Connect with us


SoftPOS solutions benefits multiple factors

The Global digital payment is set to reach $236.10 billion by the year of 2028. With more of this kind of growth attributed to the arrival of the new techs and those considering to capitalize on the growth sector of the digital may not have an idea of where to start. But it is a simple set up and it is even low cost, SoftPOS abridges the past with the future and is perfect for the clients to make the shift to this trend and enhance the digital payment acceptance.

But, what is SoftPOS? What does it do to enhance the way merchants operate? SoftPOS is a software based solution which offers transformations of a regular smartphone known as the Commercial Off-The-Shelf (COTS) device into a contactless payment terminal. It uses the device’s embedded Near Field Communication (NFC) capability to permit the users to download an app and register by selecting the acquiring bank and begin with accepting payments on their personal devices and gadgets. Everything can be done without the requirement of the extra hardware tools. All the transactions are later processed and authorized to reconcile over the cellular data. Consumers just have to make a payment by holding their contactless card or mobile wallet or a wearable deice which is in the range of the merchant’s device. This methods level up the working field for the merchants as the enable them to accept digital payments in a pocket friendly manner and also helps with gaining customer loyalty. The use cases may vary from market stalls to food delivery drivers passing right through the larger bricks and strong traders who offers checkout service on the shop floors to help shoppers avoid the line waiting.

During the pandemic, we saw the digital trends such as eCommerce and mCommerce boom just the way consumers made the in-store payments change. Contactless payments grew by 40 per cent during the COVID-19 pandemic. 54 percent of the consumers said that they would switch retail shopping to something provided them the contactless payments, and this thought is not something the merchants to afford to leave behind. Just like the traditional contact payments at the POS and Soft POS payments is that provide consumers with a fast ‘ tap and go’ experience this makes the shopping experience very easy and comfortable. Other than the convenience there is hygiene and cleanliness which has become an essential need while considering to choose their payment methods for the customers. The preference for the cash payment has dropped down by 31 per cent, which has resulted in people recognizing the ease of the contactless payments. And thus, the usage of digital payments is sure to outlast the pandemic and the businesses must adapt to the shifting behaviours of the consumers. This SoftPOS expects the consumers to make their payment by card or wallet by tapping on not any trusted POS terminal but on a stranger’s smartphone. This causes serious trust issues and brings about a change in the customer experience as well. For example, there must be a feeling of security while tapping the card for the customers. In certain cases, entering their PIN on the merchant’s smartphone might feel risky. This may serve as a barrier, mainly among those who are less familiar with digital payments on a whole. The essentials to the success of this technology is education on the user experience, security and privacy features.

Merchants can boost their offering for customers, accept digital payments in a cost-effective and simple way, and drive digitalization by using SoftPOS solutions. This makes accepting transactions easier. Its simplicity and affordability makes it a turning point for the merchants who have previously only received cash due to the complications and expenditure of setting up traditional POS terminals.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Goldman banker hired by the Citi bank

Citigroup has hired Luisa Leyenaar-Huntingford from Goldman Sachs. This new hire is to co-head its global infrastructure franchise. Because, it seeks to win more business from cash-rich investment firms focusing on infrastructure deals. Leyenaar-Huntingford will be based in London. Responsibility will be shared with Todd Guenther in New York.

The pair will work closely with industry teams covering healthcare, industrials, natural resources and clean energy transition (NRCET), technology and communications. Leyenaar-Huntingford helped in the establishment of the Goldman’s infrastructure franchise in her time at the Wall Street bank. They will team up with Citi’s Iberia co-head of banking, capital markets and advisory (BCMA) Jorge Ramos will continue to be a senior member of the global infrastructure franchise.

The infrastructure sector is poised for further growth, according to the memo. The memo was released by Citi’s global co-heads of the alternative assets group Anthony Diamandakis and John Eydenberg, and its EMEA head of BCMA Nacho Gutierrez-Orrantia. There was significant private investment demand across the globe to deal with environmental, energy, transportation, waste, communication, digital and other social needs.

Continue Reading


Banks make slow progress on UK gender pay

Major banks in Britain made a slight dent in their gender pay gaps. Several insurers went backwards. Companies in Britain with more than 250 employees have been required to publish the difference between the pay and bonuses of their male and female employees. They got a reprieve due to the pandemic, last year. The financial services sector has shown one of the largest genders pay gaps in Britain. The lack of women in senior jobs is the main reason.

Pay gap data from 21 major financial institutions showed a narrowing in their average mean gender pay gap. This is just 0.4 percentage points. Banks alone had a pay gap which narrowed by one percentage point. Ann Francke, chief executive of the Chartered Management Institute said that the UK’s financial services industry has often been singled out. It really does have to get its house in order. Goldman Sachs had the widest gender pay gap in the year to April 2020. Goldman posted a gender pay gap of 51.8%. The bank told the staffs that narrowing the gap further was a critical priority. A spokesperson for banking lobby group UK Finance said, that there is clearly more still to be done.

FTSE 100 insurers Prudential, Legal & General and M&G reported a widening in their pay gaps. Prudential’s UK gender pay gap widened to 45.2%. M&G also reported a widening in its pay gap in the most recent year to 30.5%. The M&G spokesperson said that they are determined to narrow their gender pay gap and will do this by achieving better representation of women in all roles at all levels of our organization. Legal & General’s mean gender pay gap widened to 30.8%.

The insurer said that the legal & general is tackling the underlying causes of its pay gap. This is by creating a more diverse workforce and a more inclusive culture through sustained, long-term action. Admiral had a gender pay gap last year of 12.8%. The 21 firms surveyed were Barclays, HSBC, Lloyds, NatWest, Standard Chartered, Bank of America Merrill Lynch, Goldman Sachs International, JPMorgan, Morgan Stanley, UBS, Credit Suisse, Deutsche Bank, PGMS (a Phoenix unit), abrdn, Schroder Investment Management, St James’s Place, Legal & General, Prudential, Admiral Group, Aviva and M&G.

Continue Reading


BOJ to lower inflation target-Japan’s finance minister

Japan’s outgoing finance minister, Taro Aso, said that he had proposed lowering the central bank’s 2% inflation target. This is when the prices took a hit from plunging oil prices. He was the finance minister for nearly nine years. The slump in oil price was among the main reasons the government could not officially declare an end to deflation. In his final news conference as finance minister, Aso said that he proposed to Governor Kuroda that, with oil prices falling this much, it would be hard to achieve 2% inflation. Hence, the target must be lowered at some point. He stated this by referring to Bank of Japan (BOJ) chief Haruhiko Kuroda.

Aso also said that the governor said he would do his best to achieve the target. This is stated by adding that policymakers must scrutinise at some point, why the BOJ’s inflation target of 2% has not been met. The remarks highlight how the government and lawmakers distanced themselves from the BOJ’s target years ago, despite central bank reassurances that achieving the target was possible by maintaining or increasing stimulus.

Aso was deeply involved in negotiations with the BOJ. After Kuroda took over as governor, he deployed a massive asset-buying program. This is for pulling Japan out of deflation. Aso supported the BOJ’s stimulus efforts. He is a member of the cabinet. And also, had raised many doubts that monetary policy alone can reflate the economy out of the doldrums. New Prime Minister Fumio Kishida is set to form a cabinet.

Continue Reading