Croatia POS Terminals Market

Croatia POS Terminals Market Analysis

The Croatia POS Terminals Market is expected to register a CAGR of 9.8% during the forecast period.

• POS terminals are electronic devices used to process card payments, manage inventory, print bills, and implement loyalty programs in various end-use verticals such as restaurants, hotels, healthcare, retail, warehouse/distribution, and entertainment. The cost of implementing POS terminals varies depending on the size of the company and the terms supplied by the providers.
• Around 4 million people reside here, and tourism is a significant source of income, accounting for more than 19% of the country's GDP. Because tourists prefer card payments and internet payments for their purchases, there is a significant demand for POS terminals. which generates significant demand for POS terminals.
• Every year there are several e-commerce events organized in Croatia, these are the major online events in Europe. Which could result in creating opportunies for POS terminals market in this country.
• The increase in adoption of smart phone across the country results in rising the demand POS terminals. For instance, In 2021, According to the International Trade Administration of the United States, 98% of young Croatians use smartphones to access the internet. As a result, mobile phones are likely to be the primary instrument for making internet transactions.
• Also the increase in online retail sales help the vendors to grow their business in croatia. According to the CEIC data, Croatia's retail sales increased 14% year on year in July 2022, compared to a 9.8% increase the previous month. The recorded average growth rate from Jan 2001 to July 2022 accounted for 3.1%.
• The key players in the country are focusing on developing its digital banking solutions, which could create more opportinities for POS terminals in the near future. For instance, N.E.C. Payments has spent seven years building a strong technological and regulatory-licensed fintech platform that allows it to currently offer a geographically distinct digital banking-as-a-service solution. Now it has a strong presence for its products and services with customers in Europe, the Middle East, and Africa.
• The covid has signficantly boosted the market with contactless payments in the country and have resulted in positive growth in the market. However, the market faces challenges with security concerns due to the usage of critical information.

Croatia POS Terminals Market Trends

Retail Sector Driving the Growth of POS Terminal Market

• The retail sector is shifting towards electronic and online payment modes for the new norm, replacing cash. Introduction of hyper stores and retail chains operating throughout the country prefer centralized payment records and systems, implementing intelligent POS solutions. Such systems are implemented by complying with the government norms, ensuring safe and reliable payments. The evolution of technology is also witnessing smart integrations for a better user experience.
• The retail sector across this country is growing, and key players in the retail sector are expanding their stores across the country which creates more demand for POS terminal vendors, For instance, The four Croatian Stop Shops in Valpovo, Osijek, Ludbreg, and Nasice, totaling roughly 21,000 square meters, were fully leased in September 2021. The retail park in Ludbreg is now being expanded by around 3,000 square meters, and this area, as well as the new retail park in Kastela, are set to open in the first half of 2022.
• Moreover, The total investment for the additional locations for retail parks in Croatia is approximately EUR 250.0 million. The new plots, which have a total area of more than 730,000 sq m, were bought through the local development expert ENS; the retail parks created on them will have a leasable space of more than 190,000 sq m.
• Despite the ongoing bear market, payments in cryptocurrencies such as Bitcoin (BTC) have increased at Croatia's largest grocery chain Konzum in 2022. Konzum has experienced an upsurge in purchases made with cryptocurrency since its introduction in 2021.
• The super market chain has expanded the crypto payment option to numerous self-checkout cash registers at actual pilot stores. Konzum is also continuing to collaborate with the local crypto payment firm Electrocoin to bring cryptocurrency payments to all 700 physical stores in Croatia.
• Taking advantage of the industry's expanding spectrum of digital solutions, several retailers have invested in high-tech improvements for their storefronts and expanded their multichannel offerings.

Significant Rise in the Demand for Contactless and Mobile POS Terminals

• The market is witnessing heavy adoption of contactless modes of payments like "tap-to-pay" with the introduction of NFC. The adoption of users is increasing at a considerable rate. For instance, according to the survey results presented by Postbank, most of the new POS terminals are equipped with NFC as an option to facilitate contactless payments, along with alternatives.
• Monri is the retail and hospitality payments market provider. Customers in the region can find Monri's products at over 5,500 restaurants and over 1,000 online shops, as well as over 8,000 SinglePOS devices in stores.
• Moreover, the Mastercard team stated that by collaborating with Monri, the card user count has increased in Croatia. Also, Mastercard announced that it is working with Monri on future projects for developing payment methods. According to a Mastercard survey in 2022, 97% of the Croats have credit or debit cards now.
• The signature authorization will no longer be required for contactless card transactions. They will instead be authorized by entering their PIN. PIN entry is not required in Croatia for contactless purchases of less than HRK 250. Simply tap the card against the POS terminal, and the transaction is complete. All other POS terminal and ATM transactions must be authorized by inputting the PIN.

Croatia POS Terminals Industry Overview

The Croatia POS Terminal Market is moderately competitive, with a considerable number of regional players. The companies leverage strategic collaborative initiatives, acquisitions, and product launches to increase market share and profitability.

• February 2022 - SumUp and PrestaShop entered a partnership to support SMEs and easily enable merchants to grow their business in Europe. The users can connect the PrestaShop platform directly to their SumUp account, which activates SumUp as a payment method for online stores, synchronizing all data automatically with their SumUp transaction history. As a result of the partnership, PrestaShop merchants benefit from several additional products and services that SumUp offers its merchants, including card terminals, invoices, the SumUp business account with the SumUp Card, and point-of-sale solutions customized for retailers from the micro and nano segment.
• June 2021 - N.E.C. Payments engaged Netcetera through contacts at Mastercard Europe, requesting assistance with the current 3DS deployment, as needed by various schemes. Netcetera collaborated with N.E.C. Payments to develop a customized A.C.S. solution that supported 3-D Secure protocol 2.2 in line with S.C.A. This significantly improved over the previous edition, providing, even more, purchase security while maintaining a user-friendly interface.

Croatia POS Terminals Market Leaders

Croatia POS Terminals Market News

• May 2022 - PayPal introduces a software point-of-sale (softPOS) solution in Europe through Zettle that could help the company gain greater in-store volume. SoftPOS enables merchants to accept contactless payments using existing hardware, allowing them to meet changing consumer payment trends without incurring extra hardware costs.