Mexico POS Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers POS System Mexico and the Market is Segmented by Type (Fixed Point-Of-Sale Systems, Mobile/Portable Point-Of-Sale Systems) and by End-User Industry (Retail, Hospitality, Healthcare). The Market Sizes and Forecasts are Provided in Terms of Value (USD Billion) for all the Above Segments.

Mexico POS Terminals Market Size

Mexico POS Terminals Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 1.57 Billion
Market Size (2029) USD 2.49 Billion
CAGR (2024 - 2029) 9.69 %
Market Concentration Medium

Major Players

Mexico POS Terminals Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Mexico POS Terminals Market Analysis

The Mexico POS Terminals Market size is estimated at USD 1.57 billion in 2024, and is expected to reach USD 2.49 billion by 2029, growing at a CAGR of 9.69% during the forecast period (2024-2029).

POS terminal systems have changed from transaction-oriented terminals and devices to systems that can interact with the company's CRM and other financial solutions. With the assistance of this innovation, end users can now better manage their revenue streams and inventory due to business information.

  • The main benefits of POS systems include lower maintenance costs, precise transactions, and real-time inventories. Due to the practical advantages of modern POS systems, businesses have switched from using old billing software to POS systems, guaranteeing the expansion of POS systems. The study tracks the fixed and mobile POS terminals used in different industries, such as retail, hospitality, healthcare, and others.
  • The Mexican POS terminals market is expanding fastest in retail. Several retailers in Mexico are switching to straightforward transactions to prevent long waiting lines and transaction delays. 
  • To provide individualized, interactive, and distinctive customer experiences, merchants are now combining the POS system with inventory, merchandising, marketing, and Customer Relationship Management (CRM) data. The POS's consumer mapping application has also seen increased use due to the increasing focus on consumer behavior.
  • According to the National Institute of Statistics and Geography (INEGI), consumer spending in Mexico rose by 1.5 percent quarter-over-quarter to MXN 12.76 trillion (USD 655.9 billion) in the second quarter of 2022. The rise in consumer spending directly impacted the demand for POS terminals as a means of an easy payment option. Furthermore, the growth in e-commerce and the entangling of brick-and-mortar and online retail practices are also expected to affect the future growth of POS terminals. With the option of payment on delivery provided by major e-commerce platforms in the region, a sudden surge in the adoption of mobile POS terminals has been recognized.
  • Due to using critical information, security concerns have become a challenge to the market's growth. POS terminals are connected to the internet and network, making them vulnerable to attacks to gain access and manipulate it like any other insecure machine. Attackers could access unencrypted card data, including PIN and Track2 information, providing all the information required to steal and clone payment cards.

Mexico POS Terminals Market Trends

Increased Use of Cards as Payment Methods is Expected to Drive the Market Growth

  • The growth of fintech companies and digital-only banks is expected to increase competition and the use of debit cards in the Mexican banking industry. In contrast to the United States, where credit cards are widely used, people in Latin America, particularly those with lower incomes, have traditionally made cash payments. In recent years, there has also been a transition in Mexico, and more people are becoming comfortable with using credit cards to make purchases due to growing digital adoption.
  • Digital savvy millennials are contributing to the increased use of buy now pay later services in Mexico. Players like PayPal and Sezzle operate in the buy now pay later market, which is particularly popular for e-commerce purchases. With KueskiPay, customers can make online purchases from partners' merchant sites over up to 12 months. Users can pay off payments at OXXO stores with cash, a debit card, or a Mercado Pago account. This is viewed as a replacement for Mexico's well-liked credit card payment system.
  • The region is witnessing the investment and entry of multiple players with their credit card services. For instance, in July 2022, a startup, Stori, raised an extra USD 50 million in equity at a USD 1.2 billion valuation. Storiprovides credit cards to underprivileged areas in Mexico. Additionally, it has USD 100 million in debt finance. In addition to participation from other current and new investors, such as Lightspeed Venture Partners, General Catalyst, Vision Plus Capital, Goodwater Capital, and TresaliaCapital, the equity portion of the deal was co-led by BAI Capital, GIC, and GGV Capital.
  • There is a wave of cryptocurrency cards in the Latin American market, although they were previously debit cards, as those introduced by Ripio and Bitsowith Visa and Mastercard, respectively. Crecy in Mexico previously offered credit using users' cryptocurrency as collateral. Another option is the prepaid crypto card of the Argentine firm Belo. Its second product, a credit card, was available in September 2022. The card has no additional costs or charges.
Mexico POS Terminals Market: Share of Cash at POS (in-store payments) in Mexico and Brazil in 2022 and 2023, in Percentage

Retail Segment is Expected to Hold Significant Market Share

  • The retail industry is one of the major users of POS terminals. The segment is expected to hold a significant share in the Mexico region. The retail segment is slowly picking up with the reopening of brick-and-mortar stores in different parts of Mexico. Tech and non-tech-savvy customers are equally demanding in desiring a seamless experience at their preferred retailers.
  • The increasing need for multiple POS systems among big retailers, supermarkets, and departmental stores with a robust and centralized system has propelled the retail sector's steady growth in the POS terminal market. The increased emphasis on consumer behavior has led to increased POS adoption due to its consumer mapping application.
  • The rising number of retail stores across Mexico attracts customers due to significant discounts and other services; however, customer retention becomes the primary challenge to sustaining in the market. This competition increases the requirement to reinvent their business models to avoid competition concerning price and find the balance between investing in revenue and the latest technologies.
  • Moreover, the inventory, sales reporting, financial management, and customer analytics features that POS terminals provide assist retailers in overcoming the problems related to customer retention. Hence, the industry's requirement for customer retention and competition growth promotes the development of POS terminals. mPOSsystems are poised to be significantly utilized in retail outlets to integrate core functions such as sales reporting, customer management, inventory management, and employee management under one system.
  • According to the Mexican Association of Nationwide Retailers (ANTAD), there are 33 supermarket chains in Mexico, with a total of 53,793 specialty stores, 2,365 department stores, and 3,227 grocery stores. Even still, informal businesses like open public markets and mobile street vendors that often sell local, domestic goods account for nearly 50% of the retail market. A huge number of retail stores is expected to create an opportunity for the local POS Terminal players to develop new products or incorporate new features in the existing products to capture a wide market share.
Mexico POS Terminals Market: Distribution of Supermarket Companies Sales in Mexico in 2023, by Company, in Percentage

Mexico POS Terminals Industry Overview

The Mexican POS terminals market is Semi-Consolidated with the presence of significant players like Ingenico Mexico SA De CV, WizarPOS, Diebold Nixdorf Inc., ConnectPOS, and Dspread Technology (Beijing) Inc. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

In September 2022, PAX IM30 enabled EMV contactless payment in commuter rail in Thailand. The Android-based PAX IM30 devices allowed travelers to pay for tickets using EMV contactless cards on the State Railway of Thailand Red Line in Bangkok, Thailand. PAX IM30 is a premium and interactive interface that can be integrated into all kiosks to increase sales, implement security, and resist environmental damage. It combines all of the cool features of Android POS with the dependability of an unattended product, allowing merchants to generate new revenue streams in any self-service environment.

In April 2022, Jabil acquired YouTransactor SAS. Jabil Payment Solutions was formed to accelerate the development and delivery of cutting-edge payment and point-of-sale (POS) platforms. Jabil Payment Solutions can meet the contactless transactions, demand for cashless, and in-store custom solutions for small and midsize businesses, owing to the recent acquisition of YouTransactor SAS, a payment-industry pioneer with over 850 customers in 24 countries.

Mexico POS Terminals Market Leaders

  1. Ingenico Mexico SA De CV

  2. WizarPOS

  3. Diebold Nixdorf Inc.

  4. ConnectPOS

  5. Dspread Technology (Beijing) Inc.

*Disclaimer: Major Players sorted in no particular order

Mexico POS Terminals Market Concentration
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Mexico POS Terminals Market News

  • April 2023: Getnet Restaurants, a joint venture between Getnet México and Pacto, has been established. The partnership between Getnet and Pacto provides a comprehensive, integrated point-of-sale (POS) solution, including automatic payment reconciliation and mobile ordering capabilities, utilizing Getnet's advanced smart bank terminal.
  • May 2022: Toshiba unveiled mobile POS, flexible self-service solutions, and frictionless retail technologies at Eurocis 2022. Toshiba demonstrated how payment is made fast and securely on mobile devices or mPOS using pin-on-glass technology. In this technology, the PIN is entered directly through the surface of the smart device, such as a tablet or smartphone, instead of a devoted PIN entry device.

Mexico POS Terminals Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of the Impact of COVID-19 on the Market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Growth of Mobile POS Payments

      2. 5.1.2 Increased Use of Cards as Payment Methods

    2. 5.2 Market Restraints

      1. 5.2.1 Data Security Concerns Due to the Usage of Critical Information

      2. 5.2.2 Lack of Digital Infrastructure in Rural Areas

    3. 5.3 Market Opportunities

      1. 5.3.1 Technology Advancements such as Wireless Technologies

    4. 5.4 Commentary on the Rising use of Contactless Payment and its Impact on the Industry

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Type

      1. 6.1.1 Fixed Point-of-sale Systems

      2. 6.1.2 Mobile/Portable Point-of-sale Systems

    2. 6.2 By End-User Industry

      1. 6.2.1 Retail

      2. 6.2.2 Hospitality

      3. 6.2.3 Healthcare

      4. 6.2.4 Other End-User Industries

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Ingenico Mexico SA De CV

      2. 7.1.2 WizarPOS

      3. 7.1.3 Diebold Nixdorf Inc.

      4. 7.1.4 ConnectPOS

      5. 7.1.5 Dspread Technology (Beijing) Inc

      6. 7.1.6 PAX Technology

      7. 7.1.7 Jabil Inc.

      8. 7.1.8 SZZT Electronics Co. Ltd.

      9. 7.1.9 Posiflex Technology Inc

      10. 7.1.10 Toshiba Corporation

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

**Subject to Availability
List of Companies may Vary based on Market Dynamics
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Mexico POS Terminals Industry Segmentation

A point of sale (POS) terminal is a digital electronic gadget that allows businesses to take payments without directly reading cards through their cash registers. It functions via a mix of hardware and software. Devices are used to accept card/cash payments, manage inventory, print invoices, etc., in various end-use industries, including restaurants, hotels, healthcare, retail, warehouse/distribution, and entertainment. The POS terminal is operated through two types of products: wired or fixed POS terminal and mobile or wireless POS terminal.

Mexico's POS terminals market is segmented by type (fixed point-of-sale systems, mobile/portable point-of-sale systems) and end-user industry (retail, hospitality, healthcare).

The market sizes and forecasts are provided in terms of value USD for all the above segments.

By Type
Fixed Point-of-sale Systems
Mobile/Portable Point-of-sale Systems
By End-User Industry
Retail
Hospitality
Healthcare
Other End-User Industries
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Mexico POS Terminals Market Research FAQs

The Mexico POS Terminals Market size is expected to reach USD 1.57 billion in 2024 and grow at a CAGR of 9.69% to reach USD 2.49 billion by 2029.

In 2024, the Mexico POS Terminals Market size is expected to reach USD 1.57 billion.

Ingenico Mexico SA De CV, WizarPOS, Diebold Nixdorf Inc., ConnectPOS and Dspread Technology (Beijing) Inc. are the major companies operating in the Mexico POS Terminals Market.

In 2023, the Mexico POS Terminals Market size was estimated at USD 1.42 billion. The report covers the Mexico POS Terminals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico POS Terminals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Mexico POS Terminals Industry Report

Statistics for the 2024 Mexico POS Terminals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico POS Terminals analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Mexico POS Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)