A long-awaited innovation in SoftPOS is expected to be launched in 2023. The retail and hospitality industries can finally let go from the constraints of traditional POS devices and make a massive leap forward into the 21st century. There has been the advancement of software-based POS security, namely, the Mobile Payments on Commercial off-the-shelf (MPoC) standard, which builds upon and learns from the Software-Based PIN on COTS (SPoC) and the Contactless Payments on COTS (CPoC) standards. MPoC enables contactless payment (NFC) acceptance and PIN cardholder verification methods to support further development of mobile payments infrastructure. The first MPoC certified solutions are expected to be seen on the market in Q2 2023. Expectations are high, and Mark Beresford (Director, London) has looked at how SoftPOS can help solve the six main pain points that many retailers experience with traditional POS.
EDC also worked closely with the client to globally expand its new payment system in a scalable, replicable and defensible manner, and develop a clear line of sight on the recommended model per country and associated investments to inform a playbook for international expansion.
Point-of-sale (PoS) terminals do little more than reading a payment card and encrypting the transaction. Merchants want to differentiate their offerings at the Point-of-sale, and to provide their customers with ‘value added’ services that not only increase their customer loyalty, but also increase the potential for spending more money in their stores.
One of my clients recently asked me ‘Is the PED dead?’. Every POS terminal and ATM incorporates a PIN entry device (PED). The PED and the POS terminal are intrinsically linked because of the payment industry regulations that define the standard for smart chip cards. These standards also determine how POS terminals and ATMs can authenticate a cardholder with their card.