As the economy is advancing by leaps and bounds, businesses attach great importance to technological innovation to help businesses be more flexible and develop. POS is a system favored by businesses around the world today and businesses in South Africa are no exception. In this article, we want to provide information on the future of POS in South Africa to help businesses get the information they need and choose the right system.
Future of POS
In the near future, POS is still predicted to be a prominent trend, especially the mobile POS system (mPOSS). A study from Research and Markets shows that the growth rate of the whole POS system will expand rapidly over the next few years, with a CAGR of 15% by 2027. Besides, terminal POS systems remain dominant, and smaller companies grow in demand for mobile POS options.
Moreover, in markets where commerce is expected to explode, local businesses are always looking for a more modern POS system such as contactless POS, Cloud POS. These state-of-the-art systems with huge features that bring abundant benefits to businesses are sure to become the future of POS.
The future of POS may lie in disruptive technology, like AI. These technologies will enable businesses to offer more payment acceptance options through online e-commerce stores, mobile apps, chat and social channels, and routes to more traditional stores.
Overview of POS in South Africa
South Africa, a market full of potential and promise in the future commercial boom, is the world’s top POS market. South Africa accounts for 91% of all transactions made through PoS devices.
Besides, South Africa is moving towards digitization and adoption of electronic payments, so many studies also indicate that South Africa’s POS terminal market is likely to witness significant growth. South Africa has gradually transitioned from traditional payment methods to more innovative payment methods, namely payments through POS. The market of POS in South Africa is expected to witness significant growth in 2026. The driving force behind this growth is due to the superiority of payment infrastructure, the development of digital banking services, the rise of online transactions in the retail sector, the increasing adoption of cloud applications, and technological advancements.
The future of POS in South Africa
While contactless technologies are being promoted by banks, businesses still prefer payment via POS in South Africa. This certainly brings many advantages to POS systems. The rise and expectation in the South African market have caused large businesses to appear here and transactions are sure to be more, especially transactions through POS machines.
All POS machines in South Africa will be more commonly used in locations such as supermarkets, electronics stores, restaurants, hotels, or even more widely in small shops for the convenience of card payment, ensuring safety, saving time, and reducing risks when using cash.
A prime example of the future growth of POS in South Africa is the Visa card which has gained traction in recent years and is the most popular credit card, accounting for 48.6% market share of all transactions. This is a signal that payment through POS will grow even more in this market.
ConnectPOS is a suitable system for businesses that want to start businesses and grow them quickly and easily. This is also a system that supports fast transactions, suitable for the development of a market like South Africa.
One can totally put an expectation on the development of POS in South Africa because of these positive prospects. Contact us if you need a complete POS system for your business.