Outdoor Payment Terminal (OPT) Market Size, Share, Growth, and Industry Analysis, By Type (Contactless Payment Terminal, Contact Payment Terminal, Others), By Application (Car Wash, Refuel, Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

OUTDOOR PAYMENT TERMINAL (OPT) MARKET REPORT OVERVIEW

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The global Outdoor Payment Terminal (OPT) market size was USD 755.8 million in 2019 and will touch USD 1252.7 million by 2026, exhibiting a CAGR of 7.4% during the forecast period.

An outdoor payment terminal (OPT) is a self-service kiosk or machine that help consumers safely pay for goods or services. These are frequently seen outside in parking lots, drive-thrus and petrol stations. OPTs provide a wide range of payment choices, including as contactless payment methods, credit and debit card readers, and cash acceptance devices. They are weather-resistant to survive external conditions and frequently have touchscreen interfaces for human contact. Providing consumers with an expedient and uncomplicated means of making payments is the main goal of an OPT, especially when more traditional indoor payment options aren't feasible or reasonable. OPTs help to improve the entire customer experience by cutting down on wait times and streamlining the payment process by providing a self-service alternative.

The market for outdoor payment terminal (OPT) has been steadily growing over the past few years, and it is anticipated that this development trend will continue in the near future. Parking lots, petrol stations and other retail establishments commonly include outside self-service payment kiosks, or OPTs. These terminals make it easy and safe for clients to pay for goods and services. Furthermore, they grant them entry to additional services such as loyalty schemes and exclusive discounts. The OPT industry is developing due in large part to the increasing availability of contactless payment systems. OPTs are installing NFC (Near Field Communication) technology in response to consumers' growing preference for utilising their cellphones and other mobile devices for payment. A further reason propelling the OPT market's expansion is the increasing need for self-service solutions. As customers become more tech-savvy and accustomed to utilising self-service kiosks for a variety of purposes, OPTs are predicted to become more and more required. Businesses are using self-service technology more frequently as a result of the Covid-19 pandemic because they wish to lower the danger of human interaction and viral transmission.

COVID-19 Impact: Market Growth Increased by Pandemic Due to Surge in Contactless Payments

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The market for outdoor payment terminal (OPT) is expected to be significantly driven by the COVID-19 pandemic outbreak. The amount of people using contactless payments has surged since the outbreak. The market is expected to benefit from suppliers' and consumers' dependence on contactless payment methods to stop the virus from spreading. Furthermore, given the growing worries about payment security, retail merchants guarantee to offer their consumers a safe platform by using OPTs.

LATEST TRENDS

"Rising Demand for More Convenient Payment Methods to Drive Market Growth"

Several significant trends that are influencing the direction of the business are being seen in the Outdoor Payment Terminal (OPT) market. Firstly, the desire for safer and more convenient payment methods is driving demand for contactless payment solutions, particularly in light of the COVID-19 epidemic. As a result, NFC-enabled payment terminals—which let users pay with contactless cards or smartphones—are being used more often. Second, the emphasis on improving the user experience is growing because to cutting-edge technologies like customisable interfaces, interactive touchscreens, and biometric authentication. These features not only increase security but also streamline and ease the payment process. To give consumers and companies a more smooth and integrated experience, there is also an increasing focus on connecting OPTs with other systems, such fleet management programmes, reward programmes, and fuel dispensers. Last but not least, because OPTs are frequently put in outdoor settings where they are subjected to inclement weather, there is an increasing need for these types of devices.

OUTDOOR PAYMENT TERMINAL (OPT) MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Contactless Payment Terminal, Contact Payment Terminal, Others.

• Contactless Payment Terminal: These terminals allow payments to be made without the payment device—such as a card or smartphone—and the terminal coming into direct touch with one another thanks to Near Field Communication (NFC) technology. To begin a transaction, users only need to tap their card or mobile device on the terminal.

• Contact Payment Terminal: To use these terminals, the payment device and the terminal must come into direct touch. To finish a purchase, users must swipe their credit card through a magnetic stripe reader or put it into a card reader.

• Others: Some OPTs are designed to accommodate particular payment methods or technological advancements. As an illustration, certain terminals allow for QR code payments, in which case a user scans a code that appears on the terminal screen to start a transaction.

By Application

Based on application the global market can be categorized into Car Wash, Refuel, Others.

• Car Wash: OPTs are frequently used at vehicle washes to let customers to pay for their services without requiring assistance from a cashier. Clients may choose the wash package they want, pay with cash or credit/debit cards, or use a variety of other payment options. They will also receive a ticket or code to start the wash.

• Refuelling Stations: Petrol stations and refuelling stations are frequent locations for OPTs. They make it possible for cars to pay for petrol without interacting with a clerk or entering the convenience shop. Consumers may use the OPT to pay and choose the gasoline type and pump number. It is customary to execute the purchase over a secure payment channel.

• Other: OPTs can also be utilised in a range of retail settings. They might be utilised, for instance, in self-service vehicle rental locations, parking garages, and any other place where self-service payments are required.

DRIVING FACTORS

"Increasing Use of Mobile Wallets to Boost the Market Growth"

With mobile wallets like Apple Pay, Google Pay, and Samsung Pay, customers can now easily and securely use their smartphones to make payments. These wallets are growing in popularity. The fact that these wallets frequently include Near Field Communication (NFC) technology, which works with OPTs, increases demand for these terminals. The widespread use of contactless payments has been one of the biggest changes in payment technology driving Outdoor Payment Terminal (OPT) market growth. Customers choose OPT because of its quickness and ease of simply touching a card or mobile device. This tendency was further pushed by the COVID-19 epidemic, as customers looked for contactless payment alternatives in order to make payments that were safer and more hygienic. The number of firms has increased as a result of growing urbanisation and globalisation, especially in metropolitan regions. Payment solutions that can manage large transaction volumes and meet a variety of client demands are necessary for these enterprises. OPTs can satisfy these needs because of their scalability and adaptability.

"Rise of E-Commerce Platforms to Expand the Market"

An increasing number of people are choosing to purchase online, leading to a notable development in the e-commerce sector. Still, there is a constant demand for safe and practical payment methods. OPTs bridge the gap between online and offline shopping experiences by giving customers a smooth option to pay for their purchases made online. IoT-enabled OPTs simplify corporate processes and offer insightful data about consumer behaviour by interacting with other gadgets and systems, like as CRM software and inventory management systems. Efficiency and convenience are important to modern consumers. With the use of self-service payment solutions like OPTs, customers may conveniently and swiftly make payments without interacting with a person. This is especially convenient in places like drive-thrus and petrol stations where customers value speed and convenience.

RESTRAINING FACTORS

"High Costs of Uniforms to Impede Market Growth"

The high cost of installation and maintenance is one of the biggest barriers affecting the OPT market. The cost of installation and maintenance for outdoor payment terminals might rise since they are frequently placed in isolated and challenging areas. Furthermore, the total cost of ownership may increase due to the requirement for routine service and maintenance, which makes it challenging for certain companies to invest in OPTs.

OUTDOOR PAYMENT TERMINAL (OPT) MARKET REGIONAL INSIGHTS

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"North America to Dominate in the Market due to Presence of a Large Consumer Base"

The market is segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the global Outdoor Payment Terminal (OPT) market share. The prevalence of cashless payment systems, the existence of large market participants, and the growing need for ease and security in payment transactions are some of the reasons contributing to the region's supremacy. With so many petrol stations and retail establishments using these systems, the U.S. is a major market for outdoor payment terminals. The region's OPT market has expanded as a result of the nation's robust economy, technological developments, and customer demand for contactless payments.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Outdoor Payment Terminal (OPT) market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Outdoor Payment Terminal (OPT), catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• NCR (U.S.)
• Tokheim (France)
• Gilbarco Veeder-Root (U.S.)
• Invenco Group (New Zealand)
• Verifone (U.S.)
• Scheidt & Bachmann (Germany)
• KVSIO (China)

INDUSTRIAL DEVELOPMENT

January 2022: Global corporate technology corporation NCR Corporation declared in January 2022 that it has successfully completed the previously disclosed acquisition of well-known cryptocurrency software provider LibertyX.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.