Market Size of Cyprus POS Terminals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cyprus POS Terminals Market Analysis
The Cyprus POS terminals market is expected to register a CAGR of 13.6% during the forecast period of 2022-2027. The primary factors driving the Cyprus POS terminals market's growth are high internet and smartphone penetration, growing efforts by the government to drive card payments, advancements in technology enabling secure and convenient payments, and the rising adoption of mobile/portable POS systems in retail and hospitality sector, among others.
- The POS terminals market in the country has been witnessing a rising trend in demand for POS terminals, owing to the increasing shift towards contactless payments, widespread adoption of POS terminals among the retail sector, and the government's efforts to increase the use of card-based payments.
- The government efforts further support the growth of POS terminals. For instance, in June 2021, the Cyprus Ministry of Finance issued a Decree imposing the obligation to accept payment means by card on specific categories of businesses that carry out economic activities in Cyprus. The Decree determines that the terms 'POS' (Point Of Sales) terminals and 'card-based payment means' for the imposed obligation include devices such as wired and wireless POS terminals, mobile POS terminals, methods and applications such as virtual POS terminals which can be used for the acceptance of cards, with and without the physical presence of a card, meaning distance sales.
- The finance ministry's Decree will increase the widespread adoption of wired, wireless POS terminals and mobile POS terminals in various end-user industries, such as retail and hospitality, to accept card-based payments, thus positively impacting the market's growth.
- In addition, high internet penetration has resulted in the widespread adoption of contactless card payments in the region, supported by market vendors' mobile POS solutions. For instance, according to the Kepios Analysis data, Cyprus's internet penetration rate stood at 91.0% of the total population at the start of 2022.
- The Covid-19 pandemic acted as a catalyst for digital payments and the acceleration of POS terminals in the country. The use of cards as a payment form instead of cash or performing contactless payments has been widely observed and experienced, thus boosting the adoption of POS terminals in businesses to provide a wide range of digital payments during the pandemic.
