A smart payments revolution is underway, and we’re only just scratching the surface of its potential. SmartPOS is the biggest change to customer interaction since contactless card and mobile payments. Offering consumers an alternative finale to their commerce experience that matches their technological expectations is the only feasible evolution in todays’ digital landscape.
The seamless integration of smartphone devices, with Near Field Communication (NFC), in-store apps and push notifications, has been a huge breakthrough in direct communication between merchants and consumers. Its natural adoption has proven that consumers are ready to embrace technological advances in their commerce experience. A survey released in 2016 by end-to-end mobility services company DMI found that almost 77% of US consumers use their smartphone to help them shop. The survey also revealed that 90% of “mobile reliants” believe that stores offering mobile services improve their shopping experience, and 88% say this can influence where they shop.
Consumers are gravitating toward merchants that offer a ‘smart’ commerce experience.
As the normalisation of smart cloud-based objects becomes widespread, ‘The Internet of Things’ is fast becoming a mundane term. Yet, this stage in the information revolution deserves a moment of contemplation. The ability to remotely redesign a physical device though cloud-based programming was unimaginable 5 years previous. Like smartphones and apps, there’s no limit to how a connected device can evolve to better serve its requirements. All it takes is one ingenious customer facing innovation to sway consumers from one vendor to the next, and SmartPOS terminals can provide vendors with instant access.
The roll-out of secure, reliable, SmartPOS terminals could mimic the astonishing growth seen in enabling POS systems with contactless capabilities. Mobile, online and digital market specialists, Juniper research, found that by the end of 2016, the contactless payment transaction value had soared to £25.2 billion ($34 billion), more than doubling from £7.7 billion ($11.8 billion) reported for the 12 months ended December 2015.
Banks and Acquires can save time and money switching to Smart terminals in order to future proof their POS systems. With headlines proclaiming the dramatic death of fixed POS within four years, businesses will need to stay on top of technological progression to remain relevant. In the era of smartphones, there has never been a better time to move to a SmartPOS.
Juniper Whitepaper – April 2017 – Is-OEM-Pay-the-Future-of-Contactless-whitepaper