Mexico POS Terminals Market Size

Mexico POS Terminals Market Analysis

The Mexico POS Terminals Market size is expected to grow from USD 1.43 billion in 2023 to USD 2.27 billion by 2028, at a CAGR of 9.69% during the forecast period (2023-2028).

POS terminal systems have changed from transaction-oriented terminals and devices to systems that can interact with the company's CRM and other financial solutions. With the assistance of this innovation, end users can now better manage their revenue streams and inventory due to business information.

• The main benefits of POS systems include lower maintenance costs, precise transactions, and real-time inventories. Due to the practical advantages that modern POS systems provide, businesses have switched from using old billing software to POS systems, guaranteeing the expansion of POS systems. The study tracks the fixed and mobile POS terminals used in different industries, such as retail, hospitality, healthcare, and others. 
• The Mexican POS terminals market is expanding fastest in retail. Several retailers in Mexico are switching to straightforward transactions to prevent long waiting lines and transaction delays. To provide individualized, interactive, and distinctive customer experiences, merchants are now combining the POS system with inventory, merchandising, marketing, and Customer Relationship Management (CRM) data. The POS's consumer mapping application has also seen increased use due to the increasing focus on consumer behavior.
• According to the National Institute of Statistics and Geography (INEGI), consumer spending in Mexico rose by 1.5% quarter-over-quarter to MXN 12.76 trillion (~USD 655.9 billion) in the second quarter of 2022. The rise in consumer spending had a direct impact on the demand for POS terminals as a means of an easy payment option. Furthermore, the growth in e-commerce and the entangling of brick-and-mortar and online retail practices are also expected to affect the future growth of POS terminals. With the option of payment on delivery provided by major e-commerce platforms in the region, a sudden surge in the adoption of mobile POS terminals has been recognized.
• Due to using critical information, security concerns have become a challenge to the market's growth. POS terminals are connected to the network and the internet, making them vulnerable to attacks to gain access to and manipulate it like any other insecure machine. The way the terminal communicates with the rest of the network makes it vulnerable to attacks. Attackers could access unencrypted card data, including Track2 and PIN information, providing all the necessary information required to steal and clone payment cards.
• The COVID-19 pandemic led to a rise in home delivery and digital payments. This is expected to accelerate the growth of the point-of-sale terminal market. Many businesses in Mexico are shifting away from cash management and focusing on flexible omnichannel retail models and long-term fulfillment to drive sales, which might increase the use of POS terminals even more. A lack of swipe machines to process digital payments at retail establishments was caused by supply chain concerns, which could temporarily restrict growth.​