The payments landscape is undergoing a transformative shift, largely driven by the rapidly emerging mobile point-of-sale (mPOS) and software point-of-sale (SoftPOS) technologies. These solutions are overhauling the traditional concept of transactions and bolstering the growth of a more inclusive digital financial ecosystem.
Juniper Research recently released a comprehensive whitepaper, From Hardware to Everywhere: The Rise of mPOS & SoftPOS, outlining the potential and far-reaching implications of these cutting-edge point-of-sale technologies. This research predicts an explosion in mPOS and SoftPOS innovations, with SoftPOS expected to facilitate 1.5 billion transactions globally by 2024.
The inception of integrated mPOS solutions has given small and medium-sized enterprises (SMEs) a competitive edge by enabling them to accept card payments anytime, anywhere. Substantial investments in this disruptive technology by leading fintech companies worldwide are paying off.
Moreover, SoftPOS has emerged as a notable game-changer. By turning smartphones into points of sale, it is democratising payments, especially amongst SMEs who could not afford traditional POS systems. Significant funding rounds led by Visa, Mastercard, and other prominent investors are driving this ambitious overhaul of the payment ecosystem.
Major financial institutions are also successfully testing SoftPOS capabilities. September saw the announcement of a successful pilot phase by Barclays and Samsung for a tap-on-phone SoftPOS solution in the UK. This milestone signals a progressive move towards seamless digital payments.
As COVID-19 accelerates the demand for contact-free transactions, businesses that still rely on cash payments are grappling to keep pace. The seamless integration and affordability of mPOS and SoftPOS can help businesses cross this digital divide, fostering economic resilience.
In conclusion, the rise of mPOS and SoftPOS technologies is dramatically reshaping the payment landscape, backed by robust industry support and significant investor interest. They are not just creating an inclusive digital financial ecosystem but are also paving the way for the mass adoption of digital payments worldwide.
