Point of Sale (POS) and Payment Processing: How better connectivity could increase transaction revenue by 30%
Point-Of-Sale (POS) devices make payments easier for everyone.
But the biggest opportunities are for card issuers and payment processing companies, who get a small fee from billions of global transactions. In the US alone, $52 billion of interchange fees were collected from merchants in 2019 – a 10 percent increase from the previous year. This overall opportunity is set to grow significantly as the world shifts away from cash, and late adopting countries embrace card and contactless payments. However, gaining market share will probably become tougher; rapid innovation in the payments market will increase competition, and new regulations may limit more lucrative fees.
As the market grows, but also becomes more challenging, how can those processing POS transactions gain market share and increase revenue?
Download our whitepaper to learn how IoT connectivity can increase payments and transaction revenue by 30% and optimise the POS experience for all.