A new study has found the total number of merchants deploying soft POS solutions will surpass 34.5 million globally by 2027, rising from 6 million in 2022.
Soft POS enables NFC enabled smartphones or tablets to accept contactless payments, without additional hardware and the growth will be driven by Apple’s entrance into the soft POS space, enabling iOS users to access an affordable mobile POS solution.
1.2 billion iOS users added to market
The research forecasts that Apple’s decision to enable third parties to develop soft POS solutions leveraging iOS NFC capabilities will result in an influx of iOS-specific services, leading to innovative solutions for merchants.
Further, the research predicts Apple’s entry will provide 1.2 billion iOS users with such capabilities, unlocking a previously untapped market.
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.
Increasing contactless adoption drive soft POS uptake
The research anticipates adoption being driven by the increasing use of contactless payments – with volumes expected to rise from 195 billion in 2022 to 408 billion by 2027.
Therefore, 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 profound for small-sum and mobile merchants that must accept contactless transactions, but lack the need for high-cost dedicated terminals.
As such, the research recommends vendors must look to target micro and mobile merchants; designing solutions that meet their unique needs.