Everything has been said long ago, but since no one is listening,
you have to constantly go back and repeat all over again.
André Gide
POS terminal is no longer needed or commodization
What is a POS terminal? This is a compact and secure hardware solution specially designed to accept payments in trade using cards of international payment systems. It solves many problems, including simplification and standardization of the purchase process, allows you to get rid of cash and allows you to instantly check the customer's creditworthiness. It sounds solid, there is only one thing - this technology appeared in 1983, almost 40 years ago!
A complex economy has been built around the POS terminal, in which device manufacturers and software vendors, as well as banks, payment systems and laboratories, are involved in the verification and certification of EMVCo L1, L2 and L3, PCI DSS terminals. The terminal needs to be designed and manufactured in China, certified in laboratories, introduced into the country and cleared through customs, sold, maintained and managed by the life cycle. And all this costs money, which is ultimately reflected in the tariff line for merchants by banks and payment systems, which play by the principle - we took our interest, and you spin as you want.
The process of washing out POS terminals from the top of technological progress took place in waves, and now we are probably witnessing the terminal stage. The stage has passed when the monopoly of Ingenico and Verifone on the production of POS devices and the exclusive supply of software was broken by Chinese and Korean manufacturers. Then, for several years, small mPOS machines showed that the cost of a device could be ten times less. Truth tripped over PIN. And finally, in connection with the directives of payment systems, by 2021 the issue of cards without an NFC chip will cease. The SoftPOS concept - a way to accept payments without the participation of a POS terminal at all, is just the final chord. Today it is technically possible to accept payments using custom mobile devices - via NFC and QR.
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Embedded-finance is an opportunity to conveniently and quickly part with money at any time and in any place. A pay-and-live concept. There is no longer any need for POS terminals or physical plastic - everything has gone digital. Basically, we are a step away from the payment method from the Altered Carbon series, where the protagonist just spit on the sensor.