Market Trends of Cyprus POS Terminals Industry
This section covers the major market trends shaping the Cyprus POS Terminals Market according to our research experts:
Mobile/Portable Point-of-sale Systems are Expected to Hold the Largest Share
- Mobile/Portable POS systems are increasingly becoming popular in the country owing to the increasing adoption among small and medium-sized businesses. These systems enable merchants and restaurant owners to accept and process payments on the go. With an mPOS system, Merchants can use their smartphones or tablet as a register.
- High internet and smartphone penetration have further boosted the adoption of mobile POS terminals across the country. The use of smartphones in payment terminals gives tremendous flexibility to users and enables businesses to speed up checkout and accept contactless payments.
- For instance, according to the data from GSMA Intelligence, there were 1.78 million cellular mobile connections in Cyprus at the start of 2022. The numbers indicate that mobile connections in Cyprus were equivalent to 145.8% of the total population in January 2022.
- Market vendors in the region started offering convenient mobile POS terminal solutions that make it easy for customers to transact while ensuring operational efficiency for the merchants. In addition, market vendors are offering flexible mPOS solutions that can provide value-added for merchants of various industries, thus driving the growth of mobile or portable POS terminals in the country.
- In addition, boosting the adoption of cardless payments will further strengthen demand for mobile POS terminals in the country, which is further supported by the country's government efforts. For instance, in June 2021, the Finance Ministry of Cyprus issued a decree obliging companies in Cyprus operating in the service sector and retail trade to accept payments via cards as of 20 September 2021. In particular, companies in Cyprus will need to install wireless and wired POS, mobile POS, and virtual POS terminals. And they should accept card payments issued by a four-way payment system such as VISA, MASTER CARD, MAESTRO, and UNION PAY.
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Retail Segment is Expected to Gain Significant Traction
- The retail segment in Cyprus' POS terminals is expected to hold a significant share as retailers across the country have started embracing POS solutions in their retail stores to offer consumers a wide range of payment solutions. Further, modern POS terminals accept a growing range of preferred payment systems, thus enabling the strong need for POS solutions in the retail sector.
- In addition, the adoption of POS solutions gives merchants access to innovative payment platforms without requiring any investment or new hardware thus, boost the adoption among retail businesses across the country.
- Further, growth in supermarkets and grocery stores coupled with increased retail sales will foster the demand for POS terminals in the retail sector. For instance, as per data from the Statistical Service of the Republic of Cyprus, the retail trade value index in the country increased from 127.7 points in March 2022 to 144.1 in Aug 2022. The year 2015 has been taken as the base year used to calculate the index value.
- In addition, POS solutions for retail businesses can provide a safe and sustainable alternative to cash and allow merchants to digitalize effectively, offer more payment options to their customers, and ultimately grow their businesses. Market vendors in the region are capitalizing on the opportunity and started offering innovative POS terminals for retail payments. Such instances are expected to enhance the adoption of POS terminals in the retail segment over the forecast period.
