Every day, technology continues to take us to new territories never before imagined or explored. Things are getting better—shopping online, making payments from the comfort of your home; business meetings are being attended even without leaving your living room—all thanks to improvements in technology. More of course, needs to be done, but we can at least be satisfied that things can only get better especially with online payments and ecommerce. Samsung has something new coming our way—the South Korean company is working on SoftPOS—a new feature that will turn your phone into a soft point of sales machine.
“With SoftPOS, we address our vision to become an innovator of new mobile experience, through advanced technology and products.” said HS Myung, VP, Global Mobile B2B Team, Head of EU/CIS, North/Latin America, Global Channel Sales, Samsung Electronics. “Today we enable access to a new solution that makes entrepreneurs’ life much easier and more convenient. Thanks to defense-grade Samsung Knox Security Platform, Customers can be sure that their payments will be safe”
SoftPOS will allow you to conduct in-person payments via your phone or card using a Samsung phone. SoftPOS is a collaborative effort between Samsung and Fiserv a payment processor, and Visa. It will allow smartphones with NFC to take receive payments from any NFC-capable medium such as phones, cards issued by banks, watches, and key fobs. Fiserv’s role will be to provide the app interface, while Samsung Knox will provide the hardware needed as well as software based security for transactions.
SoftPOS is being showcased as a business-to-business product at the IFA 2019. Samsung expects to roll out the new payment technology to different parts of the world probably after a successful pilot test has been concluded in Poland later this year.
“We are embracing a new era in payments – the mobility era. As contactless payments grow in popularity it is important that merchants are able to enable these payments on mobile devices. SoftPOS, has been designed to meet the current and future needs of consumers and entrepreneurs and will change the way people make daily payments, facilitating the convenient, quick, and secure processing of contactless transactions,” said John Gibbons, executive vice president and head of EMEA, Fiserv.
Samsung Pay, a product expected to work with SoftPOS, was originally only available as an online payment feature in Samsung’s home country, South Korea. Online payment accounted for 25 percent of the 2 trillion won in payments processed by the service. From 2017 users began making online payments from their phones, tablets or computers, and use express checkouts that automatically fill in their payment data based on stored information.