The number of locations that accept contactless payments is set to increase by more than 12.5 million by the end of 2013, according to research from IMS Research. In its latest report on “The World Market for EFT-POS Terminals & Contactless Readers” IMS Research forecasts that the number of contactless-enabled points of sale (POS) in existence will grow more than six times faster than the overall point-of-sales market.
Card vendors and banks are now issuing more and more contactless cards and consumer awareness is starting to grow in a number of countries. This is leading to more demand from merchants for contactless-enabled terminals.
“After a downward blip in late 2008 and the first half of 2009, the overall market is now returning to growth,” said John Devlin, research director at IMS. “The retail and hospitality sectors that have been hardest hit are showing signs that the market bottomed out earlier this year. Those companies that have managed the economic downturn well are starting to invest in new technologies rather than just replacing essential POS equipment.”