI, debit cards, and online banking. High-security applications are typically expensive. The cost of incorporating or providing access to an online payment gateway application is usually very expensive. The high cost of real-time payment solution components, as well as the cost of incorporating payment gateways into the online payment market, is impeding the market growth. In addition, the installation of high security to protect the interests of others is a significant cost component. These are major reasons which limit the demand for technology for both private and public companies. Therefore, high costs and difficult implementation are expected to hinder the market growth of the outdoor payment terminal market during the forecast period.

Key Benefits of the Report:

• This study presents an analytical depiction of the outdoor payment terminal market along with the current trends and future estimations to determine the imminent investment pockets.      
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the outdoor payment terminal market share.        
• The current market is quantitatively analyzed to highlight the outdoor payment terminal market growth scenario.            
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.         
• The report provides a detailed outdoor payment terminal market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Outdoor Payment Terminal Market Research Report:       

• Which are the leading players active in the outdoor payment terminal market?
• What would be the detailed impact of COVID-19 on the outdoor payment terminal market size?
• What are current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the outdoor payment terminal market forecast?
• What are the projections for the future that would help in taking further strategic steps?

 Outdoor Payment Terminal (OPT) Market Report Highlights