Smart POS and vending white paper
Which type of connectivity is the smart choice for POS and vending?
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The smart POS and vending market is full of opportunity for growth
As cashless transactions become the predominant form of payment, businesses of all kinds are finding that wireless, smart POS devices are by far the most convenient and help streamline financial operations. The global smart POS market is projected to grow at a compound annual growth rate of 11.7% over the next five years, reaching 46 million units by 2025, while the intelligent vending machines market is set to grow by US$9.33bn during 2020-2024 at a CAGR of 22%.
This burgeoning market will increasingly be populated with newer generation POS systems much more advanced than their predecessors – meaning they will require a form of connectivity which can accommodate more sophisticated applications.
AI-enabled autonomous stores can use sensorless payment systems based on computer vision, deep learning and multi-sensor fusion technology – accurately identifying shopping behavior and commodity information as well as automatically completing payment after customers pass through the exit gate.
There are two key challenges involved in addressing this market which are in conflict with each other. Merchants demand that payment services are provided at low cost because high payment charges are unsustainable, while payment enablement systems demand high security in order to prevent fraud on their systems.
A network type very well-suited to this role is LTE, which is ubiquitous across most of the world to help minimize costs, but also supports high bandwidth and advanced security features to keep user data safe. Quectel offers a wide rand of LTE smart modules which are ideal for smart POS systems such as the multi-mode SC20 series, or the SC200R series which is also able to support data-intensive multimedia functions.
To find out more about the direction of the smart POS market and the technologies shaping its future, please complete the form below to download our new white paper.