The Asia Pacific SoftPoS Market would witness market growth of 20.7% CAGR during the forecast period (2023-2030).
SoftPoS is a software-based contactless payment system that utilizes near-field communication (NFC) technology in tablets and smartphones as a point-of-sale (POS) terminal and enables merchants to accept digital payments affordably to enhance the consumer's experience. These solutions eradicate the need for additional hardware and simplify and reduce the cost of installing traditional POS terminals. These solutions are often referred to as tap-to-phone or tap-on-phone solutions. Software point-of-sale enables contactless payment methods to increase daily transactions across small and large businesses by offering a superior alternative to standard POS terminals for small and medium-sized businesses.
The emergence of payment bands aims to prevent the need for traditional hardware devices to conduct contactless payment transactions seamlessly and provide mobility advantages over contactless PoS terminals. The wearable devices make contactless payments using barcodes, Near-field Communication (NFC), and Radio Frequency Identification (RFID) technologies. For example, in November 2022, BillBox, in partnership with Visa and National Securities Depository Limited (NSDL) Payments Bank, introduced TapTap, a new wearable device that enabled consumers to make contactless payments. Thus, the use of wearable payment bands facilitates the reduction of lines and offers a more individualized customer experience through biometric authentication.
According to the 2022 data from India’s Economic Diplomacy Division, due to the pandemic, quick service restaurants (QSRs), other restaurants, groceries, drugstores, and pharmacies accounted for 80% of contactless transactions by volume and 60% of all card transactions. By 2028, it is anticipated that there will be a $6.25 trillion market for contactless payments. It is expected that by 2023, approximately 60 percent of China's population will have made a mobile payment purchase. If the current trend persists, China may become a cashless economy in which digital payment methods completely replace cash. As a result of the rising contactless payments across the Asia Pacific regional, the market is expected to grow.
The China market dominated the Asia Pacific SoftPoS Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $78.5 Million by 2030. The Japan market is poised to grow at a CAGR of 19.9% during (2023 - 2030). Additionally, The India market would witness a CAGR of 21.4% during (2023 - 2030).
Based on End-User, the market is segmented into Retail, Restaurants/Hospitality, Service Based Business, and Others. Based on Enterprise Type, the market is segmented into Small Business and Medium Business. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide SoftPoS Market is Projected to reach USD 1.04 Billion by 2030, at a CAGR of 20%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Worldline (Ingenico Group), CM.com N.V., EMI Global Corp (M4Bank), Fime SAS, Wizzit (Pty) Ltd, Tidypay AS, Bindo Labs, Inc., Fairbit LLC, Alcinéo, Asseco Group (Asseco Poland S.A.).
By End-User
By Enterprise Type
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