A new study from Juniper Research has found the total number of merchants deploying soft POS solutions will surpass 34.5 million globally by 2027; rising from 6 million in 2022. This growth will be driven by Apple’s entrance into the soft POS space; enabling iOS users to access an affordable mobile POS solution.
Soft POS enables NFC enabled smartphones or tablets to accept contactless payments, without additional hardware.
1.2 Billion iOS Users Added to Soft POS Market
The research forecasts that Apple’s decision to enable third parties to develop soft POS solutions leveraging iOS NFC capabilities will result in an influx of iOS-specific services; leading to innovative solutions for merchants. Furthermore, the research predicts Apple’s entry will provide 1.2 billion iOS users with soft POS capabilities; unlocking a previously untapped market.
Soft POS is the latest development from Apple within the payments space; building upon Apple Pay and Apple Pay Later. Soft POS vendors should leverage Apple’s payment ecosystem by developing innovative solutions such as integrated QR payment acceptance, using Apple Pay and Pay Later compatibility to attract a broader iOS user base.
Increasing Contactless Payment Adoption to Drive Soft POS Uptake
The research anticipates soft POS adoption being driven by the increasing use of contactless payments – with volumes expected to rise from 195 billion in 2022 to 408 billion by 2027. Therefore, consumers will come to expect contactless acceptance as standard; forcing smaller merchants to adopt contactless-capable POS solutions. Merchants are anticipated to embrace soft POS, based on cost savings achievable from eliminating the need for additional hardware, as well as mobility advantages over contactless POS.
This will be profound for small-sum and mobile merchants that must accept contactless transactions, but lack the need for high-cost dedicated terminals. As such, the research recommends soft POS vendors must look to target micro and mobile merchants; designing solutions that meet their unique needs.
Nigerian Digital Bank Fairmoney Partners With Oradian to Accelerate Growth
Nigerian online loan app Fairmoney has partnered with Oradian a cloud-based enterprise solution to expand its growth across Africa and Asia
Through this strategic partnership, Fairmoney will leverage on Oradian platform that services over 10 million banking customers in 13 countries across Africa and Asia to accelerate its growth in these regions.
FairMoney says Oradian’s ability to support its credit assessment capabilities and the ‘plug and play’ nature of its solution were key factors in its selection.
Speaking on this partnership, FairMoney CEO Laurin Hainy said: “Our ultimate goal remains bridging the financial inclusion gap in emerging economies, and we understand the power of collaboration and partnerships in bringing this to reality.
“Since the inception of FairMoney, we have continued to serve our current markets with excellent financial products, providing the much-needed access to credit and making essential banking services available to everyday people.
“We decided to partner with Oradian to leverage the already existing infrastructure and trusted system performance to scale our solutions to new markets where they are needed and perfect existing offerings in our current markets”.
Also commenting on this is the CEO of Oradian Antonio Separovic who said, “To be able to innovate quickly, with products that the market requires, while being compliant with changing regulations in very different markets, takes a different breed of core system.
“All of these are real daily challenges in the back-office, not seen by the customers and often taken for granted. However, we know through working with a broad range of financial customers, those challenges are very real, and in some cases, insurmountable without the right technology and an expert partner.”
The African and Asian emerging markets are in need of financial services that provide both consumer loans and working capital.
This has however created a big opportunity for companies that are able to move quickly and leverage recent technological advances in emerging markets.
FairMoney has been successful in executing this mission, after it became the leading credit-led digital financial institution in Nigeria two years after its incorporation.
Flutterwave Merchants Can Now Accept Payment Via Google Pay
Nigeria’s leading payments service provider Flutterwave has enabled Google Pay on its platform just a week after adding eNaira wallet.
Flutterwave merchants can now accept payments via Google Pays from countries where the Google Wallet app is available.
Google Pay is a mobile payment service developed by Google to power in-app, online, and in-person contactless purchases on mobile devices. This new payment option will enable users to make payments with Android phones, tablets, watches, and other devices. Through Google Pay, customers can make payments using the phone instead of a bank card or cash.
As seen on the company’s page, “In today’s business environment, the more payment methods you accept as a business, the more possibilities you give yourself to grow your revenue.
“We are happy to announce Google Pay as a payment option for Flutterwave merchants granting them the ability to afford convenience for customers to make payments with Google Pay in the countries that it is available”.
Also speaking on the recent collaboration, founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola said, “The continued and rapid growth of Flutterwave is due to our commitment to building a platform with simplified payments for everyone.
“The Google Pay payment option will attract more international customers and increase the current success rates for businesses on Flutterwave.
“Integrating with Google pay will allow users across the globe to participate in the booming e-commerce ecosystem in Africa. It will enable us to further fulfill our promise of creating endless possibilities for all”.
How Businesses Can Enable Google Pay At Check Out On The Flutterwave Platform:
These are the steps below;
- The business must be registered on the Flutterwave platform.
- Log in to the Flutterwave account and go to your dashboard.
- Proceed to the “Account settings” tab
- Click on Enable Dashboard Payment Options.
- A list of payment methods will appear.
- Select Google Pay.
- The selected payment methods will appear on the checkout modal.
Bamboo Enters Ghana, Offers Foreign Investment Opportunities
Bamboo has entered Ghana to enable Ghanaians access foreign stocks and invest in foreign companies in their local currency
An investment platform that unlocks global markets for Africans, Bamboo has entered Ghana to enable Ghanaians access foreign stocks and invest in foreign companies in their local currency.
The fintech company secured a $15 million investment fund in a series A round in January 2022, with the CEO disclosing the company’s plan to expand operations to Ghana.
Ahead of its launch in Ghana, Bamboo has partnered with 10th Capital Investments, a private equity firm focused on investing in viable prospects across Africa, and it also revealed that it has already received a No Objection Letter from Ghana’s Securities and Exchange Commission (SEC) to operate in the country.
Through Bamboo’s US digital investing partner, DriveWealth LLC, the firm assures users that all accounts can claim insurance of up to $500,000 via the US Securities Investor Protection Corporation (SIPC). With regulations and insurance in place, Bamboo is ready to make retail investment a norm in Ghana.
Speaking on Bamboo’s expansion in Ghana, the CEO, and Co-founder of Bamboo, Richmond Bassey said “We believe strongly that all Africans should earn a return on their investments and build intergenerational wealth.
“That’s why we created Bamboo: we wanted to create an easy and secure way for everyday Africans to invest in the U.S. stock market, and eventually, in all types of asset classes,”
Commenting on the partnership, Chief Operating Officer, Albert Asiamah, disclosed that working with Bamboo was a result of their experience and track record enabling investments in Nigeria.
He said, “We’re thrilled to work with Bamboo to bring Ghanaians the opportunity to invest in the U.S. and eventually the local stock market. Their impeccable track record in Nigeria, stellar product, and educational tools make them an ideal collaborator.”
Since its launch in 2020, Bamboo has grown in popularity with retail investors, claiming over 300,000 accounts in Nigeria. Its users can invest in stocks in the U.S., China, Europe, Canada, Latin America and many more.
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