In 2023, India had 4.71 million POS terminals, reflecting year-on-year growth of 5.08%. Over the past decade, the market experienced rapid expansion, notably in 2016 with an 82.52% spike. The Compounded Annual Growth Rate (CAGR) from 2018 to 2023 averaged 4.82%, showing a deceleration in growth. The forecast for 2024-2028 anticipates a CAGR of 3.23%, with a total growth rate of 17.2%.
Future trends to watch for:
- Increasing digitization and mobile payment adoption
- Government initiatives promoting cashless transactions
- Technological advancements like contactless payments and NFC
- Competitive dynamics influencing POS hardware and software offerings
- Rural market penetration and growth opportunities
