New digital Point of Sale platforms are gaining traction which means payment providers and investors should take note.
It’s hard to believe that a DVD mail-order business has redefined what it means to stream digital content for the global age. And yet, that is precisely what Netflix has done. From its humble postal beginnings in 1998, the streaming service is now a household name and a global presence. This is the ultimate showcase of how innovations in technology can reshape an entire industry, and this is precisely what software point of sale is doing. SoftPOS will drive positive changes in the payments industry over the next few years. As Craig Leppan, Head of Business Development at Halo Dot, points out, the move towards contactless technology allows for merchants and acquirers to grow customer card payments without the need for costly POS hardware, and this will move into mainstream adoption from 2023. What was initiated as a pilot program by Visa and Mastercard to trial the SoftPOS technology has proven its value and ready for real-world solutions.
“SoftPOS is still something of a fresh-faced contender in the market right now, but more and more providers are showing up at events and raising their hands”. He adds “The technology has adapted to radical shifts in customer needs and is moving towards mainstream adoption as its industry players continue to innovate the tech and its accessibility.”
Like Netflix realising that the DVD was on its way out, SoftPOS is clambering up the traditional walls of payment technology and approaches. There are two key reasons why – it’s ‘tap and go’ on a mobile device that doesn’t demand either consumer or company invest in any additional or expensive technology; and it’s easy for customers to use without doing anything outside of their normal ‘tap and go’ payment habits. With the right solution in place, any retailer can introduce SoftPOS to their stores and accept multiple payment methods across credit cards, debit cards, mobile wallets, wearables and more. It taps directly into existing card payment rails while allowing customers to tap and go in new locations away from the till.
“The European market is already shifting its gaze towards SoftPOS as customers and companies recognise how easy it makes the payment ecosystem,” says Leppan. “It’s a trusted solution with a proven history and it allows for companies to hook into customer engagement through a solution that makes their lives easier.
Halo Dot, recognising the growing potential and scope of the European market, has incorporated a business in Amsterdam that’s committed to creating a SoftPOS ecosystem for European partners and acquirers. The company has already built its SoftPOS offering on a solid foundation and will take this expertise and proven solution to a market that’s always hungry for innovation and customer convenience. Halo Dot exhibited at the Merchant Payments Ecosystem event that focused some of the brightest minds in merchant payments and addressed trends and challenges impacting the market today.