This growth represents a steep change in how consumers pay
A new study by Juniper Research has found that smart POS terminals globally in service will increase from 13.7 million in 2021, to 35 million units in 2026.
Digital payments accelerate and QR codes provide intense competition, particularly in North America. This way, POS terminals need to offer more features than before. The report identified smart POS terminals as the future of POS terminals that should be considered by all vendors.
The new research found that by 2026, 57% of all payments at POS by value will be contactless globally, compared to just under 25% in 2021.
The research identified that soft POS, the ability to use NFC on mobile devices to accept contactless payments, will accelerate. Soft POS provides a cheaper route into card acceptance than ever for the smallest businesses, meaning that it is compelling for this particular niche.
Accordingly, the global number of smartphones being used for soft POS payments will increase from 3.2 million in 2021, to almost 24 million in 2026. However, the research emphasised that soft POS not being an immediately recognisable POS terminal will limit consumer confidence around security; restricting growth.
We’ve reported that Indian e-commerce industry to boost by 141% over 4 years.