The number of merchants using SoftPOS technology will reach over 34.5 million globally by 2027, up from six million in 2022, according to a new study.

SoftPOS enables NFC enabled smartphones or tablets to accept contactless payments, without additional hardware.

The figures, from Juniper Research, suggest a 475 per cent hike in usage over the next five years.

The research organisation said that the growth will largely be driven by Apple’s mobile POS solution for merchants using iOS.

It forecasts that the tech giant’s decision to enable third parties to develop SoftPOS solutions using iOS NFC capabilities will result in an "influx of iOS-specific services".

The research predicts that Apple’s entry into the market will provide 1.2 billion iOS users with SoftPOS capabilities.

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