Market Size of Portugal POS Terminals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.90 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Portugal POS Terminals Market Analysis
The Portuguese POS terminal market is expected to reach a CAGR of 10.9% during the forecast period. The COVID-19 pandemic created a demand for contactless payments, increasing the need for POS terminals equipped with NFC, RFID, and other technologies accepting payments from contactless chip cards or digital interface cards.
- Most Portuguese residents have access to a current account that includes an ATM/debit card, a credit card, and the ability to engage in the electronic transfer of funds. Despite being one of the less wealthy countries in the European Union, Portugal has one of the most advanced retail payment systems. Most consumers who walk into retail stores with POS terminals have the facility to pay with their debit cards.
- Banks provide merchants with current accounts and enable merchants to accept debit and credit card payments from consumers. Financial institutions in Portugal are typically more inclined to conduct transactions through POS in sale environments since allied banks currently receive more than banks in Spain from interchange fees paid when the consumer pays at a POS compared to withdrawing cash from the ATM.
- The payment system includes banks and other payment institutions that provide a wide array of cash and electronic payment services to consumers and merchants, including domestic and international card schemes from companies such as Multibanco, Visa, Mastercard, and American Express. SIBS is the primary operator of ATM and POS networks in Portugal, acting as a payment processor for issuing and acquiring banks, both for its scheme and the other major schemes in Portugal.
- A change in consumer behavior reflected increased digital transactions and decreased paper-based and in-person transactions like cheques or cash. For instance, according to the data released by the Bank of Portugal, the use of credit transfers and instant transfers increased, primarily because they allow payments to be made remotely. The instant transfers saw the highest growth, 28.1%in volume and 49.6% in value.
- The significant rise in demand for contactless and mobile POS terminals is also a significant driver for the market. Contactless payments have been around for a while, even before the pandemic. The COVID-19 pandemic pushed this trend forward.
