![]() ![]() Dedicated POS is the most traditional one, as it is the most common form of POS and is broadly applicable to a variety of retail environments, especially in shops and restaurants. ![]() Each form suits different user needs for payment processing. ![]() These are dedicated, mobile (also known as mPOS), contactless, smart, biometric and soft POS. In our view, there are six distinct forms of POS that can be considered individually. An upscaling in the contactless payment facilitation of terminals has been ongoing for a while, but a fast response and new directions are required in response to the heavy impact of the pandemic. It should be clear then that POS terminal vendors have to adapt to meet modern demands. With pandemic control measures and public wariness, the migration to online retailers has been accelerated, and non-contact forms of payment are becoming even more popular. This evolution to payment interactions has only been hastened by the COVID-19 pandemic. These economic changes have a stark implication for POS terminal vendors, who risk their products being marginalised, as customers stay away from bricks-and-mortar retailers, or may lack the functional capabilities to process contactless payments. The number and success of online retailers has been growing, and in many parts of the world, cash transactions are representing a smaller percentage of payments year-on-year. The way in which payments are made has been changing for some time. ![]()
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