Contactless payment transaction values to double by 2029

According to Juniper Research, the adoption of softPOS payment solutions by smaller businesses will drive a significant increase in contactless payment transaction values. By 2029, global transaction values are expected to rise from US$7.4 trillion in 2024 to US$15.7 trillion.

SoftPOS systems, which allow contactless payments using compatible smartphones, are reducing cost barriers for small and micro-merchants, leading to greater acceptance overall. Additionally, Apple’s recent announcement of “Tap to Cash” for person-to-person payments and widespread roll-outs of “Tap to Pay” on iPhones are predicted to further accelerate this transaction growth.

As access becomes more widespread, users increasingly expect contactless payment options, creating a positive cycle of increased use.