SoftPOS technology is currently a hot topic among many Acquirers and Merchant Service Providers around the globe with some providers already in pilots.

SoftPOS, sometimes referred to as Tap on Phone, is the next evolution in acquiring payments. It allows for merchants to accept customer card payments directly from their smartphone, i.e. no need for any additional hardware, which means, no need for any Point of Sale (POS) machine or Mobile Point of Sale (Mpos) machine. This brings rise to the first obvious use case for this new technology, reducing hardware costs for micro merchants and allowing them into the payment ecosystem. Although this is true, there are many other advantages of this technology and unique use cases WIZZIT offers.

 

  1. PIN Push

 

Through WIZZIT’s technical build of our backend payment switch and Authentication (PIN entry) capabilities, our technology has allowed for the option for customers to input their PIN on their own phone at checkout.

 

How does this work?

–    A customer walks into a store, selects their goods, and proceeds to the checkout desk.

–    Merchant rings up the total on their smartphone and asks the customer to tap their bank card to their mobile.

–    If PIN is required, the customer is asked whether they would like to enter their PIN on the merchant’s device or on their own device.

–    Customer says on their own device; a QR code will appear on the merchants mobile, the customer will simply take a picture of the QR code which will automatically open up the WIZZIT PIN Pad for them to enter their bank PIN.

–    Merchant will receive a message if the PIN entry is successful.

–    Transaction is complete.

 

  1. Micro-Merchants

 

As mentioned in the introduction, SoftPOS creates the ability for micro merchants to now enter the payment ecosystem. This becomes critical with cash usage declining at quicker rates than before due to the pandemic. WIZZIT’s technology allows for the PIN capability which is compatible on all Android NFC devices. Thus, the merchant does not need the latest Android device to enable the WIZZIT technology.

 

  1. Queue busting

 

For high end retailers and restaurants, this provides the perfect opportunity to equip their staff with Android based devices, or if they have one already then this can be used, to improve customer experience. SoftPOS has the potential to bridge the gap between seamless customer experiences and existing payment infrastructures.

 

  1. Transportation (card payments for merchants on the go)

 

This is self-explanatory, however becoming increasingly important as more businesses adapt and move online. Any delivery can now be assisted with a SoftPOS capability which the driver will have, taking payments directly at the point of delivery from customers. This will be the same use case for many other market segments, like taxi services, field sales agents, freelancers etc.

 

  1. Tap2Charge (Loading digital wallets)

 

As digital wallet growth continues to rise exponentially in parts of the world, WIZZIT’s Tap2Pay technology can be considered for loading up customer wallets. This will mean that customers will not need to input their card details into their App, digital Wallet Providers will not need to store the card details and will be a more cost-effective solution for them. A customer simply enters the amount they want to upload, tap their bank card to their own device, input their bank card PIN and their wallet will be loaded.

 

  1. eCommerce

 

WIZZIT’s technology can be used for eCommerce checkouts. Simply put, our SDK can be embedded into any existing eCommerce App. So when a customer is at checkout, they have the option to  select Tap2Pay as an additional checkout channel. This will mean that the customer will not need to enter their card details online, it will become a cost effective method for the merchant as the rate of transaction will be cheaper than the traditional online transaction and it will reduce fraud and chargebacks.

 

What other use cases have you seen? Please get in touch to talk to us for more information and we look forward to exploring and collaborating with you!

Contact us on LinkedIn https://www.linkedin.com/company/wizzitdigital or email us at info@wizzit-int.com