At last, the year 2019 has ended and a new decade has arrived. It is highly expected that the Point of Sale technology will become more innovative in this new decade.
Last year, top-top marketing specialists have performed some out of the box predictions for this year 2020. Some of these predictions are:
- Flying cars with digital payment systems
- Robots doing shopping on behalf of customers
- Robots performing digital payments
- Robots delivering the products to the customers no matter in any weather condition & etc.
If we look at the trends of the previous years, then we will see that drastic changes in POS technologies have occurred and will occur more in the coming next years.
POS Payments Will Become More Contactless
The year 2019 has barely passed. Now we will be slowly moving towards the shopping season of the year 2020. According to a renowned digital payment brand, the era of contactless cards and mobile payments has arrived.
Now more & more banks are issuing debit and credit cards to their prospective customers. It is estimated that one-third of all the clients possess contactless cards. Even these clients use these contactless cards several times in a month.
Even the payment merchants love to use these advanced communication technologies with which customers can easily tap and pay.
Payment merchant companies are more & more accepting contactless payments in India. It is happening because they want a faster checkout and lightens up the long queues in front of the POS machines.
So it is concluded that a large chunk of people is opting for cards which are contactless. Also, the good news is that the merchant companies want to see the rise in the number of these customers.
As the merchants are gradually opting for contactless payments then the day is not far enough when people will use these payment methods in almost everything in life, viz. transit systems, shopping & retails, medical stores, schools, colleges etc.
It is already mentioned that we are progressing fast in the next era of digital payment technologies. Even it is also predicted that these cards will increase the use of mobile wallets also in the near future.
This is the era of Generation Z and Millennials. Majority of marketing executives are claiming that this generation is using customized payment options like Buy Now Pay Later.
Gen Z and Millennials are not hesitating to spend their money on travelling and a lot of other expenditures. Even they are also not afraid of taking heavy loans and debts on POS systems.
Now consumers can even download payment terminals in their mobile phones and tablets also. More and more new merchants are trying to develop payment terminals which will be very fast and efficient. As a result of which more and more customers will try to use these contactless cards.
Mobile Commerce of the Future
As POS technology is developing very fast so retailers are offering a wide variety of digital payment facilities.
It is observed that retailers will try to evolve new payment models for their businesses. These retailers are trying hard to:
- Increase their customer subscriptions
- Increase customer relationships
- Offer more discounts, insurances and warranties to the POS systems and many more…
Even retailers are now using the essence of Machine Learning to predict the future of their POS systems. Some of the technologies retailers are trying to adopt right now with the help of Machine Learning are:
- System of facial recognition
- Technology to easily deal with a huge number of customer datasets
- Technology which will provide more varieties of facilities to their POS systems & many more…
Some Final Words
A new level of technical evolution is coming in the POS systems. Even machine learning technologies are also used to develop frameworks which can reorganize the entire payment industry.
Retailers are taking the help of modern technologies to ease the payment process of consumers to a large extent.
ABOUT THE AUTHOR
Miss Amrita Singh is the most efficient content writer of Chronito Technologies where she shares great articles on the latest happenings in the retail industry.
Her articles will definitely increase the knowledge base of other retailers.