The Evolution of POS Terminals: A Review of the Nilson Report 2017

Introduction:\

Point of Sale (POS) terminals have become an integral part of the modern payment landscape, revolutionizing the way businesses accept payments and enhancing the overall consumer experience. The Nilson Report, a leading source of information on the global payment industry, provides essential insights into the trends and advancements in POS terminals. In this blog post, we will delve into the key findings from the Nilson Report 2017, exploring the progress and innovations within the POS terminal industry.

1. Overview of the Nilson Report 2017:\

The Nilson Report 2017 offers a comprehensive analysis of the global payment systems landscape, with a specific focus on POS terminals. The report analyzes the growth of the POS industry, market trends, and emerging technologies that shape the future of payment acceptance.

2. The Rise of EMV Technology:\

One significant trend highlighted in the Nilson Report is the widespread adoption of EMV (Europay, Mastercard, and Visa) technology in POS terminals. With the increasing need for enhanced security and fraud prevention, EMV chip cards have become a standard feature in most terminals. The report reveals that EMV chip card transactions accounted for a significant portion of global card-present transactions in 2017.

3. Contactless Payments:\

Another notable trend outlined in the report is the growing popularity of contactless payments, such as mobile wallets and Near Field Communication (NFC) technology. Contactless payments offer convenience and speed, allowing customers to make purchases simply by tapping their mobile devices or cards on the terminal. The Nilson Report 2017 indicates a substantial increase in contactless payments, driven by advancements in mobile technology and consumer preference for quick and seamless transactions.

4. Integration of Biometric Authentication:\

The Nilson Report also sheds light on the adoption of biometric authentication in POS terminals. Biometrics, including fingerprint recognition and facial scanning, are being increasingly incorporated into terminals to provide an additional layer of security and streamline the payment process. The report discusses the benefits of biometric authentication, such as reducing fraud and improving transaction efficiency.

5. The Evolution of Mobile POS:\

Mobile POS (mPOS) solutions have gained significant traction in recent years, enabling businesses to accept payments on-the-go. The Nilson Report 2017 highlights the rapid expansion of mPOS services and their impact on various industries, including retail, hospitality, and transportation. The report reveals that mPOS devices accounted for a substantial portion of total POS terminal shipments in 2017, driven by their affordability and versatility.

6. An Analysis of Market Share:\

The Nilson Report provides an in-depth analysis of the market share of major POS terminal manufacturers, card networks, and acquiring processors. The report highlights the competitive landscape and the strategies employed by industry leaders to differentiate their offerings. Understanding market dynamics and the leading players in the industry is crucial for businesses and stakeholders to make informed decisions.

7. Security and Fraud Prevention:\

POS terminals are a prime target for cybercriminals, as they handle sensitive cardholder data. The Nilson Report 2017 addresses the importance of robust security measures and the ongoing efforts to combat fraud. It explores new technologies and solutions being implemented to ensure the security of card-present transactions and protect customer information.

Conclusion:\

The Nilson Report 2017 offers an insightful overview of the POS terminal industry, highlighting key trends, advancements, and market dynamics. The evolution of POS terminals, driven by factors such as EMV technology, contactless payments, biometric authentication, and mPOS solutions, continues to shape the future of payments. The report serves as a valuable resource for industry professionals, businesses, and policymakers, providing a comprehensive understanding of the ever-changing landscape of POS terminals.

Disclaimer: This blog post is intended for informational purposes only. The information provided is based on the Nilson Report 2017 and does not constitute financial advice or endorsement.

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