{"id":160024,"date":"2019-09-10T17:56:41","date_gmt":"2019-09-10T14:56:41","guid":{"rendered":"http:\/\/ww-vb.mine.nu\/w108\/visa-first-data-samsung-team-up-on-a-hardware-free-mpos-system\/"},"modified":"2019-09-10T17:56:41","modified_gmt":"2019-09-10T14:56:41","slug":"visa-first-data-samsung-team-up-on-a-hardware-free-mpos-system","status":"publish","type":"post","link":"https:\/\/hameed.nwar.uk\/sa\/visa-first-data-samsung-team-up-on-a-hardware-free-mpos-system\/","title":{"rendered":"Visa, First Data, Samsung team up on a hardware-free mPOS system"},"content":{"rendered":"
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The three parties are collaborating on a mobile point-of-sale (mPOS) system, dubbed SoftPOS, that eliminates the need for hardware like a dongle or Bluetooth attachment, per Finextra. <\/p>\n Business Insider Intelligence <\/span><\/span><\/figure>\n<\/p>\n
Instead, the system uses NFC technology already built in to smartphones and tablets to accept payments from contactless cards and NFC-enabled wearables and handsets. Visa is enabling the contactless payments, First Data (now a unit of Fiserv) will handle the settlement of transactions through a mobile app, and Samsung is responsible for both SoftPOS’ security measures and for providing the devices. SoftPOS will be piloted in Poland later this year before rolling out to the Europe, Middle East and Africa (EMEA), and Asia-Pacific (APAC) markets. <\/p>\n
Here’s what it means:<\/strong> Several firms are testing hardware-free mPOS systems in hopes that their simplicity will attract merchants. <\/p>\n
In addition to this initiative, Mastercard and ING are testing a similar offering, as are Visa and Quest Payment Systems. The surge in development in the space is likely linked to the growing popularity of contactless payments as the payment method removes the need for chip readers and other hardware, allowing for streamlined POS technology. And there may be demand for hardware-free mPOS systems as they can require less investment from merchants and enable a quick checkout process for consumers. <\/p>\n
The bigger picture:<\/strong> If successful, SoftPOS will bring unique benefits to Visa, First Data, and Samsung. <\/p>\n
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SoftPOS could help Visa attract more merchants, especially small sellers. Offering merchants a new and flexible POS option should grow the firm’s appeal in general; but SoftPOS should prove particularly attractive to merchants that are too small to require more complex POS systems, whether that’s because of how their stores are set up or because they don’t have the funds for more expensive POS systems. Being able to add new and small merchants, especially those that may not have been able to accept credit card payments previously because of the cost of POS systems, would build up Visa’s merchant base and payments volume. This could be effective in developing markets that have low penetration for POS terminals, but strong credit card adoption. <\/li>\n
Facilitating transaction settlements through SoftPOS could raise First Data’s performance as it looks to boost revenue following its acquisition by Fiserv. First Data saw its performance dip leading up to becoming part of Fiserv, and if SoftPOS proves popular and attracts a lot of volume, it could help First Data improve. And if SoftPOS catches on in developing markets, it could strengthen First Data’s overall business as it’s highly reliant on its North American segment. <\/li>\n
Providing devices and security for SoftPOS might help establish Samsung in the contactless payments industry. If its devices and security work well, Samsung could present itself an industry leader for both areas in contactless payments. So, as contactless payments grow in popularity around the world, it could try to provide the security and device components in a number of different contexts. <\/li>\n<\/ul>\n
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