Thursday, 11 August 2022 08:38

Merchants deploying soft POS solutions will exceed 34.5 million by 2027: Juniper Research

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Merchants deploying soft POS solutions will surpass 34.5 million globally by 2027, rising from six million in 2022 driven by Apple’s entrance into the soft POS space, enabling iOS users access a mobile POS solution, according to Juniper Research.

Juniper Research says soft POS enables NFC‑enabled smartphones or tablets to accept contactless payments without additional hardware.

1.2 billion iOS users added to soft POS market
The research forecasts that Apple’s decision to let third parties to develop soft POS solutions leveraging iOS NFC capabilities will result in an influx of iOS-specific services.

Furthermore, the research predicts Apple’s entry will provide 1.2 billion iOS users with soft POS capabilities.

Soft POS is the latest development from Apple within fintech—building upon Apple Pay and Apple Pay Later. Soft POS vendors should leverage Apple’s payment ecosystem by developing innovative solutions such as integrated QR payment acceptance, using Apple Pay and Pay Later compatibility to attract a broader iOS user base.

Soft POS vendors can leverage Apple’s payment ecosystem by developing integrated QR payment acceptance using Apple Pay and Pay Later compatibility to attract a broader iOS user base.

Increasing contactless payment adoption to drive soft POS uptake
Increasing use of contactless payments are expected to rise from 195 billion in 2022 to 408 billion by 2027—and will drive soft POS adoption.

Consumers will come to expect contactless acceptance as standard, forcing smaller merchants to adopt contactless-capable POS solutions.

Merchants are anticipated to embrace soft POS, based on cost savings achievable from eliminating the need for additional hardware, as well as mobility advantages over contactless POS.

This will be evident for small-sum and mobile merchants that must accept contactless transactions, but lack the need for high-cost dedicated terminals.

The research recommends soft POS vendors must look to target micro and mobile merchants and design solutions that meet their needs.

This first appeared in the subscription newsletter CommsWire on 10 August 2022.

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Kenn Anthony Mendoza

Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler PhilippinesManila BulletinCNN Philippines LifePhilippine StarManila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.

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