Brazil POS Terminal Market Size

Brazil POS Terminal Market Analysis

The Brazil POS Terminal Market size is estimated at USD 6.08 billion in 2024, and is expected to reach USD 11.06 billion by 2029, growing at a CAGR of 0% during the forecast period (2024-2029).

The POS terminal market has grown significantly over the past few years, owing to its ability to offer an increased return on investment and ease of access. POS systems that facilitate transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in companies of small and big sizes over the years.

• POS terminal systems have grown from transaction-oriented devices to systems that support and integrate into firms' CRM and other financial solutions in the present market scenario. Companies could use collected transactional data from POS terminals to provide business insight in this case.
• Many banks in Brazil have issued credit and debit cards to increase the frequency of cashless transactions in the hospitality and retail sectors. This reduces the risk of losing money and increases the use of cards at POS terminals throughout the country. Moreover, the issue of add-on cards by banks is expected to increase the awareness of POS transactions, which will increase the revenue generated by the banks during the forecast period.
• Vendors in Brazil have supported consistent development in mobile payments, particularly smartphone-enabled QR-code payments. Similarly, progress has been made in other sectors of the ecosystem. Cashless projects are making tremendous progress, with the establishment of a government-funded biometrics infrastructure and a rise in the use of EMV-based contactless payments. Such trends are expected to act as major catalysts for the increase in the adoption of POS terminals in the country.
• The expanding digitization of the economy and the increasing application of contactless technology will drive the POS Terminals market forward. Growing awareness of the effectiveness of POS displays, an increase in retail chains, and the increasing usage of near-field communication-enabled systems are all likely to help the market's growth.
• The Food delivery Companies in Brazil are partnering with IT Companies to implement fully integrated payment processing, kitchen display systems, Inventory controls, labor management, kiosks, and other developments to improve their sales.
• One of the major issues with the POS system is cybercrime. They can steal customer data while it is unencrypted by installing POS malware into the POS system. On the other hand, biometric technology protects the POS system by including a fingerprint scanner. Users cannot use the credentials of others to log in to the POS system. As a result, in terms of security, the POS terminal is safe to use and is expected to boost the point-of-sale terminal market.
• The COVID-19 pandemic substantially altered how customers purchase, affecting various business segments. The pandemic had a significant impact on the retail industry. Consumers have also increased their usage of diverse sales tactics, such as curbside pickup, virtual consultations, contactless payment, social commerce, or social media purchasing. According to the most recent retail experts and shopper surveys, this new habit is projected to persist during the projection period. Such changes have influenced POS terminal demand.