USA Outdoor Payment Industry Witnessing Robust Growth in the Era of Virtualization and Digital Economy: Ken Research

 1. USA Outdoor Payment Market is being driven by emerging technologies like AI and ML for faster transactions and government support towards digital economy.

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USA Outdoor Payment Terminal market is expected to grow at a steady rate over the next few years, supported by increase in population in the country along with the rising popularity of electric vehicles and government initiatives such as carbon free economy and EMV compliance law. Increasing adoption of contactless or near-field communications (NFC) technology for credit card payment along with groundbreaking technologies such as artificial intelligence (AI), internet of things (IoT) and other digital platforms are opening new possibilities in the market.

2. Additionally, growing adoption of cashless & contactless payment for mobile payment systems are among the key factors driving the growth of the US OPT Market.

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USA Outdoor Payment Terminal market is expected to witness a tremendous growth owning to surge in the adoption of alternative payment methods such as contactless or mobile methods of payments like digital wallets along with investments and new market entrants. The COVID-19 outbreak has also considerably boosted growth of the OPT market, owing to rising trend of cashless transactions because of the fear of the spread of the virus. Additionally, the integration of intelligent algorithms to make quick payments at NFC-enabled terminals using smartphones, along with rising popularity of EuroPay, MasterCard, and Visa (EMV) cards in USA are expected to fuel the market growth.

3. Demand for Outdoor Payment Terminal has been underpinned by technological advances and this trend is likely to intensify and drive demand in the coming years.

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• The rapid adoption of wireless payment terminals by retailers and rising awareness towards touchless mode of transactions along with Govt. programs such as discounts to customers are increasing demand for outdoor payment terminal.
• Increased usage of smartphones, adoption of cloud-based solutions, and customers’ demand for quicker payment settlements are driving the growth of the 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

4. Low adoption of OPT due to E-commerce giants, Long Procurement Cycle, Scale Disadvantage, and skimmers are few of the challenges and bottlenecks faced in USA Outdoor Payment Terminal Market.

• Many large convenience stores are closing stores, or putting off expansions as they fight off e-commerce disruption which results in low visits of C-store and fueling stations adoption of OPT in USA
• Procurement of raw materials for manufacturing OPT terminals is a lengthy process. Acquiring necessary supplies can take up to 6-8 weeks further stretched due to the ongoing pandemic situation
• With petroleum and convenience industry facing myriad challenges, many OPT providers struggle with pressures on profit margins, expanded consumer demands with complex regulatory and operational environments
• Wide adoption of EMV compliance throughout most of retail has only highlighted fuel pumps as easy targets for skimmers. With gas and diesel prices hurting Americans wallets fraud are increasing along with convenience retailers at risk position.