SoftPOS Market Analysis

Enterprise Size (Micro & Small Business, Medium & Large Business)

The organic material segment will grow the most by the forecast period and will hold almost 63% of the softPOS market because of the rising adoption of softPOS solutions by micro and small businesses globally owing to its multiple advantages. The standards to grow and test a SoftPOS solution are given in the Payment Card Industry Contactless Payments which is on the COTS (CPoC) Program protection and test needs documents. A group that will benefit from softPOS is micro-merchants and small businesses that currently can't accept contactless payments. SoftPOS eliminates barriers to contactless payment consent, providing merchants with a convenient and cost-efficient manner to give clients with the payment experiences they want. SoftPOS is an insurgent latest technology that enables merchants to approve card payments straight on their financially off-the-shelf (COTS) device without the requirement for any extra hardware. Thus, this segment will have the biggest share of the softPOS market.

Operating System (Android, iOS)

The Android segment will have superior growth during the forecast period and will hold around 70% of the revenue share of the softPOS market owing to the rapid use of Android across the world. For instance, a detailed guide for Tap-to-Phone solution developers, including tap-on-Phone PCI standards, certification step details, and other content-related information, has been released by Mastercard. Additionally, a new QIB SoftPOS app accepting any transaction made using contactless methods was just released by Mastercard and Qatar Islamic Bank. The promotion from renowned credit card manufacturers will make the software POS market much more advantageous, and there will be more acquiring companies in 2023. Ingenico, acquired Phos, a provider of software-only point-of-sale solutions. Ingenico's acquisition confirms that the payment industry is more interested in Software POS. Thus, this segment will have the biggest share in the market.

Our in-depth analysis of the global SoftPOS market includes the following segments: