Adoption of softPOS payment solutions by smaller businesses will drive a 113% increase in contactless payment transaction values by 2029, Juniper Research predicts.

The growth will see global transaction values rise from US$7.4 trillion in 2024 to US$15.7 trillion in 2029.

“The launch of softPOS systems, where contactless payments can be accepted using a compatible smartphone, is breaking down cost barriers to small and micro-merchants’ adoption of contactless payments, increasing acceptance overall,” the analysts say.

“Additionally, the study predicted that Apple’s recent announcement of Tap to Cash for person-to-person payments, and its extensive roll-outs of Tap to Pay on iPhone will further accelerate this transaction growth.”

“As access becomes more widespread, users increasingly expect contactless payments; creating a virtuous cycle of increasing use,” they add.

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