Outdoor Payment Terminal Market Size, Share & Trends Analysis Report By Type (Contactless Payment Terminal, Contact Payment Terminal), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global outdoor payment terminal market was valued at USD 1.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2022 to 2030. The payment cards authorized by Europay, MasterCard, and Visa (EMV) and technologically integrated with Near Field Communication (NFC) enable customers to conduct contactless payments at Outdoor Payment Terminal (OPTs) seamlessly, driving the growth of the market. These technology-enabled payment cards enhance customer expectations by reducing their waiting time at payment terminals and offering multiple payment options. Moreover, the outdoor payment terminal is mainly preferred by the millennials and Gen Z populations worldwide which is also one of the major factors contributing to market growth.

Consumers in emerging economies are embracing smartphones and mobile payment options more frequently, which is expected to create the demand for OPT among them. This is because, through NFC-enabled terminals, users can quickly and securely make purchases by using mobile payment applications offered by players such as Samsung Pay, Apple Pay, and Google's Android Pay. Furthermore, the rapid adoption of OPTs by several businesses such as food outlets and gas stations is expected to create a positive outlook for the market. The OPTs are integrated with payment gateways which aid businesses in reducing maintenance and increasing service uptime.

The OPTs allow customers to access various services such as car wash and fueling at gas stations 24/7. In addition, it also aids in avoiding crowded situations at gas stations and car wash facilities, reducing the time waiting for access. The terminals are designed to be redundant, allowing for continuous and uninterrupted functioning around-the-clock without manual intervention. Furthermore, OPTs offer EMV and PCI-approved services, providing a constant level of connectivity, hence it is an anti-tamper, anti-vandalism, and anti-fraud devices.

The OPT systems are built to be extremely dependable and are put through rigorous testing to survive a variety of challenging environmental climate conditions and changes, including water, temperature, anti-corrosion, and dust resistance. In addition to this, OPTs offer plenty of advantages for both consumers and businesses. These advantages include the improved speed of merchant-consumer transactions, single points of accountability, payment network independence, and maximized system uptime. Thus, a vital function to adopt, these benefits and their awareness positively affect the industry and its future growth.

The presence of skepticism toward using digital-based payment applications among baby boomers is expected to hinder the growth of the market for outdoor payment terminals. This is because baby boomers prefer using traditional cash-based payments over digital payments. After all, they are not familiar with this technology and its applications. However, on the other hand, millennials and Gen Z are willing to adopt new technologies and are inclined toward using digital-based payments. Thus, the growing number of millennials and Gen Z is expected to create new opportunities for market growth.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic is anticipated to play a vital role in driving the market for outdoor payment terminals. Since the outbreak, the number of users making contactless transactions has increased. The reliance of customers and vendors on contactless payment modes to contain the spread of the virus is anticipated to provide opportunities for the market. Moreover, with the implementation of OPTs retail merchants ensures to provide a secure platform to their customers owing to the rising concerns of payment security.

Type Insights

The contact payment terminal segment dominated the market for outdoor payment terminals in 2021 and accounted for a share of more than 66.0% of the global revenue. The dominance of contact OPTs is attributable to the fact that they are secure and economical for businesses and majorly accepted by the general public. Moreover, the well-established infrastructure of contact payment terminals and its capability to accept debit and credit card-based payments is one of the primary reasons behind the segment’s growth. In addition, many individuals and the elderly population are still dependent on contact-based payments owing to various reasons such as unawareness and issues regarding other contactless payments.

The contactless payment terminal segment is anticipated to witness the fastest growth over the forecast period. The contactless payment terminal enables businesses and consumers to enjoy a seamless experience and faster checkout time which improves the operational efficiency of businesses and saves the hassle of carrying cash for customers. Moreover, the adoption of these services by merchants enables them to earn additional revenue through advertising and increase their existing customer base. These functions of OPT make them more advantageous compared to traditional systems.

Application Insights

The refuel segment dominated the market for outdoor payment terminal and accounted for a revenue share of more than 42.0% in 2021. Smart fueling is becoming more popular as customers get flexible payment solutions with security standards which reduces traffic at stations, making it effective for vendors to manage the traffic. In addition, the transaction records on OPTs can be used to draw statistical data to study the refueling patterns of the individuals. This data helps vendors to offer more accurate services and adopt cost-saving strategies like shifting the operational timings to peak hours. Furthermore, it also saves the hassle of carrying cash for drivers and reduces the risks associated with longer traveling routes such as robbery and theft on highways.

The carwash segment is anticipated to witness significant growth over the forecast period. The OPTs enable the use of multiple payment solutions such as mobile-based payments at kiosks and cards based payments as per their convenience to customers, saving the waiting time for users. Thus, the rising awareness about the advantages of deployment of OPTs is propelling segment growth. With this, merchants are able to provide customer-centric services while optimizing their operations.

Regional Insights

North America dominated the market for outdoor payment terminal and accounted for a revenue share of over 33.0% in 2021. The demand for the type of payment methods such as credit, debit, prepaid cards, and others is growing among people in the countries such as the U.S. and Canada, which is driving the outdoor payment terminals market growth. At the same time, the growing number of self-checkout retail stores across the region is also driving growth. Furthermore, the presence of prominent players such as MasterCard, and Visa, among others, in the region also bodes well for the market growth.

In Asia Pacific, the market for outdoor payment terminal is expected to witness the highest CAGR over the forecast period. Countries in APAC, including India, China, etc., are integrating cloud-based software into the OPTs. This adoption streamlines the operations by storing data at a server location and eliminates the need to establish an on-premise server for data storage. Consequently, allow organizations to save on the cost of expanding infrastructure. 

Key Companies & Market Share Insights

The outdoor payment terminal market can be described as a fragmented market characterized by several prominent market players. Industry leaders are exploring various methods, including strategic collaborations and new product developments, as a part of their efforts to improve their services. For instance, in February 2022, Invenco and FuelMedia TV partnered through a strategic agreement. The partnership capitalizes on G7- and G9-Invenco pay-at-pump terminals that employ customers with HD touchscreens that provide sound, full sight, and motion video on various screen sizes.

Companies operating in the market for outdoor payment terminal focus on improving their product offerings to gain a competitive edge. As a result, players are investing in research and development activities to keep their products differentiated from their competitors. The OPT providers try to integrate features such as multi-language and loyalty programs, among others, in their devices to enhance their customer experience. Some of the prominent players in the outdoor payment terminal market include:

• NCR Corporation

• Gilbarco Inc.

• Invenco Group Ltd.

• Verifone, Inc.

• Dover Fueling Solutions

• Scheidt & Bachmann GmbH

• Apple Inc.

• Temenos AG

• Capgemini SE

• Finastra Group Holdings Limited

Outdoor Payment Terminal Market Report Scope

Global Outdoor Payment Terminal Market Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global outdoor payment terminal market based on type, application, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Contactless Payment Terminal

  • Contact Payment Terminal

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Refuel

  • Carwash

  • Malls

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa