The Development of POS Industry in 2022

The Development of POS Industry in 2022

The Development of POS Industry in 2022

In recent years, all walks of life are using mobile payment, supermarkets, convenience stores, shopping malls and other places, everywhere you can see a variety of code gun, code box, two-dimensional code payment. Some shops have recently installed a face payment, Union Pay touch a touch and other payment tools, at this time, we are saying that mobile payment has replaced the POS. A lot of POS market saturation, now do POS has no market and so on a variety of the company's main business is to provide a wide range of products and services to the market.

The epidemic affects the payment industry

According to the data, in the second quarter of 2020, the size of the industry rose back to the level before the epidemic, the impact of the epidemic has been repaired intact. In the second quarter of 2020, China's third-party mobile payment transaction size rebounded to $59.8 trillion, up 8.8% year-on-year. The main reasons for the rise in transaction size during the quarter were.

(1) A significant increase in the scale of online consumer business due to the traditional promotion season of e-commerce.

(2) The rebound in the scale of QR code payment transactions was evident as the impact of the epidemic gradually diminished and the recovery of offline commerce became apparent.

(3) The continuous penetration of online financial services into the cultivation of users' mindset made the financial segment gradually become the main driver of growth in the scale of the mobile payment market.

Policy standardization 

In recent years, relevant state ministries and industry associations have jointly issued a series of regulations for acquiring business, such as the Notice on Improving the Pricing Mechanism of Bank Card Swipe Fees, the Self-Regulatory Code for Bank Card Acquiring Outsourcing Business, and the Model Agreement for Bank Card Acquiring Outsourcing Services, etc. The implementation of these regulations has an important impact on the development of the acquiring industry.

In the future, the order of the bank card acquiring market will be regulated to promote the healthy and orderly development of the industry. The reform of handling fee prices will improve the business environment of merchants, increase their willingness to accept cards, and further regulate the market environment by compressing the space for arbitrage, which will be conducive to expanding the coverage and scale of bank card swipe transactions.

Credit card transaction volume is huge

At the end of the fourth quarter of 2019, the number of credit and debit cards in use in China issued a total of 746 million cards, an increase of 8.78% over the same period last year. China's per capita credit card holdings of less than 0.5 cards, foreign per capita card holdings of 7 cards, China's credit card per capita holdings of less than one-tenth of foreign, credit cards in the country has a lot of room for growth.

China's credit card transactions every minute nearly 300 million, about 200 trillion a year, due to the development of credit cards, then the development of POS space will also be great, there will be no saturation trend at all.

The number of credit card issuance is rising

According to relevant information, with the stimulation of the new rules of credit cards, may bring a wave of explosive opportunities, the number of credit cards issued in 2020 is expected to reach 900 million cards. The future through the credit card funds turnover of merchants, individuals, etc., POS machine is an indispensable tool.

POS machine renewal frequency is rising

First of all, POS machines are constantly updated every year, the policy is also constantly upgraded. Each of us is a new opportunity, the Internet has been circulating, credit cards do not disappear, POS machines will never go out of fashion. Although many agents are now gradually withdrawing from the POS market, but there will also be new agents gradually join, POS customers are the same. Those who say saturation will only see pople around them, not new entrants, so as long as there are new entrants, there will always be a market.

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