Retailers today use a POS system that is typically near the exit of the store or at the end of a particular section of the store, and these POS systems are fixed or station-ary. The new concept which is gaining ground is having a POS solution on a tablet or a phone, and the billing could be done right there. This is helping customers have a “pay anywhere” experience while they are shopping. There is an increased focus from FinTechs toward enabling the customer to have a seamless payment at the point of shopping. In some cases, they are going a step ahead to eliminate the payment interface itself with the help of Internet of things (IOT). Examples of dif-ferent ways FinTechs are revolutionizing the POS space are as follows:
- POS systems from FinTechs are helping businesses in recreating an online shopping experience. FinTechs have helped transform the shopping experi-ence by using an iPad, which has also helped the customer to choose from a wide variety of choices right there. Some of these FinTechs have also created a showroom within their office to showcase how the overall shopping experi-ence can be transformed. They have an advanced analytics engine as part of the POS system to provide and generate reports. POS FinTechs are also doing acquisitions in multiple countries to expand their footprint globally.
- Some of the POS FinTechs are facilitating online e-commerce transaction integrated with payments and also similar iPad solutions for even physical brick and
morterstores. There are other POS solution providers who have also launched a Bluetooth-enabled credit card reader at POS terminals, especially to facilitate brick and mortar purchases.
- Innovative POS solutions for restaurants have been integrated with apps from FinTechs that not only help an individual locate a restaurant registered with them, but goes a step further by linking all the orders placed by the customer to the bill. The customers can then pay the check directly through the wallet