Malta POS Terminal Market Size

Malta POS Terminal Market Analysis

The Malta POS terminal market is expected to register a CAGR of 13.87% during the forecast period 2022-2027. The POS terminal systems have changed in the present market from being transaction-oriented devices to systems that support and interface with organizations' CRM and other financial solutions. This situation made it possible for businesses to use POS terminal-captured transactional data for business intelligence.

• The rise in the expenditure of domestic tourists in Malta is one of the primary drivers that is augmenting the market growth exponentially. According to National Statistics Office Malta, the overall expenditure of domestic travelers in Malta was significantly higher during the coronavirus (COVID-19) pandemic as compared to the previous year. In 2021, domestic spending peaked at nearly 80 million euros, rising from over 59 million euros in 2020. Meanwhile, the overall number of domestic tourists in Malta recorded an eight percent annual increase in 2021. This rise in the number and expenditure of domestic tourists will fuel the Malta POS terminal market to grow in the next upcoming years.
• Moreover, the greater use of cashless and contactless payment options in Malta is a vital factor that is driving the total growth of the market. In addition, the total population of Malta is in the growing stage, although it is growing at a very slow pace. But as the overall population of Malta grows, the demand for consumer goods will increase significantly and thus will enhance the growth of the Malta POS terminal market. As per World Bank, Malta's population had increased by approximately 0.3 percent in the year 2021 as compared to the previous year.
• Also, according to the World Bank, in the year 2021, about 14.42 percent of Malta's total population were aged mostly from 0 to 14 years, and about 63.77 percent of Malta's total population were aged 15 to 64 years. This signifies that the maximum of the population of Malta is between the range of 15 to 64 years of age. This rise of the people within this range in Malta will make a positive impact in terms of driving the market forward.
• On the other hand, the steady growth in security concerns due to the usage of critical information while using the POS terminal could be a factor that can stifle the market growth in Malta.
• The wholesale and retail sector remains very significant pillar of the Maltese economy. But due to the Covid 19 impact, both sectors have been one of the hardest hits due to the restrictions that were imposed for health reasons. However, the COVID-19 pandemic created a demand for contactless payments, thereby enhancing the total need for POS terminals equipped with NFC, RFID, and other technologies accepting payments from contactless chip cards or digital interface cards.