Outdoor Payment Terminal Providers may need to evolve their Business Model considering the customer experience strategies

Posted February 2, 2023 by kenresearch6

The report concludes with long term outlook Assessing the Growth in Petroleum and Convenience Retail and EV Charging Stations.
1.  Growing adoption of contactless payment for mobile payment systems, rising desire for cashless & contactless payments are key factors driving the growth of OPT Market

The integration of intelligent algorithms to make quick payments at NFC-enabled terminals using smartphones, along with the untapped potential of emerging economies, are expected to offer lucrative opportunities to solution providers. The increasing adoption of alternative payment methods such as contactless or mobile methods of payments using digital wallets is also expected to contribute to the market growth. Increased usage of smartphones, adoption of cloud-based solutions, and customers’ demand for quicker payment settlements are driving the growth of the market. The rapid adoption of wireless payment terminals by retailers, rising popularity of Euro Pay, MasterCard, and Visa (EMV) cards, increasing e-commerce transactions, growth in cashless transactions in the region is driving the OPT market.

2.  The New Zealand Outdoor Payment Terminal Market is expected to increase on the basis of YoY installed base of OPT by 2025F

On an average, the adoption rate was ~ 90% in 2021 for overall installed base of OTPs in New Zealand which is expected to rise up by more 2% in 2025F. Average Price of OPT Machine was ~USD 4,000 in 2021 and expected to reach USD 5,500 by 2025F. There are 2 OPT installed at 1 dispenser unit at Fuel stations where as 1 OPT at 1 Charging Unit at EV Stations, with average age of OPT around 8-9 years. The adoption rate of OPTs, based on consumer behavior is high.

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3.  How OPT Solves End Users Point -of- Sale Pain Points

It eliminates Payment Processing Glitches by creating dependable software and hardware optimization. The OPTs accept all possible payment cards, even cash and NFCs without system failure.
It handles high transactions by providing 24-hour Operation with Maximize System Uptime. Data polling during ongoing fueling operation guarantees uninterrupted use.
It delivers consistent customer response even during peak hour and can withstand harsh environment conditions.
Guarantees Reliable and Secure Management of payments. PCI/EMV approved along with other certifications. Advanced technology improves safety on payment and automation of electromechanical pumps.
Most importantly, it enhanced customer experience by providing high costumer satisfaction, speeding up processes and removing waiting queues. Also, colour LCD with touch input and simple user interface make it easy to use OPT for customers.

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Issued By Richa Sharma
Country India
Categories Business
Tags contactless payment terminal market new zealand , emerging companies in new zealand opt market
Last Updated February 2, 2023