Why are POS and MPOS Integral to the Future of Fintech?
What is a POS?
If India wants to become a truly cash-less nation, POS systems are key to reach that destination. Modern POS (point of sale) machines enable consumers to pay for purchases without using cash. These systems also enable businesses to reach their customers in the best way possible. A POS system is a combination of a software and a hardware to create a machine for processing payments and transactions. Its major usage is in processing card-based payments at kiosks and store-front businesses. While it is primarily recognized for helping in transactions, it also houses other functions such as customer management, sales reporting, staff management, price adjustments, menu customisations and much more.
The Next Step in the Evolution of POS
A step in the right direction, an mPOS (Mobile Point of Sale) is a tablet, smartphone or dedicated wireless device that executes the functions of an electronic point of sale terminal. It is the most ideal way for businesses like home and repair services, food trucks, market vendors, etc. to receive credit card payments while conducting business on-the-go.
For choosing the best mPOS for your business, it is important to keep certain factors in mind. The first priority should be security. It should enable you to take even encrypted payments like chip cards as well as NFC enabled payments like Google Pay. If it offers chargeback protection to contest payment disputes, then all the better. Another aspect to look for in such a device is simplicity. There is no point of having such a convenient tool if the user interface is complicated. Furthermore, it is also significant that a mobile point of sale machine should be made affordable.
Benefits of POS and mPOS
There are many reasons why these systems are integral to the future of Fintech. Firstly, transactions become quicker through accurate scanning and payment options, which crosses traditional barriers when it comes to sales. It allows businesses to keep track of staff payroll, customer billing, customer personal information, etc. This subsequently helps businesses utilize consumer data for making better decisions.
POS provides proper security as it limits liability through encrypted transactions. The key drivers behind the fintech disruption are payment technologies and consumer financing. As the POS market is projected to grow at the rate of 19.8% in 2017-2024, it continues to be a grassroots concept that enables fintech growth both in villages as well as metros.
Fintegrate – Enabling the Leaders of Fintech
The potential of fintech growth is still untapped in India, which is why Fintegrate enables the industry leaders of financial technology to collaborate and discuss the development of the fintech industry. Furthermore, it is also a great opportunity for fintech startups to showcase their technology and have a successful chance at gaining funding from investors. Fintegrate is an annual event that acts as a catalyst for the growth of fintech in India.