Ireland POS Terminals Market

Ireland POS Terminals Market Analysis

The Ireland POS Terminals Market is expected to register a CAGR of 8.55% during the forecast period.

• In the current market scenario, POS terminal systems have evolved from transaction-oriented devices to systems that support and integrate into businesses' CRM and other financial solutions. This instance allowed companies to leverage captured transactional data through POS terminals for business intelligence.
• As per the Central Bank of Ireland, During 2020, 2.14 billion payment transactions were recorded by Irish resident payment service providers (PSPs), a 12 percent increase from 2019. Payment transactions by non-MFIs include credit transfers, direct debits, payments made using cards, cheques, e-money transactions, and over-the-counter deposits and withdrawals.
• The rising financial frauds across the world have influenced government regulatory bodies to secure payment transactions over the past few years. With customers demanding safe and reliable digital transactions, the need for using secure payment processes has increased. These regulatory bodies, therefore, have impacted the adoption of POS terminals in a positive manner. With the increasing mobility trends across the world, mobile POS systems are gaining traction. With the advent of cashless transactional technologies, POS has witnessed an increase in adoption rates.
• The government in the country is taking initiatives that will further boost the usage of POS terminals. For instance, In Jul 2022, the Government of Ireland announced the launch of a new national digital strategy, The Digital Ireland Framework, to drive and enable the digital transition across the Irish economy and society. The digital framework will ensure the widespread access and use of inclusive digital public services, with a target of 90% of services to be consumed online by 2030.
• Additionally, the COVID-19 outbreak has drastically altered consumer purchasing behavior across a number of market segments. The pandemic had a consequential impact on the retail industry. Consumers are more aware of various forms of payment, such as contactless and curbside pickup, as well as social commerce or online buying through social media platforms.

Ireland POS Terminals Market Trends

The Retail Segment is Expected to Grow Significantly

• Irish consumers are boosting the use of mobile devices for shopping purposes, such as smartphones and tablets, which provides increased convenience and easier processes. Retailers focus on capitalizing on the behavior by implementing solutions that accommodate device-carrying customers, such as mobile POS systems.
• According to the Central Statistics Office, nearly all (95%) internet users will use their smartphones or mobile phone to access the internet in Ireland in 2021. Which shows people in Ireland rely highly on the internet for web shopping and other payment-related activities, which is, in turn, boosting the POS terminal market.
• 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.
• Retail firms are investing in Ireland to meet the rising demand of customers. For instance, In January 2022, Lidl, a grocery store, announced that it is launching into the Northern Ireland retailing world with its plan to add another nine stores to its portfolio. It anticipates up its total number of stores in the province to 50 by 2030. It will significantly boost the wider retail sector and local economy.
• According to Worldpay, debit card use in Irish stores stayed relatively the same during the COVID-19 pandemic, while the share of cash declined fast. Indeed, when combining the market shares of debit cards and credit cards, cards accounted for over two-thirds of the money spent in POS.

Mobile Point-of-sale system is expected to drive the market

• A mobile point-of-sale (mPOS) system is a more efficient replacement for the conventional POS. Users of a mobile point-of-sale system can collect payments using tablets and other mobile devices without being bound to a fixed POS register. Both wireless payments and payments using a credit card magstripe reader are possible. An mPOS system uses a mobile phone's data connection to conduct transactions.
• Mobile POS systems are gaining traction as they allow sales and service industries to conduct the transaction at the customer's location, adding flexibility to the whole process and improving customer experience.
• Future development of POS terminals is anticipated to be influenced by the expansion of e-commerce and the integration of traditional retail operations with online retail practices. A rapid surge in the use of mobile POS terminals has been observed as a result of major e-commerce platforms offering the option of cash on delivery.
• As companies expand their respective services in response to the rising demand for contactless, user-friendly payment methods, the category is expected to drive the market. Since mPOS solutions are created specifically for tablets rather than desktop computers, the trend toward smaller, more portable devices will likely propel the market's expansion.
• In June 2021, -Mila Inc., the European on-demand technical support company, announced its partnership with SumUp, a global payment solution provider. SumUp offers payment solutions to small companies and entrepreneurs who can pay smoothly and securely with a card and at transparent and affordable conditions.

Ireland POS Terminals Industry Overview

The Ireland POS Terminals Market is moderately fragmented. The market consists of major players, such as Verifone and Sumup. Some of the key developments in the market are:

• November 2021 - Stripe revealed its point-of-sale Terminal product launch in Ireland, France, Germany, the UK, and the Netherlands. The Terminal delivers a bridge between online and offline payments, providing a unified omnichannel payments platform for retailers that want to manage e-commerce payments alongside in-person sales.
• November 2021 - Klarna, the BNPL giant, has announced its launch in Ireland with a new 'Pay in 3' service for online shoppers. Irish customers can now employ the Klarna app to pay for commodities automatically in three installments at the POS.
• April 2021 - Square, a payment service provider, announced the launch of its Early Access Programme in Ireland, making it available in the country for the first time.

Ireland POS Terminals Market Leaders

Ireland POS Terminals Market News

• July 2022 - Revolut has announced that it will expand the card reader to a POS solution that will enable larger vendors greater flexibility if they need to incorporate the Revolut card reader with POS systems already in place. The wireless card reader has a rechargeable battery and accepts transactions using chip and pin, as well as contactless methods and digital wallets such as Apple Pay.
• February 2022 - DNA Payments, a leading independent vertically integrated payments provider, announced its partnership with Verifone, a global FinTech and payment solution provider, to take its Android Trinity range to market. With the new Android Trinity series launch, Verifone looks forward to further simplifying merchants' operations and supporting them in building seamless shopper experiences with payments technology.