In retail contexts, a point-of-sale (POS) terminal is a hardware device that processes card payments. Credit and debit card magnetic strip reading software is integrated into the hardware. Retail and hospitality are two of the industries that use point-of-sale (POS) terminals, which are specialized hardware and software combinations. They are essential to organizations in order to manage inventory, perform sales more effectively, improve client experiences, and gain insightful information about their operations. They are essential in today's cutthroat corporate environment due to their capacity to facilitate safe transactions, offer data analytics, and interface with other systems. Because of the need for modernization, connection with digital payment methods, and improved data analytics, there is still a strong need for POS Terminals. Point of Sale Terminals is expected to see a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030, with a market valuation of USD 94.40 billion in 2022.
Due to the rise in cybercrime, many people experience unauthorized transaction fraud, which is the taking of money from their accounts without a legitimate transaction.
The Bureau of Indian Standards (BIS) in India is responsible for awarding BIS Registration. 2012 saw the launch of the Compulsory Registration Scheme (CRS) by the Ministry of Electronics and Information Technology (MeitY). Testing, assessment, and adherence to technical specifications are all part of the BIS CRS registration procedure, which aims to guarantee the quality and safety of electronic goods meant for Indian customers.
Point of Sale Terminals