Business Technology

Outdoor Payment Terminal System Market – Technology Reluctant to Embrace Internet of Things

Outdoor Payment Terminals (OPTs) are unattended payment terminals which offer self-service transaction options to customers, through means of contact or contactless payment methods, in a secure and fast manner. For end-user industries that see large number of transactions daily (such as petrol stations), having a self-service payment terminal enables customers to avail services and conveniently pay without the need of additional staff. Self-service outdoor payment terminals facilitate better security, efficiency, and provide flexibility to transaction processes.

Using self-service terminals can lower operating costs by eliminating any personnel required for transactions, provides consistent customer service, and increases availability of service 24/7. Outdoor payment terminals integrate with management systems for better control and to oversee the transaction processes.

Outdoor payment terminal systems are designed to maximize the service uptime of the terminals, reduce maintenance, and increase the serviceability of the terminals. The systems are made highly reliable and are tested to withstand various harsh outdoor environmental climate conditions and fluctuations such as temperature, water and dust resistance, and anti-corrosion.

The terminals are made to be redundant in nature, providing continuous and uninterrupted operation 24/7 without the need for manual intervention of staff. Outdoor payment terminal systems are anti-vandalism, anti-fraud, and anti-tamper devices, and have an EMV and PCI certified service with redundant communication channels through Ethernet and 3G, ensuring consistent quality of communication.

One of the key trends in the outdoor payment terminal (OPT) system market is increasing adoption of alternative payment methods (such as contactless or mobile methods of payments using digital wallets, or technologies such as NFC and RFID), rather than traditional contact methods of payment such as credit and debit cards. Increasing adoption of smartphones and mobile payment methods by customers in emerging economies is expected to drive demand for payment terminals to provide alternative methods of payments. Contactless payment methods from providers such as Apple Pay, Samsung Pay, and Google’s Android Pay allow users to make payments using smartphones through NFC-enabled terminals in a quick and secure manner.

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The outdoor payment terminal (OPT) system market can be segmented based on application, terminal type, operating model, end-user, and region.

The outdoor payment terminal (OPT) system market based on terminal type can be segmented into contactless payment terminals, and contact payment terminal. Contactless payment terminals can be further divided into NFC and RFID payment options. Contact payment methods may be segmented into EMV (Europay, MasterCard, and Visa) credit or debit cards, magnetic stripe card, loyalty vouchers, prepaid customer cards, membership cards, and bank notes. outdoor payment terminal (OPT) system market are expected to expand during the forecast period.

The market bifurcated by operating model can be termed as company owned & company operated; company owned & dealer operated; and dealer owned & dealer operated.The market can be divided in terms of application into bill payment, prepaid card sales, card payment, and other extended services such as parking tickets and movie tickets payments. The outdoor payment terminal (OPT) system market can be segmented by end-user into fueling stations, car wash, and others.

Based on region, the outdoor payment terminal (OPT) system market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The North America segment is expected to have the highest growth in the outdoor payment terminal system market. Investments in Asian markets by vendors of outdoor payment terminal (OPT) system market are expected within the forecast period.

Major players in the global outdoor payment terminal (OPT) system market are NCR Corporation, Dover Corporation, Gilbarco Veeder-Root, Invenco Group Limited, Verifone, Scheidt & Bachmann GmbH, Shenzhen Kvsio Technology Co., Ltd, Unixfor S.A., Quest Payment Systems Pty. Ltd, HTEC Limited, AMCO SA, Zarph S.A., Finnpos Systems Oy, Dem. G. Spyrides S.A, and Fuelco Pty. Ltd.

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