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.

The global outdoor payment terminal market size is expected to reach USD 2.9 billion by 2030, according to a new study conducted by Grand View Research, Inc. The market is expected to witness a CAGR of 8.7% from 2022 to 2030. Smartphone-based transactions are one type of payment method frequently used at the Outdoor Payment Terminal (OPT) at the global level. This is because of the rising consumer awareness about the security features such as facial recognition and biometric software offered by smartphone-based payments.

Consumers in emerging economies are embracing smartphones and mobile payment options more frequently, which is expected to create a 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.

Key Industry Insights & Findings from the Report:

• The contactless payment segment is expected to witness the fastest growth over the forecast period. The introduction of contactless payment platforms aggressively by some of the major companies such as RazorPay and PayU worldwide is expected to drive the growth of the segment.
• The refuel segment is expected to witness the fastest growth over the forecast period. Reduced waiting time and multiple payment options at fuel stations by using OPT platform are expected to play a decisive role in driving the segment growth
• The Asia Pacific regional market is expected to witness the fastest growth over the forecast period owing to the developing IT infrastructure in the region which will enable developing countries like China and India to utilize OPTs more effectively.

Outdoor Payment Terminal Market Growth & Trends

There is an increasing need for digital payment solutions, especially in small-scale businesses, which is expected to drive market growth. Small businesses possess dynamic growth potential; by adopting OPTs, they can utilize their capabilities better, and can thereby improve operational efficiency. Thus the growing number of small businesses is expected to create new opportunities for the market.

The real-time payment capabilities of OPTs enable users to make payments 24/7. Adopting this technology helps business owners save on costs and meet the latest security standards. As a result, leading companies across the globe are adopting online payment culture, which is anticipated to boost the demand for OPT portals. The pandemic outbreak has contributed positively to the industry’s growth.

Major hospitals and other essential service providers have shifted from traditional payment terminals to more advanced outdoor payment terminals. Further, the growing digitalization and the introduction of technology-based payment terminals powered by prominent players such as Invenco and Verifone are some of the major reasons associated with market growth over the forecast period.

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.

Key Players in the Outdoor Payment Terminal Market

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: