The rise of digital financial services over the past few decades has introduced numerous products that allow people to deposit and withdraw money conveniently without needing to visit a bank. The emergence of outdoor payment terminals (OPT) is one such example of this trend. These terminals are self-service kiosks that offer full functionality including different card payment options. While OPTs are installed in residential complexes also for personal use, they are also seen in public places such as airports, theaters, petrol pumps, etc.
Recently, Allied Market Research published a report on the outdoor payment terminal (OPT) market size which states that the industry accounted for $1.6 billion in 2022. The sector is expected to gather a revenue of $4.8 billion by 2032, rising at a CAGR of 11.8% during 2023-2032. The presence of multinational giants such as Apple Inc., Verifone, Inc., Finastra Group Holdings Limited, Capgemini SE, etc., has contributed to the growth of the landscape. Many of these businesses have invested in OPTs to expand their footprint across the globe size.
For instance, in June 2023, TNS, a financial services provider, unveiled its Android-based indoor and outdoor payment terminal specifically designed for gas and petrol stations. Launched at ReFuelForum UK in Marbella, the product provides an entire payment ecosystem with smart security features. The payment kiosk offers support to almost all major credit cards, proprietary cards, digital wallets, etc. Similarly, in October 2023, Invenco, a self-service payment solutions developer, announced the expansion of its portfolio with the launch of the FlexPay 6 line of OPTs. With native cloud connectivity and contact payment features, this product is expected to cater to the demands of the industry holistically.
Summing up, the gradual transition toward cashless transactions and digital financial services has expanded the scope of the outdoor payment terminal industry. The increasing integration of AI and other advanced technologies is expected to increase the utility of these payment kiosks in the coming period.
Prime determinants of growth
Increasing penetration of smartphones and rise in adoption of cloud-based OPTs and AI integration is boosting the growth of the global outdoor payment terminal (OPT) market. In addition, growing preference to non-cash transactions is positively impacts growth of the outdoor payment terminal (OPT) market. However, security issues and privacy concerns and high deployment and maintenance cost is hampering the outdoor payment terminal (OPT) market growth. On the contrary, rising adoption of OPT solutions among SMEs is expected to offer remunerative opportunities for expansion of the outdoor payment terminal (OPT) market during the forecast period.
Covid-19 Scenario
- The outdoor payment terminal (OPT) market has witnessed stable growth during the COVID-19 pandemic, owing to the rising dependency on contactless payments. The reliance of customers and vendors on contactless payment modes to contain the spread of the virus is anticipated to provide opportunities for the market.
- Moreover, with the implementation of OPTs retail merchants ensure to provide a secure platform to their customers owing to the rising concerns of payment security.
The contactless payment segment to maintain its leadership status throughout the forecast period.
Based on the type, the contact payment segment held the highest market share in 2022, accounting for more than two-thirds of the global outdoor payment terminal (OPT) market revenue, owing to increasing adoption of outdoor payment terminal (OPT) by various businesses across the globe as the preferred way of payment for bulk payouts. However, the contactless payment segment is projected to manifest the highest CAGR of 13.8% from 2023 to 2032, owing to the increased adoption of digitalization in banking activity.
The malls segment to maintain its leadership status throughout the forecast period
Based on application, the refuel segment held the highest market share in 2022, accounting for nearly one-third of the global outdoor payment terminal (OPT) market revenue, owing to increase in demand for personalization and self-service on services and products. However, the malls segment is projected to manifest the highest CAGR of 14.5% from 2023 to 2032, owing to a rising adoption of smartphones, alternative payment methods, and sustainable approaches.
Asia-Pacific maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global outdoor payment terminal (OPT) market revenue, owing to increase in demand for the type of payment methods such as credit, debit, prepaid cards, and others is growing among people in the countries such as the U.S. and Canada. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.8% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to owing to the rising deployment of OPTs, predominantly in developing countries like China and India.
Leading Market Players: –
- Apple Inc.,
- Capgemini SE,
- Dover fueling solutions,
- Finastra Group Holdings Limited,
- Gilbarco Inc,
- Invenco Group Ltd.,
- Scheidt & Bachmann GmbH,
- Temenos AG,
- NCR Corporation,
- Verifone, Inc,
The report provides a detailed analysis of these key players of the global outdoor payment terminal (OPT) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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