With the continuous development of technology, consumers’ payment options are constantly changing. POS hardware is an important tool in the payment industry. Whether it is credit card payment or code scanning payment, it is inseparable from the support of POS hardware. In addition, POS hardware that can connect a variety of peripherals makes daily shopping for enterprises and consumers more convenient.
UIPOS has compiled POS data from the 2024 Global Payment Report and found that the global share of POS payments continues to grow. The global POS market size is expected to reach $137.5 billion in 2024, a 13.2% increase from $121.5 billion in 2023.
Digital wallets still dominate the global POS payment field. In 2023, they accounted for around 30% of the global POS transaction value, totaling more than $10.8 trillion. By 2024, digital wallets are expected to account for 34% of the total value of global POS transactions, a 4 percentage point increase from 30% in 2023, with the total exceeding $12.5 trillion. Digital wallets are also the fastest-growing POS payment method, with a compound annual growth rate (CAGR) of 16% expected by 2027, and they are anticipated to account for approximately $19.6 trillion in POS spending.
In addition, UIPOS also found in the data that digital wallet credit and debit cards remain the mainstream of global point-of-sale transactions, accounting for about half of the value of all POS transactions. In 2023, credit cards accounted for 27% of global POS spending (more than $10 trillion), while debit cards accounted for 23% (over $8.3 trillion). UIPOS estimates that by 2024, credit cards will account for about 27% of global POS spending (around $10.7 trillion), while debit cards will maintain a 23% share (approximately $9.1 trillion).
In contrast, the use of cash payments continues to decline. In 2023, cash usage accounted for 16% of global POS spending (around $6 trillion). UIPOS predicts that by 2027, cash will decline at a compound annual growth rate of -6%, and will account for only 11% of global POS spending (over $4.6 trillion).
Whether for cash, for credit card or QR code payment, it is inseparable from the support of high-performance POS hardware. As a professional POS hardware solution provider, UIPOS can provide customized solutions according to your needs.