A new study from Juniper Research forecasts that the global transaction value processed via soft POS will reach $11.8 billion by 2028, up from $1 billion in 2023. Growth will be driven by Apple’s launch of Tap to Pay, coupled with soft POS’ low cost of acceptance, which will lead to significant small business adoption.
Soft POS allows NFC‑enabled smartphones or tablets to accept contactless payments, without requiring additional hardware.
Juniper Research anticipates that the number of smartphones using soft POS by 2028 will reach 61 million globally; growing 683% from 2023. This is largely due to Apple’s roll-out of its Tap to Pay solution in markets with high numbers of smaller merchants, such as Brazil, France and the UK. The report advised payment companies to focus on bundling soft POS solutions with other business tools, such as cashflow management, to maximise success.
Alongside soft POS, the research urged merchants to implement other POS software for unlocking centralised sales management, inventory, customer data and more. Market leaders in POS have an expansive list of technology partners, meaning services can be bundled with capabilities such as AI analytics.
Research author Daniel Bedford remarked: “With the growing use of SDK integration, small businesses and merchants can access advanced software, such as loyalty & reward schemes and inventory management. POS software bundles reduce the financial barriers to accessing POS technology; helping businesses readily scale their operations.”
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Find out more about the new report, Global POS Terminals Market 2024-2028, or download a free sample.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
