Market Trends of Croatia POS Terminals Industry
This section covers the major market trends shaping the Croatia POS Terminals Market according to our research experts:
Retail Sector Driving the Growth of POS Terminal Market
- The retail sector is shifting towards electronic and online payment modes for the new norm, replacing cash. Introduction of hyper stores and retail chains operating throughout the country prefer centralized payment records and systems, implementing intelligent POS solutions. Such systems are implemented by complying with the government norms, ensuring safe and reliable payments. The evolution of technology is also witnessing smart integrations for a better user experience.
- The retail sector across this country is growing, and key players in the retail sector are expanding their stores across the country which creates more demand for POS terminal vendors, For instance, The four Croatian Stop Shops in Valpovo, Osijek, Ludbreg, and Nasice, totaling roughly 21,000 square meters, were fully leased in September 2021. The retail park in Ludbreg is now being expanded by around 3,000 square meters, and this area, as well as the new retail park in Kastela, are set to open in the first half of 2022.
- Moreover, The total investment for the additional locations for retail parks in Croatia is approximately EUR 250.0 million. The new plots, which have a total area of more than 730,000 sq m, were bought through the local development expert ENS; the retail parks created on them will have a leasable space of more than 190,000 sq m.
- Despite the ongoing bear market, payments in cryptocurrencies such as Bitcoin (BTC) have increased at Croatia's largest grocery chain Konzum in 2022. Konzum has experienced an upsurge in purchases made with cryptocurrency since its introduction in 2021.
- The super market chain has expanded the crypto payment option to numerous self-checkout cash registers at actual pilot stores. Konzum is also continuing to collaborate with the local crypto payment firm Electrocoin to bring cryptocurrency payments to all 700 physical stores in Croatia.
- Taking advantage of the industry's expanding spectrum of digital solutions, several retailers have invested in high-tech improvements for their storefronts and expanded their multichannel offerings.
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Significant Rise in the Demand for Contactless and Mobile POS Terminals
- The market is witnessing heavy adoption of contactless modes of payments like "tap-to-pay" with the introduction of NFC. The adoption of users is increasing at a considerable rate. For instance, according to the survey results presented by Postbank, most of the new POS terminals are equipped with NFC as an option to facilitate contactless payments, along with alternatives.
- Monri is the retail and hospitality payments market provider. Customers in the region can find Monri's products at over 5,500 restaurants and over 1,000 online shops, as well as over 8,000 SinglePOS devices in stores.
- Moreover, the Mastercard team stated that by collaborating with Monri, the card user count has increased in Croatia. Also, Mastercard announced that it is working with Monri on future projects for developing payment methods. According to a Mastercard survey in 2022, 97% of the Croats have credit or debit cards now.
- The signature authorization will no longer be required for contactless card transactions. They will instead be authorized by entering their PIN. PIN entry is not required in Croatia for contactless purchases of less than HRK 250. Simply tap the card against the POS terminal, and the transaction is complete. All other POS terminal and ATM transactions must be authorized by inputting the PIN.
