A point of sale (POS) terminal is an electronic device used for payment transactions through credit and debit cards. This device is installed in various retail outlets and stores. A virtual payment POS terminal is an advanced version of a POS terminal. A virtual POS terminal is a web-based application of a physical POS terminal. Virtual POS terminals are connected to different processing networks such as LAN and Wi-Fi for capturing customer’s bank funds to make transactions. With the introduction of virtual payment POS terminals, it has become convenient to conduct transactions over the Internet.

Further, virtual POS terminals are hosted on the web. E-tailers can access them anytime and anywhere. Moreover, a virtual payment POS terminal can maintain a record of all payment transactions by the customer and allows vendors to maintain payment records. For merchants, the virtual payment POS system is simply connected to the Internet and solely operates for the merchant. The merchant allows manual entries into the virtual payment system to maintain records. A virtual payment system is usable on any device, and transactions can be tracked from any location and device. For the payment process, there is no requirement of any software installation. Customers can use web-based applications through any smart device.

The virtual payment POS terminals market is expected to expand at a rapid pace in the coming years. A rise in demand for cashless payment and increase in the trend of e-commerce are major drivers of the virtual payment POS terminals market. Further, many retail vendors are adopting virtual payment POS terminals. On a global scale, cashless payment systems are gaining traction, as many developing economies such as India and China are shifting toward a more robust digital economy. Increase in the adoption of digitization in different industries is expected to create opportunities in terms of revenue for solution providers. These factors are expected to boost the market in the coming years.

However, unreliable Internet connectivity may hamper transactions through debit or credit cards, which is a major drawback of the global virtual payment POS terminals market. Further, security issues related to payment transactions are anticipated to restrain market growth. However, advancements and innovation in technology related to virtual payment POS terminals by well-established and emerging manufacturers are expected to overcome these drawbacks in near future. To maintain their dominance in the virtual payment POS terminals market, solution providers are expected to offer technologically advanced solutions for secure payment processes and avoid transaction data breach.

The global virtual payment POS terminals market can be segmented based on application, industry vertical, and region. In terms of application, the market can be classified into inventory management, account management, customer information, data analytics, order management, and others.

Virtual payment terminals are significantly used for bank transactions and payments. Banks also provide their customized applications for customers in order to improve their virtual payment experience. Further, based on industry vertical, the market can be bifurcated into retail, automotive, IT & telecommunication, consumer electronics, food & beverage, health care, transportation, and others.

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Based on region, the global virtual payment POS terminals market can be segmented into South America, North America, Europe, Middle East & Africa, and Asia Pacific. North America is expected to constitute a prominent market share of the virtual payment terminals market, followed by Asia Pacific and Europe. This is primarily due to an increase in the adoption of the cashless payment technology in North America. Asia Pacific is expected to be a rapidly expanding region of the virtual payment terminals market during the forecast period, owing to a rise in demand for a secure payment system for e-commerce.

Key players operating in global virtual payment (POS) terminals market are NCR Corporation, Toshiba Corporation, Squirrel Systems, Panasonic Corporation, VeriFone Systems Inc., NEC Corporation, PAX Technology, Ingenico Group, Samsung Electronics Co., Ltd., Shenzhen Xinguodu, Fujian Newland, and Cisco Systems, Inc.