The electronic funds transfer at point of sale (EFTPOS) systems market has been forecast to increase at a compound annual growth rate (CAGR) of 8.4% through to 2016, driven by the increasing adoption of Europay, MasterCard, and Visa cards, and the increasing need to improve security standards.
According to a recent report, 'Global Electronic Fund Transfer Point-of-sale (EFTPOS) Systems Market 2012-2016,' the increase in cyber threats across the globe has necessitated vendors to incorporate advanced security standards in their EFTPOS systems.
Hence, vendors are incorporating several security technologies such as signature capturing devices and biometric sensors into the POS systems to secure the payment transactions.
Furthermore, EFTPOS devices are being incorporated with additional features such as touch screens, radio frequency identification, and bar code scanners to enhance the user experience. In addition, the stringent regulations related to secure payments introduced by the governments of several countries will refine the technology to the greatest possible extent.
EFTPOS is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at terminals located at points of sale.
EFTPOS technology originated in the United States in 1981 and was quickly adopted by other countries. In Australia and New Zealand it is also the brand name of a specific system used for such payments. The Australian and New Zealand systems are country specific and do not interconnect.
An additional driver of growth within the EFTPOS market is the increasing adoption of EMV cards. EMV is the international standard for card authentication and processing.
Standardising EFTPOS terminals according to the EMV standards will catalyse the infrastructure development required to facilitate the use of EMV cards. The infrastructure development will in turn foster the adoption of EFTPOS terminals.
Key players currently dominating the EFTPOS market include First Data Corp., Ingenico S. A., Pax Technology Ltd., and VeriFone Systems Inc.
For more information on the EFTPOS market, see the latest research: EFTPOS market
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