Today, many businesses utilize POS devices or Point of Sale devices for fast and cashless payment. Merchants have many reasons to use POS devices, such as speed of the monetary transactions, simple invoicing, better user experience leading to increased customer satisfaction and so forth.

A POS system is at the core of it all, from customers seeking a more personalized experience to businesses relying on data to make better business decisions. Here are some possibilities of POS devices to watch for in the near future.

Future of POS devices

The key to the success of every business is to improve customer satisfaction. POS has the potential to improve it, and new developments are on the way that could change the entire business structure.

Cloud-based POS

Online commerce and cloud computing are the way of the future. Even now, amid the pandemic, small merchants, such as hotels, restaurants, automobile services, and hardware retailers, are reaching their customers through local online platforms. Smartphone-like POS devices are now available that use cloud services and provide more advanced web apps. In addition, merchants can use cloud services to store customer purchase data that could be helpful in marketing. Cloud services also assist in securing the data from hacking.

Face recognition and signature

Latest POS devices are embedded with face recognition cameras and signature recognition apps. These technologies are valuable for online and offline shopping systems. Future POS devices can identify the customer using facial recognition, and they can recommend products and services using their previous shopping history. In addition, POS devices are integrated with electronic signature readers that can be used to verify and edit documents. Signature readers can ensure the authenticity of documents shared through POS.

Bank at your home (MicroATMs)

MicroATMs are advanced POS devices used for banking transactions from anywhere. These devices provide all the essential banking services, including accepting deposits, withdrawing cash, bank-bank transactions, and KYC authentication. Several banks are already using micro ATMs and transactions via micro ATMs. Identity-based banking transaction is an emerging technology in micro ATMs; it verifies a person's biometrics to initiate transactions. It will change the future of banking transactions. Micro ATMs can ease transactions for unbanked people from rural and semi-urban regions.

Possibilities of contactless payments

The contactless payment system is already widely used in credit/debit cards. But soon, the contactless payment system can change the entire shopping experience. In the near future, customers who step into a retail shop can take whatever they need and leave the shop without waiting for the billing process. The bill will be automatically paid as the customer leaves the store. However, the consumer and the merchant must be connected via a mobile app for this to happen. The POS device at the shop will detect the customer using facial detection and deduct money from his already saved account. Merchant can monitor the transactions and product details via the same app from the POS device. In addition, cameras or sensors must be employed at the shop to detect what the customer is taking.

Security improvements

As the frequency of POS transactions increases, so do the security threats. To avoid hacking, the latest POS software is frequently updated. In addition, to prevent hacking the POS device, the latest devices use multimodal biometric authentication methods. The latest POS devices come with fingerprint scanners, facial and iris recognition cameras for user verification. The most important aspect of a contactless payment system is its security. Engineers, regulators, and researchers keep working on the security of contactless cards, which will be more widespread and shall be used to regulate many sensitive operations in our lives.

Endnote

POS devices have become an integral part of our daily lives. They will be used more aggressively in the upcoming time, from small retailers to large businesses. The latest technologies in POS devices will increase the capabilities of these devices. When integrated with point-of-sale software, facial recognition technology might result in a new level of shopping and marketing. The day will come POS devices can recognize a person's face and recommend products based on their age when they step into a shop.