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Southeast Asia POS Terminal Market Inclinations & Development Status Highlighted

The Southeast Asia POS Terminal Market is expected to reach a CAGR of 32.4% during the forecast period 2020-2025. Factors such as gradually rising use of online payments in retail, growing middle-class income, and increasing investments and partnerships from foreign players are expected to boost the growth of the market. The POS terminal market has grown significantly over the past few years, owing to its ability to offer an increased return on investment and ease of access. POS systems that facilitate transactions from the central component of businesses across industries, like retail, hospitality, transportation, and banking, have gained importance in companies of small and big sizes, over the years.​

– POS terminal systems evolved from being transaction-oriented terminals/devices to systems that can integrate with the company’s CRM and other financial solutions. This evolution, thus, empowered the end-users with business intelligence to better manage their revenue streams and inventory. With the functional benefits that the advanced POS systems offer, companies have replaced their traditional billing software with POS systems, thus, securing the growth of the POS system market.​
– In September 2019, a South Korean financial firm Alliex announced that it is planning to invest USD 700 million to install a total of 600,000 shared POS devices in Vietnam in the next five years. Moreover, growth is supported by government initiatives to boost the cashless economy. For instance, the Vietnamese government set the target to make 90% of all transactions cashless by 2020.
– However, lack of interoperability between the different payment systems, low acceptance by merchants, and high dependence on cash is restricting the market growth. According to the World Bank, over 50% of people living in South-East Asia don’t have an account at a formal financial institution, and according to the Ministry of Industry and Trade, about 80% of people residing in Vietnam prefer to use cash for their daily transactions.
– The spread of the coronavirus pandemic, which has triggered a sharp rise in digital payments and home delivery, is expected to impact the growth of point of sale terminal market positively in the short run. Moreover, many retailers are shifting their attention from cash preservation toward a flexible omnichannel retail model and sustainable fulfillment to drive sales, which can further improve the adoption of PoS terminals. However, supply chain disruptions are causing a shortage of swipe machines to process digital payments at retail outlets, which might hamper the growth temporarily.

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Key Market Trends

Retail Segment is Expected to Grow Significantly

– The increasing number of retail stores across regions attract customers, due to large discounts and other services; however, customer retention becomes the major challenge for them, in order to sustain in the market. This competition increases the need to reinvent their business models to keep away from competition, with respect to price, and find the balance between investing in the new technologies, and the revenue. ​
– The sales reporting, inventory and financial management, and the customer analytics features, which POS terminals provide, assist the retailers in overcoming the issues related to customer retention. Hence, the need for customer retention and competition growth of the industry promotes the growth of POS terminals. ​
– Moreover, the digital economy in Southeast Asia is set to expand rapidly. Google and Temasek predict that by 2023, online consumer spending across the top 6 economies will reach approximately a quarter of a trillion dollars. The growth of E-commerce is on the rise, and the expansion is fuelled by factors such as rising disposable incomes, improved logistical networks, increased internet/mobile usage, and alternative payment methods.
– The top players are localizing their retail sites and capture their slice of the market across the ASEAN big six Indonesia, Thailand, Malaysia, Singapore, Philippines, and Vietnam. The local players in the POS terminal market are capturing the growing demand by adopting partnerships to grow their network and increase customer acquisition.

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