Samsung Phones Will Soon Serve As Cash Registers With New SoftPOS Tech

Posted: Sep 12 2019, 12:32am CDT | by , in Technology News

 

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Samsung phones will soon serve as cash registers with new SoftPOS tech

This new technology is tipped to be the most advanced point-of-sale system to date.

Amid the growing competition across smartphone manufacturers and as more and more players are joining the field, Samsung Electronics continues to roll out new measures and phone features to keep its momentum rolling and its lead ahead of all the newcomers.

At the IFA 2019, Samsung has introduced a new solution that would turn smartphones and tablets into a contactless payment terminal without the need for any additional devices. It’s called Software Point of Sale, or SoftPOS, and it’s tipped to be the next big thing in retailing.

This was made possible with Samsung’s new partnership with First Data, now part of Fiserv, a provider of payments and financial services technology solutions worldwide. The partnership also includes digital payments giant Visa.

With SoftPOS, Samsung phones will be able to accept contactless transactions from existing contactless cards, other NFC-enabled mobile phones, or other NFC-enabled devices such as wearables and key fobs.

Samsung and its partners will run a pilot test of the technology in Poland by the end of 2019. If successful, the program will roll out across Europe, the Middle East and Africa and Asia-Pacific.

With Samsung Knox, Samsung’s proprietary mobile security solution for Samsung smartphones, SoftPOS will have multi-layered security protocols in both hardware and software to make sure that payments and customers’ information are secured.

Samsung already offers payment solutions prior to announcing SoftPOS. The South Korean tech giant, through Samsung Knox, allows retailers to make Galaxy tablets serve as payment terminals.

However, payments made via this technology still require other equipment that are needed for points-of-sales systems.

Samsung has yet to set an official date for the release of the SoftPOS, but it could come pretty soon.

This story may contain affiliate links.

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<a href="/latest_stories/all/all/81" rel="author">Mandy Jean</a>
Mandy covers the latest news in Tech and Business.

 

 

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