According to Data Bridge Market Research, the virtual payment (POS) terminal market is worth $6.1 billion in 2021 and is expected to reach $118.31 billion by 2029. 

The compound annual growth rate is 29.50% over the forecast period 2022-2029. The retail segment is expected to see high growth during the forecast period due to the expansion of the e-commerce segment. In addition to market insights such as market value, growth rate, market segments, geographic coverage, interenet providers, market participants and market scenarios, the market reports curated by the Data Bridge market research team also include in-depth expert analysis, import and export analysis, pricing analysis, production consumption analysis and pestle analysis.

Consumers tend to use virtual payment (POS) terminals because they are more digital, agile and innovative than traditional payment processes. These solutions have successfully taken over a variety of verticals, including payments and money transfers. With the recent "cashless" trend, the rise of adopting cashless digital payment systems has been witnessed across the globe. Google Pay and Amazon even offer loyalty rewards in the form of discounts to consumers who pay through their apps.

Obtain a sample of the Virtual Payment (POS) terminal market research report PDF@ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-virtual-payment-pos-terminals-market

Virtual Payment (POS) Terminal Market analysis:

This Global Virtual Payment (POS) terminal market report provides detailed information on the latest developments, trade regulations, import/export analysis, production analysis, value chain optimization, market share, and the impact of domestic and local market players, Pockets of opportunity in emerging revenues, changes in market regulations, strategic market growth analysis, market size, category market growth, application areas and dominance, product approvals, product launches, geographic expansion, and market technology innovation are analyzed. For more information on the Virtual payment (POS) terminal Market, please contact Data Bridge Market Research for an analyst briefing where our team will help you make informed market decisions to achieve market growth.

Some of the major players operating in the virtual payment (POS) terminal market are

* Google (USA)

* Amazon (US)

* Paytm (India)

* Ingenico Group. (France)

* VeriFone, Inc. (USA)

* First Data Corporation (USA)

* NCR Corporation (USA)

* Diebold Nixdorf, Incorporated (USA)

* Elavon Inc. (USA)

* Castle Technology (Taiwan)

* EGIDE (India)

* Squirrel Systems (Canada)

* New Continent Payment Technology (Brazil)

* CitiXsys Technology (India)

* Baifu Technology (China)

* Cannet Telecom

* Panasonic Corporation (Japan)

Key advantages of the Virtual payment (POS) terminal market over global competitors:

* The report provides qualitative and quantitative analysis of virtual payment (POS) terminal market trends, forecasts and market size to identify new opportunities.

* Porter's Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make strategic business decisions and determine the level of competition in the industry.

* Key influencing factors and key investment areas are highlighted in the study.

Major countries in each region are analysed and their income contributions are mentioned.

* The Market Participant Positioning section provides insight into the current location of market participants active in the virtual payment (POS) terminal industry.

Virtual payment (POS) terminal market drivers:

* Increased demand for contactless payment processes

Increased demand for seamless and contactless payment processes has increased the use of credit/debit cards in global transactions, which is one of the major factors driving the virtual payment (POS) terminal market.

* The use of cards in various fields

The increased use of cards across various industries, including healthcare, hospitality, retail and entertainment, to install these terminals and support industry development has accelerated market growth.

* The use of mobile wallet

The surge in mobile wallet usage has driven consumer attention and further affected the market. In addition, the increased interest of consumers in mobile payments and the services offered by mobile wallet companies have had a positive impact on the growth of the market.

In addition, rapid urbanization, changing lifestyles, surging investment and increasing consumer spending have had a positive impact on the virtual payment (POS) terminal market.

Opportunities:

In addition, the widespread use of online shopping platforms provides profit opportunities for market players during the forecast period from 2022 to 2029. In addition, advances in digital systems will further expand the market.

Limitations/Challenges:

On the other hand, unreliable Internet connections and security issues associated with payment transactions are expected to hinder market growth. In addition, stringent regulations and security concerns are expected to pose challenges to the virtual payment (POS) terminal market during the forecast period 2022-2029.