US-based Fintech First Data (now a part of Fiserv Inc.), Visa, and Samsung Electronics have teamed up to launch a contactless payment terminal Software Point of Sale (SoftPOS).

SoftPOS will enable customers to make contactless payments directly via a smartphone or tablet with no additional equipment, using embedded near-field communication (NFC) functionality, according to a statement. The solution is expected to enable contactless transactions from existing contactless cards, NFC-enabled mobile phones, or other NFC-enabled devices such as wearables and key fobs.

For the terminal, Visa will provide its contactless capability, Fiserv will ensure swift and secure settlement of transactions via a mobile app, and Samsung Electronics, in partnership with Samsung Knox, will provide multi-layered security protocols in both hardware and software, Samsung revealed via a public announcement.

“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,” John Gibbons, executive vice president and head of EMEA, Fiserv commented.

The team plans to showcase the new solution during IFA 2019 followed by the launch of a pilot program in Poland by the end of 2019. The pilot run will then be taken to other regions starting from the EMEA and APAC regions.

“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,” Katarzyna Zubrzycka, Head of Merchant Sales & Acquirer, Central Eastern Europe, Visa stated.

IFA is a European technology fair and a showcase for the global technology industry to present the latest products and innovations. It attracts international trade visitors from more than 100 countries.

by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence