Market Size of Cyprus POS Terminals Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 13.60 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cyprus POS Terminals Market Analysis
The Cyprus POS terminals market is expected to register a CAGR of 13.6% during the forecast period of 2022-2027. The primary factors driving the Cyprus POS terminals market's growth are high internet and smartphone penetration, growing efforts by the government to drive card payments, advancements in technology enabling secure and convenient payments, and the rising adoption of mobile/portable POS systems in retail and hospitality sector, among others.
- The POS terminals market in the country has been witnessing a rising trend in demand for POS terminals, owing to the increasing shift towards contactless payments, widespread adoption of POS terminals among the retail sector, and the government's efforts to increase the use of card-based payments.
- The government efforts further support the growth of POS terminals. For instance, in June 2021, the Cyprus Ministry of Finance issued a Decree imposing the obligation to accept payment means by card on specific categories of businesses that carry out economic activities in Cyprus. The Decree determines that the terms 'POS' (Point Of Sales) terminals and 'card-based payment means' for the imposed obligation include devices such as wired and wireless POS terminals, mobile POS terminals, methods and applications such as virtual POS terminals which can be used for the acceptance of cards, with and without the physical presence of a card, meaning distance sales.
- The finance ministry's Decree will increase the widespread adoption of wired, wireless POS terminals and mobile POS terminals in various end-user industries, such as retail and hospitality, to accept card-based payments, thus positively impacting the market's growth.
- In addition, high internet penetration has resulted in the widespread adoption of contactless card payments in the region, supported by market vendors' mobile POS solutions. For instance, according to the Kepios Analysis data, Cyprus's internet penetration rate stood at 91.0% of the total population at the start of 2022.
- The Covid-19 pandemic acted as a catalyst for digital payments and the acceleration of POS terminals in the country. The use of cards as a payment form instead of cash or performing contactless payments has been widely observed and experienced, thus boosting the adoption of POS terminals in businesses to provide a wide range of digital payments during the pandemic.
Cyprus POS Terminals Industry Segmentation
The scope of the study includes Fixed and Mobile POS Terminals. Fixed/EPOS Terminals are PC-based workstations, namely LAN-available terminals and PC-class Processors, that are fully programmable and can transmit data to other devices unrestrictedly. Mobile Terminals include electronic funds terminals such as countertop, multilane, tablet, handheld terminals, PCI-DSS approved chip & PIN devices, approved chip & signature devices, and mPOS devices. All other systems, such as PC-based systems, PIN pads, etc., are excluded from the scope.
Cyprus POS Terminals Market is Segmented by Type (Fixed Point-of-sale Systems, Mobile/Portable Point-of-sale Systems) and End-User Industry (Retail, Hospitality, and Healthcare).
By Type | |
Fixed Point-of-sale Systems | |
Mobile/Portable Point-of-sale Systems |
By End-User Industry | |
Retail | |
Hospitality | |
Healthcare | |
Others |
Cyprus POS Terminals Market Size Summary
The Cyprus POS terminals market is experiencing significant growth, driven by factors such as high internet and smartphone penetration, government initiatives to promote card payments, and technological advancements that facilitate secure and convenient transactions. The increasing shift towards contactless payments and the widespread adoption of POS terminals in the retail sector are key trends contributing to this growth. Government mandates, such as the Decree issued by the Cyprus Ministry of Finance, require businesses to accept card payments, further boosting the demand for various types of POS terminals, including wired, wireless, and mobile systems. The COVID-19 pandemic has also accelerated the adoption of digital payment methods, as businesses sought to offer a range of contactless payment options.
Mobile and portable POS systems are gaining popularity, particularly among small and medium-sized enterprises, due to their flexibility and ease of use. These systems allow merchants to process payments on the go, enhancing operational efficiency and customer convenience. The retail sector is expected to hold a significant share of the market, as retailers increasingly embrace POS solutions to offer diverse payment options and digitalize their operations. The presence of major players like VeriFone Inc., Pay Xpert, and DATECS Ltd. in the moderately consolidated market is driving innovation and strategic partnerships. Recent developments, such as the integration of SoftPoS technology by JCC Payment Systems, highlight the ongoing efforts to enhance POS solutions in Cyprus, aligning with government regulations and market demands.
Cyprus POS Terminals Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Market Sizing and Estimates of Cyprus POS Terminals Market
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1.3 Industry Value Chain Analysis
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1.4 Industry Attractiveness - Porter's Five Force Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Assessment of COVID-19 Impact on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Fixed Point-of-sale Systems
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2.1.2 Mobile/Portable Point-of-sale Systems
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2.2 By End-User Industry
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2.2.1 Retail
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2.2.2 Hospitality
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2.2.3 Healthcare
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2.2.4 Others
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Cyprus POS Terminals Market Size FAQs
What is the current Cyprus POS Terminals Market size?
The Cyprus POS Terminals Market is projected to register a CAGR of 13.60% during the forecast period (2024-2029)
Who are the key players in Cyprus POS Terminals Market?
VeriFone, Inc., DATECS Ltd., Pay Expert, Link4Pay and JCC Payment Systems Ltd are the major companies operating in the Cyprus POS Terminals Market.