Contactless payment acceptance fuels POS terminal growth
The successful introduction of contactless payment card technology in Australia has led to rapid growth in the number of point of sale terminals being deployed by merchants.ATM company StarGroup estimates that there are more than 956,000 POS terminals in the country, with the number growing by 13.3 per cent last year.ATM numbers have been flat, in comparison. StarGroup estimates that there are 31,661 ATMs in the Australian market, which account for 73 per cent of cash withdrawals (the balance is at point of sale terminals).ATM cash withdrawals have been falling steadily in recent years, as consumers shift to card payments for their everyday spending.StarGroup trialled a point of sale payment processing business last year and has started signing contracts with merchants.