Technology Mirror
POS Transaction Value to Experience Massive Growth of 1,050% as ATM Cash Scarcity Bites

POS Transaction Value to Experience Massive Growth of 1,050% as ATM Cash Scarcity Bites

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.

Juniper Research in the latest report anticipated 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.

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.”

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