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.