Transforming Payment Systems: The Disruptive Power of SoftPOS Technology.
Imagine being at your favourite food truck, ready to make a quick and seamless payment. The vendor effortlessly transforms their smartphone into a payment terminal, allowing you to complete a contactless transaction. This innovative solution is known as software point of sale (SoftPOS), eliminating the need for any additional hardware. With SoftPOS, convenience and efficiency are just a tap away.
The disruptive technology empowers merchants to swiftly establish their operations while providing them with the flexibility to conduct transactions virtually anywhere, revolutionizing the global point of sale (POS) market.
SoftPOS (also referred to as Tap on Phone or Tap on Mobile) leverages the NFC capabilities of smartphones and tablets to transform them into contactless payment terminals. With SoftPOS devices, individuals and businesses can securely accept payments from contactless cards and digital wallets, capturing PINs and implementing additional authentication measures.
This cost-effective solution, eliminating the need for extra equipment, is gaining rapid momentum worldwide, particularly among small and medium-sized enterprises. Embrace the power of SoftPOS and unlock a new era of seamless payment experiences.
Global growth
As per a comprehensive global study by Aite-Novarica, SoftPOS emerges as a highly anticipated payment technology, riding on the wave of accelerated digital transformation.
The ongoing pandemic has expedited the adoption of contactless payments, as consumers increasingly favor digital transactions to minimize physical contact. Conventional payment methods like cash and checks are gradually losing relevance in this evolving landscape.
With a staggering 3.4 billion active smartphones worldwide, smartphone penetration has reached unprecedented levels. According to beaconstac.com, over 20% of the global population now has access to NFC technology, and the number of NFC-enabled devices is projected to reach 1.6 billion by 2024.
The NFC terminal penetration has reached a critical mass across all regions, establishing a robust infrastructure for SoftPOS to emerge as a pervasive payment solution.
The study conducted by Aite-Novarica highlights substantial investments in this domain, with active pilot programs spanning 74 countries, involving 200 acquirers, and deploying nearly a million smartphones in the field. The momentum is undeniable, positioning SoftPOS as a game-changing force in the payment industry.
Benefits of SoftPOS
Cost-effective
SoftPOS offers a cost-effective alternative to traditional point-of-sale terminals by eliminating the requirement for additional hardware like card readers. This makes SoftPOS particularly appealing to micro-merchants and small and medium-sized businesses (SMBs) who may have budget constraints when it comes to investing in conventional POS systems. With SoftPOS, these businesses can leverage their existing smartphones or tablets to accept payments, enabling them to enter the digital payment space without a significant upfront investment.
Easy and flexible
SoftPOS offers a seamless and user-friendly implementation process. Merchants simply need to download an app onto their mobile devices, instantly transforming them into fully functional point-of-sale devices. The transaction process is straightforward: customers can conveniently tap their contactless cards, digital wallets, or wearables on the merchant's mobile device to complete the payment. This versatile solution is not limited to physical store environments; it can be effectively utilized in mobile or remote settings where traditional POS terminals may not be feasible. This flexibility empowers businesses to accept payments conveniently and securely, regardless of their location or mode of operation.
Secure and scalable
SoftPOS incorporates industry-standard security measures, adhering to the robust EMV® specifications utilized by traditional POS terminals. This includes end-to-end encryption and tokenization, guaranteeing the utmost protection of sensitive card data. With its scalable nature, SoftPOS caters to businesses of all sizes, accommodating the requirements of micro-merchants as well as large enterprises. This adaptable solution empowers organizations to seamlessly adjust their payment capabilities to align with their growth and operational demands.
Contactless
SoftPOS is specifically designed to cater to the growing demand for contactless payments, a trend that gained significant traction among consumers following the global pandemic. In a remarkable surge, contactless sales volume witnessed a staggering 109% increase globally, as reported by Discover Global Network between 2021 and 2022. Additionally, the number of contactless transactions surged by over 76% during the same period. This exponential growth underscores the increasing preference for convenient and secure payment options, making SoftPOS a timely and relevant solution for businesses aiming to meet evolving customer expectations.
SoftPOS in action
Tableside bill payments
Instead of the traditional process of waiting for the bill and the waiter to return with the payment terminal, customers can now conveniently settle their bills instantly at the table. With SoftPOS, the payment process becomes seamless and efficient, allowing customers to make swift and hassle-free transactions without any unnecessary delays. This enhanced tableside payment experience adds convenience and satisfaction for both customers and businesses alike.
Line busting
SoftPOS offers valuable assistance in-store, especially during peak hours, by enabling merchants to expedite the checkout process and minimize long wait times for customers. With the ability to accept payments swiftly and efficiently using their mobile devices, merchants can effectively streamline transactions, ensuring a seamless and convenient shopping experience. By leveraging SoftPOS, businesses can enhance customer satisfaction and optimize operational efficiency by reducing overcrowded lines and providing prompt service at busy times.
Transit
SoftPOS revolutionizes the ticket purchasing experience, offering passengers and transit agencies a safer, simpler, and faster solution. Passengers can conveniently make their payment to the conductor on board the train, eliminating the need to wait in long lines at ticket machines. This streamlined process ensures a seamless and efficient ticketing experience, allowing passengers to quickly board and transit agencies to enhance passenger flow and customer satisfaction. With SoftPOS, purchasing tickets becomes hassle-free, enabling a more convenient and expedited journey for all.
Collaborating with Discover® Global Network
Discover Global Network, a leading global payments brand, is actively partnering with payment service providers, acquirers, app developers, and other stakeholders in the payments industry to expand SoftPOS capabilities for merchants. This ground-breaking solution has revolutionized the way small, medium, and mobile businesses operate. Discover is proud to collaborate with its acquirer, fintech, and developer partners to introduce innovative advancements in payments technology.
