A headline in a recent report (SoftPOS report 07.2022 – AEVI) caught our attention.
“SoftPOS (Tap-on-Phone) has entered its early adopter phase after spending 8 years in development. While many doubt it, products do not spend 8 years getting built to disappear, so it is here to stay.” One forgets very quickly how long it takes to get a product to market – particularly one that requires intensive certification to get into the payments space. I think that banks also conveniently forget the costs of this innovation journey that Fintechs embark on and further, as we know, not all products are commercial successes yet 1 out of 10 might be. The point of the above is that significant time has been spent getting Tap-on-Phone ready and the stats in the AEVI report show that the market is now more than ready to adopt the technology solution and drive it to scale.
The fact is that “71% of merchants surveyed think that SoftPOS (Tap-on-Phone) will replace traditional payment terminals in the future and 84% of payment providers thought that SoftPOS would be most useful to micro-merchants” (AEVI). The majority of people in the AEVI Survey believed that SoftPOS would replace traditional Point of Sale solutions.
The reasons for adoption are given in the table below
And further benefits to the merchants would be cost, scalability, flexibility and speed to market. All this enables even the smallest of merchants to accept digital payments. In a previous article, I mentioned some research that WIZZIT had done indicating that by far the majority of consumers preferred having a PIN with contactless payments as an added level of security. This fact is again emphasised in the Aevi report … “Another interesting find was that most groups agreed that contactless and tap & PIN must be standard if SoftPOS is going to be successful” WIZZIT would welcome the opportunity of discussing your requirements and getting you to market very quickly and cost-effectively with a certified, secure and convenient digital payments solution supported by both Visa and Mastercard
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