Juniper Research: Global Soft POS Transaction Value to Experience Massive Growth of 1,050% by 2028; Driven by Apple’s Tap to Pay Roll-out

January 09, 2024 at 02:00 AM EST

A new study from Juniper Research, the foremost experts in payments markets, 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.

Find out more about the new report, Global POS Terminals Market 2024-2028, or download a free sample.

61 Million Soft POS Smartphone Users Projected by 2028

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.

POS Software Unlocks Business Integration Efficiencies

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.”

About the Research Suite

The new market research suite offers the most comprehensive assessment of the POS terminals market to date, providing analysis and forecasts of over 46,000 datapoints covering 60 markets and the next five years. It includes two Competitor Leaderboards, for both general POS vendors and specialist soft POS vendors.

Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.