Croatia POS Terminals Market Size

Croatia POS Terminals Market Analysis

The Croatia POS Terminals Market is expected to grow at a CAGR of 9.8% over the forecast period (2022-2027). Croatia has had exceptional development in e-commerce owing to a high mobile penetration rate, significant customer confidence in online transactions, and the availability of a safe online gateway. The expansion of contactless payments and POS terminals is now crucial for the country's continued payment growth.

• POS terminals are electronic devices used to process card payments, manage inventory, print bills, and implement loyalty programs in various end-use verticals such as restaurants, hotels, healthcare, retail, warehouse/distribution, and entertainment. The cost of implementing POS terminals varies depending on the size of the company and the terms supplied by the providers.
• Around 4 million people reside here, and tourism is a significant source of income, accounting for more than 19% of the country's GDP. Because tourists prefer card payments and internet payments for their purchases, there is a significant demand for POS terminals. which generates significant demand for POS terminals.
• Every year there are several e-commerce events organized in Croatia, these are the major online events in Europe. Which could result in creating opportunies for POS terminals market in this country.
• The increase in adoption of smart phone across the country results in rising the demand POS terminals. For instance, In 2021, According to the International Trade Administration of the United States, 98% of young Croatians use smartphones to access the internet. As a result, mobile phones are likely to be the primary instrument for making internet transactions.
• Also the increase in online retail sales help the vendors to grow their business in croatia. According to the CEIC data, Croatia's retail sales increased 14% year on year in July 2022, compared to a 9.8% increase the previous month. The recorded average growth rate from Jan 2001 to July 2022 accounted for 3.1%.
• The key players in the country are focusing on developing its digital banking solutions, which could create more opportinities for POS terminals in the near future. For instance, N.E.C. Payments has spent seven years building a strong technological and regulatory-licensed fintech platform that allows it to currently offer a geographically distinct digital banking-as-a-service solution. Now it has a strong presence for its products and services with customers in Europe, the Middle East, and Africa.
• The covid has signficantly boosted the market with contactless payments in the country and have resulted in positive growth in the market. However, the market faces challenges with security concerns due to the usage of critical information.