Market Trends of Brazil POS Terminal Industry
Growth of Mobile POS Payments is Expected to Drive the Market Growth
- mPOS terminals are expected to grow faster in the market during the forecast period due to better mobility and automatic data backup provided by the deployment of mobile POS software and applications. The growing need for mobile POS terminals with convenience features like invoice management, inventory management, and image scanners across industry verticals, including retail, tourism, and e-commerce, will push the POS terminal market forward.
- Furthermore, as debit and credit card technology evolved, contactless payments became popular for completing a rapid transaction without inputting a PIN, driving up demand for the POS terminal market in Brazil.
- Growth in smartphone penetration, a large base of SMEs and micro-merchants, and an expansion of card user base due to different government and bank card acceptance programs are boosting the mPOS market.
- The vendors in this region are expanding their product line by launching new products & services, which helps promote market growth. For instance, in October 2022, Wirecard Brasil (formerly Moip), part of the Wirecard Group, the significant provider of digital financial technology, announced the introduction of its omnichannel payment services in Brazil. With the new mPOS (mobile Point-of-Sale) technology, all businesses in Brazil may now take immediate on-site card payments, increasing the customer experience and removing the need for real cash.
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Retail End-User Industry Segment is Expected to Hold Significant Market Share
- Retailers are using mobile POS terminals to remotely access their stores and reduce the factors contributing to decreased revenue due to staff shortages. This gives the owners regular updates on the work done in retail locations. It also allows for the tracking and organization of products in physical and online marketplaces. Retail POS terminal software compatible with NFC and EMV compliance has been introduced by market leaders, allowing customers to make payments more quickly and securely.
- Retailers have implemented POS terminals to attract more customers. These devices contribute to a faster customer shopping experience by making the checkout process faster and easier. Several major retail brands have installed mobile POS terminals in their stores to make shopping more convenient for customers. Supermarkets increasingly use POS terminals to automate employee, inventory, and customer management.
- The growth in e-commerce and the entangling of brick-and-mortar and online retail practices are also expected to affect the future growth of the terminals. In fact, with the option of cash on delivery provided by major e-commerce platforms, a sudden surge in the adoption of mobile POS terminals has been recognized.
- Retailers in Brazil are expanding their spaces to increase revenues and create a brand image, creating an opportunity for POS Terminal vendors in that country. For instance. in November 2021, the NBA planned to expand its presence in Brazil by opening six new NBA stores in the South American country by January 2022, bringing its total to 18. It opened its NBA Store Arena in So Paulo and 5,000-square-foot retail space, making Brazil the league's third-largest physical retail market and the largest in Latin America.
