Enabling Digital payment acceptance via smartphones
Rising digital economy
In less than half a decade that passed by, India witnessed vast advances in digital payment methodologies. The shift to digital mode of payment transactions was a giant leap towards maneuvering a swift, convenient, and secure payment process. Yet, what looks more fascinating is that digitalized payment technology continues to innovate and grow in a backdrop where consumers benefit by completing transactions with a level of self-assurance not experienced before. We are now passing through an exciting phase in the payments arena.
In India, the value of digital payments will triple to $1 trillion by FY 2026, up from $300 billion in FY 2021*. The key drivers for such a phenomenal growth include forward looking regulatory initiatives and an ever-increasing customer preference to execute payments digitally in real-time, where the emergent technologies are playing a pivotal role in bringing about such a transition.
The younger generation in today’s digitally connected world are individuals who have grown up with smart phones in their hands. It admittedly reveals that these individuals are well-exposed to modern technological tools, and they demonstrate an instinctive dependence and familiarity with state-of-the-art digital payment solutions.
The SoftPOS solution enables merchants to accept payments via their smartphones, empowering banks and merchant aggregators to roll-out digital payment services to more merchants faster and in a more cost efficient manner. An innovative solution, in the form of an app, SoftPOS aims to be an integral part of a merchant’s digital payments journey while enabling seamless payment acceptance for merchants. Secure, easy to use and flexible, this solution offers an increased level of convenience and can further drive merchant acceptance of digital payments.
SoftPOS – Cutting-edge payment technology
SoftPOS is a disruptive software-based technology solution that converts a regular smartphone into a contactless payment acceptance device. Merchants have to only download the app, on their smartphones equipped with Near Field Communication (NFC) feature to create a payments acceptance infrastructure. The need for hardware installations such as a POS terminal is eliminated, as the smartphone by itself functions as a POS terminal, letting merchants accept payments through cards, QR code or payment links sent through SMSs or emails.
To initiate contactless card payments, customers merely need to hold their contactless card near a smartphone. This cutting-edge solution guarantees fair competition for merchants, allowing them to accept digital payments cost-effectively and enhance customer satisfaction and loyalty. The application for SoftPOS range from small stalls and food delivery agents to conventional shops, where customers gain from quicker check-outs together with a pleasant shopping experience.
Micro, small and medium enterprises (MSMEs) have been witnessing increasing sales through digital and e-commerce channels during the past few years. Convenience, user-friendliness and economy are the hallmarks of SoftPOS, and these attributes will propel digital adoption among MSMEs. This is the apt time and opportunity to capitalize on the robust internet and telecom infrastructure that are firmly established today. Thanks to the burgeoning internet and smartphone penetration in semi-urban and rural areas, SoftPOS is on its way to becoming a game-changer in the digital payments arena.
SoftPOS is simple to deploy, use and economical to work with. It’s the right tool in the hands of merchants to streamline their payment handling process. SoftPOS is steps ahead in the way merchants handle payments, and it offers a smooth and delightful experience for customers. It will be a trendsetter among merchants who have been handling transactions in the traditional way with cash and POS terminals. Consumer behaviours are changing with the times, and merchants who adapt to such new age payment modes will gain competitive advantage, drive customer retention, and attract new clientele.
By simplifying payment acceptance, SoftPOS can further drive merchant acceptance of digital payments, bringing more merchants into the digital economy while enabling easy access for the masses.
SoftPOS solution from Hitachi Payment Services enables merchants to accept payments via their smartphones. This top-of-the-line payment technology enables banks and merchant aggregators to roll out digital payment services to micro, small and medium enterprises in a quicker, smarter and cost-effective manner.
Hitachi Payment Services is a leading payment solutions provider empowering banks and merchant aggregators with a range of technology-led cash and digital payment solutions. The company’s leading-edge Digital Payment Solutions are built on its state-of-the-art technology platform providing secure and innovative payment services.
