The Market Growth for Tap to Phone is reaching impressive results. A recent study explaining the benefits of using Tap to Phone indicated a projected increase to over 34.5* million merchants adopting Soft POS systems by 2027 an increase of more than 400% from 2022. This is without mentioning the growing number of retailers considering and testing the software solutions that haven’t been publicly announced yet.
The rise and future of contactless payments
Cash is dead…long live the digital king. The rise of contactless payments has made an unsurprising leap over the last 3 years and looks well placed to continue this trajectory.
3 Contactless payment stats you need to know
In 2021, over 80% of US consumers used contactless payments.** This has obviously increased in 2022 and will continue to increase until we get to the point in the not-too-distant future where almost 100% of payments will be contactless.
The US now has the most contactless cards of any market in the world.*** Contactless cards in the US now have 175 million cards in circulation and counting. The highest penetration of contactless cards globally.
The global contactless payment market is projected to increase 400% in value by 2026~ The global contactless payment terminals market was valued at USD 13.23 billion in 2020 and is expected to reach USD 51.07 billion by 2026 .
Growing consumer adoption of this technology and market growth for Tap to Phone will continue to push the market penetration of SoftPOS terminals.
**Raydiant’s State of Contactless Payments 2021 Report
~Research and Markets’ Contactless Payment Terminals Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
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