1. The Canada Outdoor Payment Terminal Market is expected to increase by ~ 100,000 units on the basis of total installed base with high consumer adoption rate by 2025F
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On average, the adoption rate was ~ 90% in 2021 for the overall installed base of OTPs in Canada which is expected to rise by more 2% in 2025F.
There are 2 OPT installed at 1 dispenser unit at Fuel stations there is 1 OPT at 1 Charging Unit at EV Stations, with an average age of OPT around 7-10 years.
2. Scale Disadvantages, Long Procurement Cycle, Frauds, Lack of Manufacturing Centers and R&D infrastructure and Skimming pose challenges in Canada Outdoor Payment Terminal Market
In Canada, while the consumption of Outdoor Payment terminals is increasing, advantages of scale are not available to domestic manufacturers, which has resulted in heavy imports. 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. Wide adoption of EMV compliance throughout most of retail has only highlighted fuel pumps as easy targets for skimmers. Lack of manufacturing centres in the country restrains the growth of market domestically, as major end users depend on outsourcing from banks and foreign market players to obtain OPT units. The lack of hardware R&D infrastructure for OPTs in Canada has pushed manufacturers to rely on foreign hardware manufacturers for various components.
3. Maximized System Uptime, Improved Experience, Next-Gen Payment, Fast Deployment, and Robust Security are the key Industry Disruption Technologies in Canada Outdoor Payment Market
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- Adopting next-generation payment solutions enable customers to perform basic financial transactions seamlessly. Self-service payment technology providers are partnering with other companies to enhance their offerings and improve customer experience.
- Outdoor payment terminals are banknote enabled and all are built to the highest standards, so fuel retailers can be confident their assets are secure. Installed Anti-skimming and anti-tamper devices with latest PCI certification.
- Standards-based APIs and plugins are used extensively to enable efficient integration with minimal customization. OPTs are also platform-independent and can be deployed on any site hardware.
- OPTs provide consistent customer response even during peak business hours via a solid-state, hardened design. It can withstand challenging environmental conditions like severe weather, bright sunlight, dust, vehicle exhaust.
- New Outdoor payment terminals feature modern aesthetics and versatile display options. Quick and simple deployment and integration in the forecourt with Anti-fogging and anti-reflection display technology.
- It is Cloud-enabled. It can earn potential revenue through selling advertising space. It can host videos, images and apps with uninterrupted play during payment sequence.