1. Growing adoption of OPTs among consumers and increasing penetration of EV charging infrastructure driving the market growth.
The New Zealand Outdoor Payment Terminal market is growing at a steady rate over the past few years, supported by an increase in population in the country along with the rising popularity of electric vehicles and government initiatives such as zero-emission vehicles 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, the growing adoption of cashless & contactless payment for mobile payment systems is propelling the OPT Market in New Zealand.
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New Zealand Outdoor Payment Terminal market is a moderately concentrated market with Gilbarco Veeder-Root and Ingenico as the market leaders owing to the high market share on the basis of the installed base of OPTs; followed by other OPT providers such as NCR, Invenco and Compac in the market. Advanced retrofit POS systems, 5G-enabled devices and other new payment modes are expected to drive the New Zealand Outdoor Payment Terminal market in near future. Furthermore, the covid-19 outbreak has also considerably boosted the growth of the OPT market in the country owing to the rising trend of cashless transactions and work-from-home culture along with the inflow of new investments and new market entrants.
3. Technology advancements, increased internet penetration, and the impact of COVID-19 have all contributed to the Outdoor Payment Terminals market, and this trend is projected to continue and fuel the demand in the upcoming years.
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- 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, the rising popularity of EuroPay, MasterCard, and Visa (EMV) cards, and increasing e-commerce transactions will fuel the growth in cashless transactions in the region.
- The integration of intelligent algorithms to make quick payments at NFC-enabled terminals using smartphones, along with the untapped potential of emerging economies, is expected to offer lucrative opportunities to OPT solution providers.
4. Lack of manufacturing centres, Scale Disadvantages, Fraud and Skimming are a few of the challenges and bottlenecks faced in the New Zealand OPT Market.
- In New Zealand, while the consumption of Outdoor Payment terminal is increasing, advantages of scale are not available to domestic manufacturers, which has resulted in heavy imports and lowered the demand for local products in the country.
- The lack of hardware R&D infrastructure for OPTs in New Zealand has pushed manufacturers to rely on foreign hardware manufacturers for various components.
- The lack of manufacturing centres in the country restrains the growth of the market domestically, as major end users depend on outsourcing from banks and foreign market players to obtain OPT units.