More than 34m merchants worldwide to accept contactless payments on NFC smartphones by 2027 • NFCW

2022-08-12 23:25:27 By : Ms. Marking suppower

The number of merchants worldwide using software point of sale (sPOS) solutions to accept contactless payments on an ordinary NFC smartphone or tablet will increase from 6m in 2022 to more than 34.5m by 2027, according to Juniper Research.

The forecast identifies predicted increases in total contactless payment volumes from 195bn in 2022 to 408bn in 2027 and the rollout of Apple’s Tap to Pay for iPhone sPOS feature as being among the key drivers of the increase.

“The research forecasts that Apple’s decision to enable third parties to develop sPOS solutions leveraging iOS NFC capabilities will result in an influx of iOS-specific services, leading to innovative solutions for merchants,” the researchers say.

“Furthermore, the research predicts Apple’s entry will provide 1.2bn iOS users with sPOS capabilities, unlocking a previously untapped market.”

In addition, “consumers will come to expect contactless acceptance as standard, forcing smaller merchants to adopt contactless-capable POS solutions. Merchants are anticipated to embrace sPOS, based on cost savings achievable from eliminating the need for additional hardware, as well as mobility advances over contactless POS,” the researchers say.

Apple first announced its Tap to Pay on iPhone software in February and began testing in May prior to US merchants starting to enable the feature in July.

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Learn more: Adoption, Apple Tap to Pay, Contactless, Contactless mobile payment (CMP), iOS, iPhone, Merchant services, NFC, NFC Mobile Payments, Retail, software POS (sPOS)

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