“India’s SoftPOS market is set to outpace global averages, driven by government initiatives, UPI integration, and a robust fintech ecosystem,” Worldline India reports in a new study which also predicts that more than half of all transactions in the Asia-Pacific region will be contactless this year.
“The Indian government’s $1.2bn support program for digital payment solutions, including SoftPOS, is accelerating adoption among small businesses, kirana stores, and service providers,” the study explains. “The push for a cashless economy and the ubiquity of smartphones further fuel this momentum.”
“Micro, small and medium enterprises (MSMEs) will drive over 60% of SoftPOS adoption, leveraging its affordability and ease of deployment.”
By 2027, SoftPOS is expected to surpass 34.5m merchant deployments globally, SoftPOS: Transforming Contactless Payments Across Industries adds.
Key advantages of SoftPOS identified in the paper include:
- Retail and e-Commerce: Enables ‘endless aisle’ experiences and mobile checkout for both in-store and delivery-based transactions.
- Restaurants and Food&Beverage: Accelerates tap-to-pay acceptance for small and micro-merchants, especially in Tier II and III cities.
- Transit and Mobility: Powers mobile ticketing, onboard fare collection and seamless reconciliation in buses, metros, and ride-sharing.
- Healthcare: – Simplifies in-clinic and pharmacy payments, supported by digital health initiatives.
- Insurance and Financial Services: Empowers agents to collect premiums and issue receipts in real-time — even in semi-urban and rural areas.
“SoftPOS adoption is set to surge over 1000% by 2028, with India leading the charge. AI and 5G will further enhance fraud detection and transaction speed, making SoftPOS the mainstream choice for merchants everywhere.
“With these innovations swiftly changing how payments are made, businesses that embrace them early will stand out in the market,” the paper concludes.
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