A café owner takes orders on a smartphone, tracks inventory through an app and manages deliveries from the same device.
When it’s time for a customer to pay, however, a separate payment terminal still comes out from behind the counter. For many banks, that gap represents one of the biggest opportunities in merchant acquiring.
As merchants continue to embrace digital tools, payment acceptance is following the same path.
According to the GSMA Mobile Economy Asia Pacific 2025 report, mobile technologies and services contributed US$950 billion to the region’s economy in 2024 and are expected to reach US$1.4 trillion by 2030.
BPC’s Powering your Merchant Network with SoftPOS guide also highlights that Asia-Pacific is home to more than 170 million SMEs, many of which already rely on smartphones to run their businesses.
Visa recently reported 200% year-on-year growth in Tap to Phone adoption, while Juniper Research forecasts SoftPOS transaction value will reach US$540 billion by 2030.
For financial institutions, SoftPOS is becoming more than another acceptance channel.
It offers a new way to acquire merchants, simplify deployment and introduce additional merchant services through software, without relying on dedicated payment hardware.
Potential challenges for adoption
Growing market demand does not automatically translate into successful implementation.
While SoftPOS has matured rapidly, financial institutions still need to consider how it fits within their existing acquiring strategy, technology environment and merchant ecosystem.
Security remains a priority, with banks requiring solutions that comply with evolving PCI standards and protect payment data without adding complexity for merchants.
Integration is equally important, particularly for institutions operating established switching platforms, merchant management systems and existing terminal estates.
Merchant onboarding also plays a critical role, as the value of SoftPOS depends on how quickly businesses can begin accepting payments and accessing additional services.
These challenges are no longer preventing adoption. Instead, they are shaping how banks evaluate SoftPOS platforms and the technology partners they choose to support long-term merchant growth.
What should banks consider before introducing SoftPOS?
SoftPOS has evolved beyond enabling contactless payments on a smartphone.
For banks and acquirers, the bigger decision is selecting a platform that can support long-term merchant growth, rather than simply replacing payment terminals.
While every institution’s priorities will differ, three considerations are likely to have the greatest impact.
The first is whether the platform can grow beyond payment acceptance. Today’s merchants expect more than the ability to process transactions.
Digital onboarding, QR payments, merchant analytics, loyalty programmes and value-added services are becoming part of the broader acquiring proposition.
Choosing a platform that can support these capabilities from the outset helps banks avoid rebuilding their merchant ecosystem as customer expectations evolve.
The second is how easily the solution integrates with existing infrastructure. Introducing SoftPOS should strengthen, not complicate, acquiring operations.
Open APIs, cloud-ready architecture and the ability to work alongside existing switching and merchant management systems can significantly reduce implementation complexity.
Finally, banks should consider how the platform will support future innovation.
Merchant services continue to evolve, and software-based acceptance makes it easier to introduce new capabilities without replacing hardware already in the field.
These represent only a few of the questions financial institutions should ask. BPC’s Powering your Merchant Network with SoftPOS guide explores seven practical evaluation areas to help banks assess their SoftPOS strategy.
Choosing the right technology partner
Technology decisions made today will shape merchant acquiring strategies for years to come.
While many SoftPOS solutions offer similar payment acceptance capabilities, the difference often lies in what sits behind the transaction.
A strong technology partner should bring proven payments expertise, support recognised security standards and provide the flexibility to integrate into existing banking environments.
Open architecture, scalable deployment models and the ability to support a broader merchant ecosystem are equally important, particularly as banks expand beyond payment acceptance into merchant servicing.
The ability to evolve also matters. Merchant expectations, payment methods and regulatory requirements continue to change, making it essential for financial institutions to work with partners that can introduce new functionality without requiring significant infrastructure changes or replacing deployed devices.
Selecting the right platform is no longer simply a procurement decision. It is becoming a strategic investment in how banks attract, serve and retain merchants over the long term.
A practical example from the Philippines
The launch of GCash PocketPay demonstrates how SoftPOS can become part of a broader merchant strategy rather than a standalone payment solution.
Developed on BPC’s SmartVista platform, PocketPay enables merchants to accept contactless card payments directly on NFC-enabled Android smartphones, removing the need for dedicated payment terminals.
More importantly, the solution supports GCash’s wider objective of expanding digital payment acceptance for small and medium-sized businesses while simplifying merchant onboarding and deployment.
The project illustrates an important point for financial institutions considering SoftPOS.
Success depends not only on enabling contactless payments, but also on selecting a platform that can integrate with existing acquiring infrastructure, support future merchant services and scale as business requirements evolve.
As more banks look beyond traditional payment terminals, examples such as GCash demonstrate how choosing the right technology partner can accelerate merchant growth while creating a more flexible and software-driven acquiring model.
The future of merchant acquiring is software-defined
SoftPOS is no longer simply another payment acceptance option.
It is becoming part of a broader shift in how banks approach merchant acquiring, replacing hardware-focused deployments with software-driven ecosystems that are easier to scale, manage and enhance over time.
For financial institutions, the opportunity extends well beyond accepting card payments on a smartphone.
The greater value lies in building an acquiring platform that supports merchant growth, enables new services and adapts as customer expectations continue to evolve.
To explore the complete framework for evaluating and implementing SoftPOS, download BPC’s guide, Powering your Merchant Network with SoftPOS here.
Featured image: Edited by Fintech News Singapore based on an image by RSplaneta via Magnific.
