The Latin America, Middle East and Africa SoftPoS Market would witness market growth of 23.4% CAGR during the forecast period (2023-2030).
The disruptive SoftPoS technology allows individuals and businesses to accept contactless payments from cards or NFC wallets on their devices while capturing financial PINs and additional authentication as required. Through SoftPoS, a phone can serve as a payment terminal, eliminating the transformation for additional hardware. Users only need to download the software to convert an Android mobile device with NFC capabilities into a payment acceptance device for merchants or individuals. Small and medium-sized enterprises and merchants can accept digital payments on their smartphones using SoftPoS without making additional investments.
Recently, point-of-sale terminals have diminished the need for costly equipment and special bank connections. Increased PoS terminal functionality offers reliable solutions that go beyond payments. Mobile PoS terminal development is spurred by rising mobile phone usage. These terminals allowed merchants to connect mobile devices to card platforms. They reduced the price for merchants and addressed the issue of banks having dedicated lines to connect.
As a result of changes in customer behaviour brought on by COVID, Latin America is rapidly approaching a turning point in the adoption of contactless technology. Customers and companies have adopted contactless payments throughout Latin America due to their quickness and ease. Economic growth in the Middle East has led to an increase in consumer spending. Contactless payments offer a convenient and efficient way for consumers to make transactions. Additionally, online payment is anticipated to increase in nations with well-developed infrastructure as digital payments speed up. Therefore, the regional market will grow significantly in the coming years.
The Brazil market dominated the LAMEA SoftPoS Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $17.6 Million by 2030. The Argentina market is estimated to grow at a CAGR of 24.1% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 23.1% during (2023 - 2030).
Based on End-User, the market is segmented into Retail, Restaurants/Hospitality, Service Based Business, and Others. Based on Enterprise Type, the market is segmented into Small Business and Medium Business. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide SoftPoS Market is Projected to reach USD 1.04 Billion by 2030, at a CAGR of 20%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Worldline (Ingenico Group), CM.com N.V., EMI Global Corp (M4Bank), Fime SAS, Wizzit (Pty) Ltd, Tidypay AS, Bindo Labs, Inc., Fairbit LLC, Alcinéo, Asseco Group (Asseco Poland S.A.).
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