Market Trends of Portugal POS Terminals Industry
This section covers the major market trends shaping the Portugal POS Terminals Market according to our research experts:
Retail Industry Expected to Witness Significant Growth
- The increasing need for multiple POS systems among big retailers, supermarkets, and departmental stores with a robust and centralized system propelled the steady growth of the retail sector in the POS terminal market. The increased emphasis on consumer behavior has led to increased POS adoption due to its consumer mapping application.
- Retail businesses, making thousands of dollars in transactions daily, rely on POS terminals to understand sales performance and to better manage their inventory based on the products/services that attract the most customers. With the increasing risk of handling cash, online payments are gaining popularity owing to the streamlined processes involved.
- The region is witnessing an increasing number of debit card users. According to FinXP, a European payment fintech company, Europe's debit card base grew by 42.7 million in 2021 to reach a total of 813.5 million (+5.55%), with penetration reaching 1.31 debit cards per capita. The rise in the use of debit cards for payments in the retail sector will positively impact the growth of the Portuguese POS terminals market.
- According to the Retail Index, the number of retail chains by sector in Portugal in 2021 witnessed fashion and clothing as the leading sector, with 72 chains, followed by homeware, with 43 chains. The growth in the retail sector increases the reliability of these sectors on the POS payment solutions, as the rising number of users is more likely to make cashless payments.
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Growing demand for Contactless and Mobile POS Terminals
- Portugal has accelerated the adoption of digital payments over the past few years. The Banco de Portugal, the country's central bank, has supported the shift to more electronic payments, realizing the opportunities it opens up in terms of convenience and driving payment volumes.
- According to the European Central Bank, in Portugal, the card payment service, including debit and credit payments, stood out in 2021. In 2021 card payments (without an e-money function) accounted for over 72% of all transactions, which was 69.66% in 2021. The increasing number of card payments is expected to accelerate the demand for POS terminals in Portugal.
- In February 2022, Mastercard announced a partnership with Barraqueiro Group to transform Portugal's urban mobility sector and drive the implementation of smart payment systems. The collaboration will accelerate the adoption of on-board contactless payment terminals and allow tickets to be bought with bank cards. Such instances in the country are driving the demand for POS terminals for contactless payments.
