Sunyard Technology, the leading global payment solution provider, recently revealed that over 1.74 million POS terminals were shipped worldwide in 2020 by the company. With market share in the Middle East and Africa increased by 27%, Asia-Pacific by 14%, Sunyard retained its No.17 world ranking, according to Nilson Report. Considering a lot of investment and practice accumulation has been made in the direction of financial digitalization and intelligence with its strategic vision, its payment devices are constantly deployed with innovative technology as the future market is digital.
More concern under the epidemic backdrop
The pandemic helped make mobile payment become mainstream all over the world, of which over two-thirds of consumers globally (67%) now expect bricks-and-mortar retail stores to accept contactless payments. A very strong trend of change is that merchants, from small retailers to bars & restaurants, turn their gaze to a growing need to accept mobile digital payments.
Consumers’ concern with touching cash and payment readers had seen a precipitous increase under the backdrop of pandemics and correspondingly increased the desire to tap and pay. Stores that don’t accept contactless payments could run an increased risk of losing customers as a result.
The impact of chip shortage
Also, disruption in global chip supply is threatening the issuance of up to 1bn payment cards in the coming future, with 347m cards at risk of not being issued in the second half of 2021 and up to 740m in 2022 because of “significant chip shortages”, according to an ABI Research forecast. Judging from this, the number of debit transactions using digital payments will keep rising, which is another example of how mobile payments are affecting payment habits globally.
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The promotion of organizations
Bank card organizations always play a well-pivoted role in accelerating the change of consumers’ payment behaviors. For instance, UnionPay International (UPI) has partnered with the International Bank of Tajikistan to launch the country’s first contactless e-wallet, making UnionPay the first payment brand to offer mobile contactless payment services in the country.
Technology-driven forces
POS terminal technology is in line with the trends of the Times of gradual improvement and update. As one of the most important factors, payment security is conceived as a way to open consumer psychology and establish brand credibility. There is no payment without security, so sensitive payment card data never enters the merchant’s downstream environments.
Merchants are receiving more and more mobile terminals with SIM cards, thanks to the rapid spread of smartphones and 4G networks in many countries. It seems the historical opportunities should be seized presented by the latest evolution of the Internet. Diversity in payment methods is just what consumers need.
With the transaction scale-up constantly, Sunyard is always dedicated to the innovation of a lineup of products of payment terminals and information encryption, to the ever-changing shifts in the payment industry. The Android-based terminal i80, i50, and i50-F are well-received worldwide, catering to the uptick in demands of consumers.
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At Sunyard, we’re constantly expanding and evolving our portfolio of products to help you grow your business. Everything we do is backed by the expertise, support, and commitment that you already trust us for.
Our culture of care means we invest time, energy, and resources to develop products you can count on. We care about quality as much as you do. Whether you need advice, more information or to make an order, we’re here to help.
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[To share your insights with us, please write to sghosh@martechseries.com ]
