December, 2024
Customers perform contactless payments using outdoor payment terminals (OPTs) using payment cards approved by Europay, MasterCard, and Visa (EMV) and technologically integrated with Near Field Communication (NFC), fueling industry growth. These technology-enabled payment cards exceed client expectations by lowering wait times at payment terminals and providing a variety of payment alternatives. Furthermore, outdoor payment terminals are mostly chosen by millennials and Gen Z populations globally, which is one of the primary drivers driving the market growth.
The increased usage of smartphones, as well as consumer awareness of online payments, face recognition, fingerprint software for smartphones, and the availability of online groceries, clothes, and electric items, is boosting demand for smart payment systems such as OPT. Users have increased customer trust by providing a layer of authentication to payment gateways in order to safeguard information. Furthermore, real-time payment technology provides payment access 24 hours a day, seven days a week.
UPI processed nearly 11 billion transactions in 2019, making India a rare large market where consumers increasingly use account-to-account transfers to send money to other individuals and pay for goods and services.
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