The vehicle POS machine market is projected to grow at an exponential growth rate during the period of assessment, this growth is majorly attributed to factors such as an increase in the number of vehicles coupled with the increasing adoption of digital advertising solutions across various application segments including passenger cars and commercial cars owing to the high penetration of internet access among consumers globally. In addition, the increasing digitization level is also driving the demand for integrated electronic payment systems that work on POS machines which are increasingly being used as POS terminals by retailers across the globe.
The vehicle POS machines are a crucial component of client happiness, which is one of the essential factors in a company's success. This is because the customers spend less time in a queue and checkout times are quicker. Faster access to product information may also help to increase consumer satisfaction. For sectors like hospitality, where service speed may make or break a business, the convenience that a vehicle POS machine can offer is a huge plus.
Manual payment collection methods are ineffective and only offer a few choices. The processing of payments and the reconciliation are delayed as a result, a vehicle POS machine can assist in optimizing operations through automated daily settlement, reconciliation, and reporting as well as end-to-end payment processing. By eliminating manual errors and cutting down on processing time, improves overall efficiency. These factors are anticipated to generate excellent growth opportunities in this market in the coming years.
Due to the widespread use of internet connectivity among customers, factors including an increase in the number of vehicles and the adoption of digital advertising solutions across a variety of application areas, including passenger cars and commercial automobiles, can drive market growth. Also, as digitalization levels rise, so does the demand for integrated electronic payment systems that operate on POS devices. The demand for better customer service, including quicker transactions with fewer human errors involved, as well as an increase in vehicle parking spaces as a result of population development and urbanization are driving this trend.
Security is one of the most important challenges faced by POS machine manufacturers and users. Even one breach of the customer’s confidential data is enough to ruin the reputation and trust that the companies have built over the years with customers. The organization might not be able to handle an entire range of technical challenges that could arise from switching to a car POS machine. Putting POS devices in vehicles also necessitates planning for prospective repairs, upgrades, and maintenance, which some companies neglect to accomplish in advance.
By eliminating the hassle of payments and the associated experiences across all touchpoints, a digital POS with a technology-backed payment platform offers all-in-one payment acceptance and value-added services enables merchants to concentrate on their core businesses. POS systems are undergoing constant advancements over time to accommodate other contactless payment methods, such as mobile wallets. E-POS is a payment recognition software that runs on a smartphone and can be used to accept a small number of digital payments without a real card swipe machine as a result of modern technology breakthroughs. The payments industry is seeing the introduction of new technologies, giving customers a variety of payment possibilities. The preferred method of payment for consumers has mostly changed from cash to digital methods like mobile wallets and now contactless methods like UPI, and QR. Vehicle POS machines make it simple to accept a variety of payment methods, which aids businesses in meeting changing customer expectations.
New product launches to flourish in the market
In March 2022, Cashfree Payments, India's payments, and API banking solutions company, announced the launch of 'SoftPOS'. SoftPOS is a POS solution for businesses like grocery stores, retail shops, food delivery apps, the automobile industry, and NBFCs doing door-to-door collections. Earlier, ftcash released a mobile POS system for the automobile service center, especially those in the small to medium-sized business range.
For instance, in May 2021,as one of the certified partners for RuPay SoftPOS, the National Payments Corp. of India (NPCI) has teamed with PayCore, a provider of global payment solutions in Turkey, to promote cashless transactions throughout the nation. With the help of RuPay SoftPOS, business owners can securely accept payments through contactless cards, mobile wallets, and wearables using only their smartphones. The SoftPOS solution created by PayCore for RuPay has received approval from NPCI. This solution enables RuPay to be acquired using mobile devices with NFC capabilities or add-ons by integrating it into bank or aggregator acquiring systems. Via RuPay SoftPOS, millions of business owners can turn their NFC-capable smartphones into POS terminals to accept contactless payments.
By type: The vehicle POS machine is divided into wired and wireless. A wired car POS machine is a gadget that interfaces to the POS system using wired connections like USB and Ethernet cables. Most wired car POS machines include a printer attached to print receipts, give longer battery life, and provide improved reading accuracy. Wired car POS systems are generally used in passenger automobiles and less frequently in business vehicles, wired car POS systems. Cutting down on the time spent on manual data entry and money processing, the wired car POS helps salespeople be more productive.
By application: The vehicle POS machine is divided into passenger and commercial cars. The process of making payments for goods and services is facilitated by a vehicle POS machine, which is a POS terminal. Since a vehicle POS machine manages product inventories and customer check-outs more quickly than conventional human techniques, it can be employed in passenger cars. Because it is simple to use, this approach decreases personnel turnover rates while simultaneously reducing client wait times at counters. By using these devices, it would be possible to do away with paper receipts, which make it difficult to securely store sensitive information like credit card numbers. It will be a cost-effective investment because there will non be any need for business-related expenses to printing costs.
By region: The vehicle POS machine is divided into North America, Europe, Asia-Pacific, and LAMEA. North America dominates the global vehicle POS machine market due to the increased adoption of new technologies and improved connectivity, as well as the high demand for infotainment systems (e.g. navigation) by consumers. Due to their widespread use and enhanced return on investment, POS terminals have recently turned into a commodity for receiving cashless payments. The usage of payment terminals is anticipated to rise dramatically in the next years as a result of North America's quick transition to a cashless society.
Competitive analysis and profiles of the major players in the vehicle POS machine market, such as Datalogic S.p.A., Fiserv, Inc., Fujitsu, Guestlogix, Honeywell International Inc., Ingenico, Intermech, inc., NEC Co., NCR Co., and VeriFone, Inc., is provided in this report. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the vehicle POS machine market.
Vehicle POS Machine Market Report Highlights
Key Market Players
NEC Corporation, Honeywell International Inc., Fujitsu, Datalogic S.p.A., Fiserv, Inc., VeriFone, Inc., NCR Corporation, intermech, inc., guestlogix, Ingenico