Smart POS terminals could be the future for digital payments
Consumer demand for a wider array of payment options is driving growth
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The number of smart point-of-sale (POS) terminals is set for a major increase over the next few years as retailers and customers alike embrace the technology, new research has claimed.
A Juniper Research study found demand for smartPOS systemsis soaring as features including analytics and loyalty data can now be integrated into the terminal itself, with the number of devices set to increase from 13.7 million units in 2021 to 35 million by 2026 - a growth of 156%.
Businesses are looking for increasingly sophisticated payment systems as consumer desire for makingdigital paymentscontinues to grow, and Juniper’s prediction is that thesmart POSmarketplace will see huge growth if the trend continues.
The benefits of smart POS systems are many and varied, with the rapidly evolving tech able to handle the likes of inventory management, synchronization across stores and full automation of loyalty schemes, all of which gives consumers a wider range of options at thedigital checkout, alongside the likes ofQR code payments.
Smart POS
Increasingly,POS hardwarehas to do much more than older, outdated point-of-sale terminals. The research suggests that by 2026 some 57% of all payments via POS systems will becontactlessglobally. The figure is just 25% currently, with the growth being helped by increasing contactless payment limits that allow consumers more freedom at thee-commerce checkout.
POS manufacturers are therefore being encouraged to integrate new capabilities into their hardware and software systems. In addition, the report findings also suggest businesses should factor in the provision for moremobile-based POSterminals for those still operating in physical bricks and mortar stores.
Similarly, soft POS – the ability to useNear Field Communication(NFC) on mobile devices in order to accept contactless payments – will increase in the near future. This could be key forsmall businessowners because it offers a more affordable way of accepting card payments.
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Indeed, soft POS payments could increase from the current 3.2 million in 2021 to nearly 24 million by 2026 based on current usage trends. However, the profile of soft POS systems needs to increase due to it not currently being an instantly recognisable payment option for consumers.
Rob Clymo has been a tech journalist for more years than he can actually remember, having started out in the wacky world of print magazines before discovering the power of the internet. Since he’s been all-digital he has run the Innovation channel during a few years at Microsoft as well as turning out regular news, reviews, features and other content for the likes of TechRadar, TechRadar Pro, Tom’s Guide, Fit&Well, Gizmodo, Shortlist, Automotive Interiors World, Automotive Testing Technology International, Future of Transportation and Electric & Hybrid Vehicle Technology International. In the rare moments he’s not working he’s usually out and about on one of numerous e-bikes in his collection.
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