SOFT POS USER BASE TO GROW 475% GLOBALLY BY 2027 -- JUNIPER RESEARCH

KUALA LUMPUR, Aug 9 (Bernama) -- A study from Juniper Research has found the total number of merchants deploying software point-of-sale (soft POS) solutions will surpass 34.5 million globally by 2027, rising from 6 million in 2022.

This growth will be driven by Apple’s entrance into the soft POS space where it enables iOS users to access an affordable mobile POS solution.

According to a statement, the research forecasts that Apple’s decision to enable third parties to develop soft POS solutions leveraging iOS near-field communication (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, thus unlocking a previously untapped market.

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.

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.

As such, the research recommends soft POS vendors must look to target micro and mobile merchants; designing solutions that meet their unique needs.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports, and industry commentary.

-- BERNAMA