SoftPOS Market Share

North American Market Statistics

The softPOS market in the North America region will have the biggest growth during the forecast period with a revenue share of around 80%. This growth will be noticed owing to the rising adoption of contactless payment systems in this region. According to Mastercard Contactless Consumer Polling, more than half (51%) of Americans currently use some form of contactless payment, including mobile wallets like Apple Pay and tap-to-go credit cards. This is in response to the pandemic's initial impact, which has resulted in 51% of Americans saying they have used cash less frequently or not at all. Restaurants, gas stations, and grocery stores are the main US-based merchants adopting contactless payments. Between 2020 and 2023, these sectors have experienced increased contactless usage, accounting for the majority of US contactless transactions.

APAC Market Analysis

The softPOS market in the APAC region will also encounter huge growth during the forecast period and will hold the second position owing to the increasing use of smartphones in the growing economies. In China, there were almost 1 billion smartphone users in 2022. By 2026, the user population was projected to reach around 1.18 billion, according to the forecast. Smartphone and social media use are closely related in these 11 emerging economies: a median of 81% of social media users claim to own or share a smartphone, while a median of 91% of those same countries also use social media or messaging apps.