BASINGSTOKE, U.K.– The total number of merchants deploying soft POS solutions will surpass 34.5 million globally by 2027; rising from six million in 2022, driven primarily by Apple’s entrance into the soft POS space, according to a new study from Juniper Research.
Juniper says Apple’s entrance into the space will enable iOS users to access an affordable mobile POS solution.
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. Furthermore, the research predicts Apple’s entry will provide 1.2 billion iOS users with soft POS capabilities; unlocking a previously untapped market.
“Soft POS is the latest development from Apple within the payments space; building upon Apple Pay and Apple Pay Later,” Juniper said. “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.”
Driven by Contactless
The research anticipates soft POS 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,” Juniper said. “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.”
Recommendation Offered
As such, the research recommends soft POS vendors must look to target micro and mobile merchants; designing solutions that meet their unique needs, according to Juniper Research.
To download the white paper, go here.