SoftPOS enables Samsung mobile devices to be used for contactless transactions for any amount with no additional equipment.
First Data, now part of Fiserv, a leading global provider of payments and financial services technology solutions, together with Visa, a global leader in digital payments, and Samsung Electronics, will showcase the company’s new Software Point of Sale (SoftPOS) solution during IFA 2019. IFA is Europe’s largest technology fair and the leading showcase for the global technology industry.
SoftPOS enables contactless payments of any amount via a smartphone or tablet, in the same way a traditional payment terminal functions but with no additional equipment. SoftPOS enables this functionality on an everyday mobile device using embedded near-field communication (NFC) functionality.
The merchant’s phone will accept contactless transactions from existing contactless cards, other NFC-enabled mobile phones, or other NFC-enabled devices such as wearables and key fobs.
„A SoftPOS pilot will take place in Poland by the end of 2019. The pilot program will expand thereafter, initially in the EMEA and APAC regions.
In addition to international cooperation in implementing SoftPOS in the EMEA and APAC regions, each of the participating companies contribute technology to make SoftPOS one of the most advanced payment solutions in the world.”, according to the press release.
Visa’s contactless capability enables quick and secure contactless transactions. Fiserv ensures swift and secure settlement of transactions via a simple and intuitive mobile app, and Samsung Electronics, in partnership with Samsung Knox, provides multi-layered security protocols in both hardware and software, as well as providing a vast array of the most innovative mobile devices.
“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.
“This project could only launch in a country where contactless payments are highly popular, and Poland is among global leaders in this method of payment. Thanks to SoftPOS, a greater number of domestic points of sale will be able to accept contactless payments, providing consumers with quick, convenient, and secure contactless payments with a card, smartphone, or watch. With this technology we are able to rapidly expand access of card and digital payments across Poland, even for the micro business owner who is still in many places accepting only cash today,” said Katarzyna Zubrzycka, Head of Merchant Sales & Acquirer, Central Eastern Europe, Visa.
“With SoftPOS, we address our vision to become an innovator of new mobile experience, through advanced technology and products. 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” said HS Myung, VP, Global Mobile B2B Team, Head of EU/CIS, North/Latin America, Global Channel Sales, Samsung Electronics.
The SoftPOS demo showcase will be located in Hall B, City Cube 101 at Samsung Electronics booth.
IFA 2019 takes place at the Messe Berlin Exhibition Grounds from 6 – 11 September, presenting the latest products and innovations, and offering a comprehensive overview of the international market. It attracts international trade visitors from more than 100 countries. IFA is the main meeting place for key retailers, buyers, and experts from the industry and the media.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”