Market Trends of Bulgaria POS Terminals Industry
This section covers the major market trends shaping the Bulgaria POS Terminals Market according to our research experts:
Significant Rise in the Demand for Mobile POS Terminals
- Mobile point-of-sale (mPOS) describes specialized wireless devices, including tablets and smartphones, that can serve as point-of-sale terminals. The mPOS terminals are witnessing significant market growth in the country due to their mobility, better client experiences, and space savings features.
- In September last year, as the first bank in Bulgaria to provide a mobile app for contactless payments, Postbank effectively transformed smartphones into point-of-sale devices. Every merchant could offer their customers contactless payments with Visa and Mastercard cards directly through their mobile phone without the need to maintain a traditional POS terminal due to the next-generation digital innovation Smart POS by Postbank, which would be available on the Google Play store.
- Small business owners in the country conduct transactions using an mPOS without spending money on an electronic register or paying for the software's maintenance. A downloaded mobile app can turn any smartphone or tablet into a mPOS. When a business owner registers with an app, the vendor gives the business owner a card reader that connects to the mobile device to process payments. Compared to a typical POS, mPOS technology is substantially less expensive, and it is supported by cloud-based subscription models with affordable setup fees and ongoing maintenance fees.
- For instance, in April this year, Allianz Bulgaria developed the Allianz Bulgaria mPOS. This mobile application controls the mPOS terminal to accept and process payments made with credit cards, mobile devices, and other payment methods. The mPOS terminal consists of a card reader with a screen, which links to an android-powered smart device and transforms into a fully functional POS terminal for accepting contact and contactless payments. The Allianz Bulgaria mPOS application controls the payment acceptance process and establishes a Bluetooth connection between the smart device and the mPOS terminal.
- The country is witnessing a growth in the number of mPOS solution offerings by various organizations. Earlier this year, at Raiffeisen Bank in Bulgaria, the TapXphone payment solution, which turns a smartphone into a payment terminal, was successfully introduced. The smartphone application RaiPOS, which enables business owners to take contactless payments anywhere and anytime, was built on the TapXphone payment technology.
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Retail Segment is Expected to Contribute the Largest Market Share
- Retail stores are increasingly using point-of-sale terminals in Bulgaria because they are time and cost-effective and provide real-time data regarding sales performance. This is estimated that the retail segment captures the highest market share. Furthermore, it makes it easier for customers to pay quickly, which speeds up retail store checkout lines. Limiting human involvement in billing offers a trustworthy payment platform that lowers human error.
- Companies are developing more retail-friendly POS terminal solutions in the country. For instance, NOVATOR has introduced Prolaz POS, a new Smart Multi-bank POS terminal in Bulgaria. It allows several banks to share a single physical POS terminal while providing retailers with an efficient allocation of card payments. Automating checkout, reducing total processing expenses, and streamlining accounting are all possible with new services and reporting technologies.
- Many global companies are expanding their POS terminal offerings in Bulgaria due to the demand for POS terminals by the country's retail industries. In March last year, SumUp, a global mobile point-of-sale firm with its R&D division based in Sofia, the capital city of Bulgaria, recently secured Euro 750 million in funding from investors to expand its line of cost-effective POS systems to more retailers.
- A POS system is crucial for retail businesses because it collects information from the retailer about sales, inventory, and customers. Further, using this information, the business can make calculations and execute marketing strategies to entice customers to visit their businesses. Depending on the POS capabilities, retailers can create variable promos based on products, order size, membership tier, and other factors. The POS will then automatically apply these specials to any sales, saving you the time and labor of doing everything by hand.
- The cloud-based POS terminals are trending in Bulgaria, especially in the retail industries, due to their huge number of customers. Companies are developing cloud-based POS solutions to meet the demand, driving the country's POS terminal growth. In August last year, ChecPOS introduced Cloud POS Software for retailers in Bulgaria. It can boost sales and improve vendor productivity.
