POS terminals joined UnionPay cumulatively totaled 15.935 million units by the end of 2014, a year-on-year increase of 49.9%, of which 5.3029 million units were added in 2014, up 50.9% from the previous year. The number of POS terminals joined the UnionPay network grew above 40% every year during 2011-2014.
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Despite rapid growth in POS terminals joined the UnionPay network in China, the POS terminal penetration among medium-sized, small and micro businesses is only 27%, far below 90%-100% in developed countries, indicating vast room for POS terminal to expand.
As of the end of 2014, each POS terminal corresponded to 310 bankcards in China, well above countries such as Italy, Brazil, Sweden, and the United States (40-60 bankcards for a POS terminal); POS terminal ownership per 1,000 people in China stood at 11.65 units, compared with 30-50 units in the United States, Australia, Brazil, and Turkey. Therefore, the POS terminal industry still enjoys a bright prospect for further development.
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Seen from the means of communication between POS terminal and banks & UnionPay, mobile POS (wireless POS), without the limits of cable lines and space, finds shorter transaction time at a faster rate. As the POS acquiring business of the third-party payment companies becomes more regulated, grows bigger and develops more diversified profit models, mobile POS terminal hopefully penetrates into small and micro businesses, and express delivery, tobacco, taxi and public utility fields rapidly.
In point of application of technology, POS bankcard payment is combining with multiple means of mobile payment at a rapid rate. Main mobile payment technologies used in POS terminal field are NFC and 2D barcode (passive code scanning) payment. With introduction of relevant standards for offline mobile payment and establishment of related certification systems, offline mobile payment will become more regulated, and consumers will gradually form the habit of mobile payment, thus fuelling rapid growth in demand for POS terminals equipped with NFC module and 2D barcode scanning engine.
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Regarding the combination of software and hardware, POS terminal becomes more and more integrated. In the future, POS terminal will be integrated with all sorts of software and hardware, with the former including cash-register system, ERP system, CRM system and member management system with the function of big data analysis to achieve the functions of financial statistics, commercial management and marketing services, and the latter consisting of NFC module, 2D barcode reading module, finger print identification module, sound wave identification module, and face identification module to satisfy customers’ needs for a variety of payment models. Multiple intelligent means of payment and big data analysis-based commercial management point-of-sale (CMPOS) will be the orientation of the industry’s development.
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