SoftPOS Market size was valued at USD 306.6 million in 2024 and is projected to reach a valuation of USD 2,89 billion by the end of 2037, rising at a CAGR of 17.6% during the forecast period, i.e., 2025-2037. In 2025, the industry size of softPOS is evaluated at USD 411.1 million.
The demand for softPOS continues to be driven at a steady pace as businesses look for cost-effective and flexible payment means. The ability to transform smartphones into POS terminals eliminates the need for traditional hardware and increases adoption for both small retailers and large enterprises. The softPOS market is driven by an increasing penetration of smartphones and consumer demand for contactless transactions. One important development was the NCR VOYIX CORPORATION’s introduction of a complete softPOS suite in August 2023 to ease the integration of omnichannel payment experiences for merchants of all sizes. This expansion mirrors the industry trend of softPOS integration across verticals, which is a key part of the retail and service landscape in modern times.
The softPOS market is witnessing growth due to government support toward digital payments and contactless technologies. In July 2024, the government of India announced to support small businesses in adopting digital payment solutions like softPOS systems with a USD 1.2 billion initiative. This initiative fits into broader projects aimed at improving financial inclusion and reducing cash transactions, which naturally provide a springboard for the entry of market participants. Furthermore, countries in Southeast Asia and Africa are also adapting the softPOS technologies for rollout, as they realize the ability of the softPOS technologies to not just enhance the local economies but also simplify business processes.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
17.6% |
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Base Year Market Size (2024) |
USD 306.6 million |
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Forecast Year Market Size (2037) |
USD 2.89 billion |
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Regional Scope |
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Enterprise Size (Micro & Small Business, Medium & Large Business)
Micro and small business segment is expected to capture around 61.2% softPOS market share by the end of 2036. This is due to the affordability and accessibility of softPOS solutions that eliminate the need for expensive hardware. Asseco South Eastern Europe Group launched a specialized softPOS app aimed at microenterprises and is integrated seamlessly with existing payment platforms. Small businesses play a crucial role in market growth, and this development shows. An increase in the adoption of softPOS by micro-enterprises will grow as these micro-enterprises start to use digital tools to optimize business processes, leading to greater financial inclusion and market competitiveness.
Operating System (Android, iOS, Others)
By the end of 2037, android segment is projected to capture around 55.7% softPOS market share. This is owing to the fact that Android devices are widely used and are cost-effective compared to iOS devices. For example, Fairbit’s new Android-compatible softPOS system was rolled out in June 2024 to expand its services in Southeast Asia, where the region’s digital economy is growing. It is an indicator of Android’s leading role in market expansion. Android-based solutions continue to be the preferred choice for businesses across diverse economic environments owing to their affordability and customization.
Our in-depth analysis of the global market includes the following segments:
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Enterprise Size |
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Operating System |
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End use Industry |
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Asia Pacific Market Statistics
Asia Pacific softPOS market size is expected to reach USD 1,368.5 million by 2037, at a CAGR of 18.3% from 2025 to 2037. Growing smartphone usage, digital payment penetration, and the region’s drive towards financial inclusion are driving the growth. Governments and fintech firms are also adopting SoftPOS to facilitate economic digitization by expanding SoftPOS adoption across small and medium enterprises (SMEs). SoftPOS systems are further accelerated by the surge in e-commerce and mobile banking across Asia Pacific.
SoftPOS is a thriving market in India due to the rapid rise of fintech in the country, and government attempts to increase digital payments. In August 2024, Pine Labs, in collaboration with Visa, launched Pine Labs Mini at the Global Fintech Fest in Mumbai to address SMEs and local merchants. This device simplifies in-store digital payment, a traditional QR code with more sophisticated SoftPOS technologies. Driven by the growing SME sector in India and the demand for contactless payments, the SoftPOS segment is anticipated to witness higher growth in the country, and the country is expected to be a key player in the Asia Pacific market.
China SoftPOS market is anticipated to rise at a stable pace due to the advanced mobile payment ecosystem and wide adoption of contactless technology in the country. SoftPOS integration has been accelerated across retail, hospitality and transportation sectors as the government’s thrust on digital transformation and cashless transactions gained momentum. SoftPOS solutions are being picked up by major fintech firms that serve the country’s massive unbanked and underbanked populations. SoftPOS adoption is set to rise rapidly with super apps and mobile wallets, and China is set to lead Asia Pacific digital payment landscape.
North America Market Analysis
North America softPOS market is projected to observe growth of over 16.7% between 2025 and 2037, due to the growing demand for flexible and contactless payment options. Strong digital infrastructure, high smartphone penetration, and emphasis on financial inclusion make the SoftPOS systems an easy choice for new adoption in the region. As consumers increasingly move to cashless transactions, businesses are investing in technologies allowing mobile devices to act as payment terminals to make customers’ lives easier and cut costs for merchants.
The growth of the SoftPOS market in the U.S. is driven by partnerships between fintech companies and large acquirers. In November 2022, Phos partnered with Elavon to create a Tap to Pay solution that enabled ISOs and ISVs to use mobile devices to transform them into contactless payment terminals. This innovation addresses other sectors, such as retail and service industries, with a huge adoption of SoftPOS technology for small and mid-sized businesses. As U.S. consumers increasingly favor digital payments, the market is expected to thrive, with significant contributions from independent vendors and technology providers.
Canada SoftPOS market is anticipated to rise at a significant pace as the country strives to become a leading contactless, secure payment market. This has seen fintech firms ally with financial institutions, and small retailers and service providers have started to adopt. With the cashless payment rate on the rise, businesses are using SoftPOS technology to increase payment flexibility and accommodate changing consumer demand. These are part of the wider push of the government to digitize financial services and accelerate the pace of payment infrastructure innovation.
The softPOS market is very competitive as key players are focusing on technology development and strategic partnerships to provide better service. Companies included Asseco South Eastern Europe Group, Bindo Labs Limited, CM.com, Fairbit, Fime, NCR VOYIX CORPORATION, NEC Corporation, PAX Global Technology Limited, Tidypay, Wizzit (Pty) Ltd, Worldline S.A. and Yazara. To capitalize on growing demand, these companies are expanding their geographic reach and leveraging innovation. Emerging players are also introducing niche solutions for particular industries to further intensify competition and create a dynamic softPOS market landscape.
In October 2023, CM.com launched a next-generation softPOS platform with advanced AI-driven fraud detection capabilities. Security is addressed and user experience is improved, resulting in a reinforcement of the competitive position of CM.com in the market. As technology advances, the softPOS sector is predicted to become more competitive, driving innovation and growth in the market. Continuous research and development, alongside strategic alliances, will remain key to maintaining market leadership.
Here are some leading companies in the softPOS market:
Author Credits: Abhishek Verma
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