The Future of Point of Sale (POS) systems
August 2, 2023
The first credit card was introduced all the way back in the 1950s, since then, payments using Point of Sale (POS) have changed a lot.
Nowadays, the payment options are nearly limitless: debit, credit, mobile payments and more, and after the rapid evolution of e-commerce due to the pandemic, the shift towards digital payments is rapidly accelerating.
According to Payment Cards and Mobile, Mobile payments will continue to gain popularity, though in some places of the world it’s adoption rate has slowed down due to concerns about security – places like Japan where cash still reigns. Though it is not expected to remain so for long, as mobile payments are “set to become the norm in the near future.”
This means businesses need to prepare to accommodate said mobile payments, and this includes having the right equipment for it, such as POS systems that can accept them, along with taking measures to ensure safety against fraud, as well as staff qualified to handle said mobile payments.
Contactless payments have gained popularity, especially after the pandemic – consumers prefer them due to the convenience and safety associated with it.
Businesses that want to stay ahead of the curve need to ensure that their POS systems can accept contactless payments. This includes updating hardware and software to support Near Field Communication (NFC) technology, which is used for contactless payments.
Digital currencies such as Bitcoin gained unparalleled popularity, however, the recent “crashes” have meant the adoption rate has slowed down exponentially due to safety concerns, however, this is set to change, as blockchain technology digital currencies are becoming safer and more stable, so it is expected that the adoption rate will go back up.
Data security is the number one priority, so it is imperative for businesses to invest in the correct infrastructure and make sure their POS are secure and meet the latest industry standards.
…This includes implementing measures such as encryption, tokenization, and two-factor authentication.
NFCs
Wearable devices such as Near Field Communication (NFC) wristbands are set to become popular as well, as they can be used not only for payments but also for event management.
They can be used to facilitate ticketing and attendee registration, as well as general on-site interactions.(at festivals)
This ties with biometric payments, things like fingerprints, facial recognition and even voiceprints, as it is considered one of the most secure payment methods, eliminating physical devices such as payment cards or passwords. Although there’s still some hurdles to overcome, biometric payments are very promising.
There are so many possibilities for the POS system – businesses that want to stay ahead of the curve need to invest in accepting all sorts of payments as the adoption rates of multiple payment forms go up.
Want to learn more? Check out Payments Cards and Mobile’s full write-up here.
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