What’s news in payments
Where to for payment terminals
We are often asked where PC-EFTPOS sees the future of the payment terminal. The chart above from the September 2018 edition of The Nilson Report provides an overview of the number of POS terminals shipped globally in 2017. According to the report, the total number of shipped devices was 68.8 million, up 25.2% from 2016. This is good news for us.
At PC-EFTPOS we have seen consistent year on year growth in the number of terminals that are supported by our software with 2017 up over 5% from 2016 to a total of approximately 185,000.
There is evidence to say that terminal numbers will continue to grow.
It is estimated that more than 90% of businesses accept electronic payments and consumers expect the convenience of being able to pay by card. We are even seeing some businesses, like Cannings Free Range Butchers, move to card only payments.
Visa and MasterCard quote that over 90% of card transactions in Australia are contactless. And a recent Roy Morgan study based on interviews with 50,000 consumers found that 11.5% had used a mobile wallet in the past 12 months. Both of these payment methods rely on a payment terminal to process the transaction.
PC-EFTPOS Extended Transaction Set partners including Zip,truRating and Qantas Frequent Flyers also use the payment terminal as the interface with the customer. The screen and the keys on the terminals can be used for more than traditional card payments.
All of the above indicates that the payment terminal here for many years to come. The terminal of the future will continue to support card payment as well as the many alternative payment methods that today’s consumer demands. The question is not how long will payment terminals be around? The question should be, what else can we use payment terminals to do?