인도의 POS 단말기 시장 : 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the India POS terminals market size is expected to grow from 37.08 Billion units in 2025 to 41.27 Billion units in 2026 and is forecast to reach 70.39 Billion units by 2031 at 11.30% CAGR over 2026-2031.

This report is Segmented by Mode of Payment Acceptance (Contact-Based, and Contactless), POS Type (Fixed Point-Of-Sale Systems, and Mobile/Portable Point-Of-Sale Systems), End-User Industry (Retail, Hospitality, Healthcare, Transportation and Logistics, and More). The Market Forecasts are Provided in Terms of Value (Units).

India POS Terminals Market Trends and Insights

PIDF subsidies accelerating Tier-3 - Tier-6 roll-outs

Government incentive pools such as the Payments Infrastructure Development Fund earmarked Rs 1,500 crore for terminals that process low-value UPI transactions. These incentives reduced acquirer risk and allowed providers to seed devices in towns where POS density had remained low. The subsidy design required adherence to RBI security standards, so deployments in smaller cities arrived with certified encryption and remote key injection, ensuring long-term operability.

Surging credit-card base lifts card-swipe volumes

India had issued 86 million credit cards by early 2025, and average monthly spend reached Rs 15,388, a 15% year-over-year climb. Merchants noticed that card shoppers posted larger basket sizes than UPI users, so they upgraded to chip-and-PIN terminals that support contactless tap-to-pay. Banks and NBFCs widened card distribution, creating a virtuous loop for POS adoption even as UPI remained fee-free for small tickets.

Zero-MDR UPI erodes small-merchant economics

The government removed merchant discount rates on UPI. Acquirers lost subsidy revenue that once offset device rentals, so many paused deployments to very small merchants. While policy makers later proposed a 0.2% fee for large chains, the near-term absence of interchange kept micro-merchant POS penetration low.

Other drivers and restraints analyzed in the detailed report include:

1. Omni-payment Android POS adoption
2. GST e-invoice compliance driving real-time POS upgrades
3. QR-code ubiquity dampens new POS demand

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Contact-based methods retained 55.38% of the India POS Terminals market share in 2025 on durable chip-and-PIN infrastructure. Yet contactless payments posted a 12.38% CAGR, fueled by NFC upgrades in bank-issued cards and consumer comfort with tap-to-pay hygiene. Contactless also gained visibility through public transit pilots where fare gates promoted faster flows. The segment's expansion indicates that, although cards remain important, the underlying interface continues to shift toward touch-free experiences.

Merchants looked beyond retail. State transport firms layered contactless validators onto buses and metros, and municipal utilities accepted tap cards for bill payment. Device makers explored biometric authentication to secure higher value taps without PIN entry. These innovations are expected to keep contactless momentum intact even once pandemic safety fades from public memory.

Complete Report Scope:

• By Mode of Payment Acceptance
  • Contact-based
  • Contactless
• By POS Type
  • Fixed Point-of-Sale Systems
  • Mobile / Portable Point-of-Sale Systems
• By End-User Industry
  • Retail
  • Hospitality
  • Healthcare
  • Transportation and Logistics
  • Other End-user Industries

List of Companies Covered in this Report:

1. Pine Labs Private Limited
2. One 97 Communications Limited (Paytm)
3. Worldline India Private Limited
4. Mswipe Technologies Private Limited
5. Innoviti Technologies Private Limited
6. Razorpay Software Private Limited (Ezetap)
7. Verifone India Sales Private Limited
8. Ingenico International India Private Limited
9. State Bank of India
10. HDFC Bank Limited
11. ICICI Bank Limited
12. Axis Bank Limited
13. RBL Bank Limited
14. Kotak Mahindra Bank Limited
15. Union Bank of India
16. BharatPe (Resilient Innovations Private Limited)
17. PhonePe Private Limited
18. Fiserv India Private Limited
19. Hitachi Payment Services Private Limited
20. PayU Payments Private Limited

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 PIDF subsidies accelerating Tier-3-Tier-6 roll-outs
  • 4.2.2 Surging credit-card base (>100 mn) lifts card-swipe volumes
  • 4.2.3 Omni-payment Android POS (cards + UPI + BNPL in one device)
  • 4.2.4 GST e-invoice compliance driving real-time POS upgrades
  • 4.2.5 Smart-mall boom in Tier-2/3 cities raises fixed-POS demand
  • 4.2.6 Advanced analytics/AI add-ons boosting retailer ROI
• 4.3 Market Restraints
  • 4.3.1 Zero-MDR UPI erodes small-merchant economics
  • 4.3.2 QR-code ubiquity dampens new POS demand
  • 4.3.3 High total-cost-of-ownership for micro-merchants
  • 4.3.4 Draft RBI PA-Offline rules raise compliance cost
• 4.4 Regulatory Landscape
• 4.5 Technological Outlook
• 4.6 Porter's Five Forces Analysis
  • 4.6.1 Threat of New Entrants
  • 4.6.2 Bargaining Power of Suppliers
  • 4.6.3 Bargaining Power of Buyers
  • 4.6.4 Threat of Substitutes
  • 4.6.5 Competitive Rivalry

5 MARKET SIZE AND GROWTH FORECASTS (UNITS)

• 5.1 By Mode of Payment Acceptance
  • 5.1.1 Contact-based
  • 5.1.2 Contactless
• 5.2 By POS Type
  • 5.2.1 Fixed Point-of-Sale Systems
  • 5.2.2 Mobile / Portable Point-of-Sale Systems
• 5.3 By End-User Industry
  • 5.3.1 Retail
  • 5.3.2 Hospitality
  • 5.3.3 Healthcare
  • 5.3.4 Transportation and Logistics
  • 5.3.5 Other End-user Industries

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
  • 6.4.1 Pine Labs Private Limited
  • 6.4.2 One 97 Communications Limited (Paytm)
  • 6.4.3 Worldline India Private Limited
  • 6.4.4 Mswipe Technologies Private Limited
  • 6.4.5 Innoviti Technologies Private Limited
  • 6.4.6 Razorpay Software Private Limited (Ezetap)
  • 6.4.7 Verifone India Sales Private Limited
  • 6.4.8 Ingenico International India Private Limited
  • 6.4.9 State Bank of India
  • 6.4.10 HDFC Bank Limited
  • 6.4.11 ICICI Bank Limited
  • 6.4.12 Axis Bank Limited
  • 6.4.13 RBL Bank Limited
  • 6.4.14 Kotak Mahindra Bank Limited
  • 6.4.15 Union Bank of India
  • 6.4.16 BharatPe (Resilient Innovations Private Limited)
  • 6.4.17 PhonePe Private Limited
  • 6.4.18 Fiserv India Private Limited
  • 6.4.19 Hitachi Payment Services Private Limited
  • 6.4.20 PayU Payments Private Limited

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-space and Unmet-need Assessment