Payment
Wireless, connected payment devices have already been widely embraced, having enabled far greater convenience in everyday transactions. Moreover, in a post-COVID world where many are now sceptical of handling cash, it’s rapidly becoming not only the preferred payment method, but the default: in 2020, the preference for cash went down globally to as little as 15%.
$80bn
Market for cellular POS terminals by 2026
$30bn
Market for smart vending machines by 2024
15%
Global preference for cash
In many parts of the world, in-store remote payments are now becoming a staple part of everyday life. The most obvious manifestations are contactless point-of-sale (POS) terminals and smart cash registers, which will be yet more ubiquitous in the years to come: the global POS terminal market is forecast to grow from $69 billion to $125.9 billion between 2019 and 2027.
The more people grow used to seeing connected payment technologies, the more they expect to use them: cities such as London, Sydney and Singapore for instance are experiencing a boom in such services following widespread adoption in their urban transport systems. In these locations and many others, we see the rise of cellular POS terminals, which give people greater flexibility of where they pay, without the need to establish a WiFi connection. From 2020 to 2026 the cellular POS market will grow fourfold from $20 billion to $80 billion.
Wireless, connected payment devices are rapidly becoming not only the preferred payment method, but the default: in 2020, the preference for cash went down globally to as little as 15%.
The introduction of cellular technology to payment mechanisms has also given rise to smart vending machines which, as well as enabling enhanced customer experience, can communicate information such as stock levels, sale trends and potential faults. The market for smart vending machines is similarly gathering pace, and is forecast to grow to $30 billion by 2024, up from $11 billion in 2017.
Businesses are using connected payments like these as a cornerstone for modernization, integrating them with their CRM systems to gain insights and create operational efficiencies. Data on customer spending and behaviour for example can then be used to create discount schemes and inform marketing, generating more revenue. Retail and hospitality are the keenest adopters of POS systems to date, using them to simplify the tracking of revenue and profit.
With a groundswell of consumer demand and clear opportunities for enterprise to modernize business processes, the time to adopt modern payment solutions is now. Our wide range of 4G, LPWA and smart modules provide secure and reliable basis for both card and mobile transactions, and support a range of functionalities such as cameras, touch panels and biometric readers – helping your business capitalize on an increasingly cash-free world.
Digital payment solutions require the utmost data security, while being small in size and ultra-reliable – our modules provide:
Socket Secure Layer to meet strict security and privacy requirements in data transmission
Built-in Android OS to enable ultra-compact designs
MIMO technology, which greatly reduces errors and boosts data speeds
Acceptance of almost all mainstream payment types, including Near Field Communication, QR code, and biometrics
In some markets, new regulations are helping to fuel growth in the telematics market – the Government of India for instance has made it mandatory for all new public transport vehicles with more than six seats to have a tracking device installed in them. And it’s clear why civic authorities are keen to maximize the value at hand in this space – connectivity in commercial vehicles could be used for instance to increase compliance with speed limits and traffic lights, further enhancing road safety, and ultimately to enable remote control and monitoring of driverless vehicles, and the safety of their passengers.
Trials of autonomous shuttle buses monitored by 5G control towers are already underway in Sweden, and one public transport operator reports carrying 200,000 passengers in electric autonomous buses in 2020 as part of 40 pilot services around the world – the scalability of these innovations depends heavily on how their safety is perceived in these early stages, and much of that will depend on quality commercial telematics.
Quectel is a major supplier to this rapidly growing global market – with an extensive portfolio of automotive modules, GNSS modules and LPWA modules to cover the full range of solutions in commercial telematics, which is expanding all the time. You can also decide which of our fast-growing range of IoT antennas best suits your needs. And, given the particular attention which must be paid to reliability in this area, you can be assured that purchasing from these product ranges marks only the start of your journey with us – we are here to support in the design, build, and testing of your solutions with end-to-end aftermarket services of which we are justly proud. You can browse our catalogue via the Product Selector, or if you’d like to discuss your requirements with us first, please feel free to contact us and we will get back to you within 24 hours.
