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The Rise Of SoftPOS: What Businesses Need To Know

Mar 25, 2025 - forbes.com
Atal Bansal, Founder and CEO of Chetu, discusses the growing trend of SoftPOS (software point of sale) systems, which transform NFC-enabled devices into secure payment terminals, facilitating the rise of contactless digital payments. By 2026, digital wallets are expected to handle nearly 50% of all payment transactions, with SoftPOS playing a crucial role in this shift by allowing smaller entrepreneurs to accept payments more flexibly and cost-effectively. The adoption of SoftPOS is driven by its cost savings, enhanced security, and scalability compared to traditional POS systems. AI-powered SoftPOS platforms offer real-time fraud detection and analytics, providing businesses with insights into consumer behavior.

However, implementing SoftPOS requires careful planning to address challenges such as security, connectivity, and user experience. Businesses must choose the right vendors, ensure security compliance, and establish cross-functional teams for successful integration. Despite potential hurdles, SoftPOS technology is poised to become a dominant force in the payment sector, offering significant benefits to businesses willing to navigate its complexities.

Key takeaways:

  • SoftPOS technology is transforming the payment sector by turning NFC-enabled devices into secure payment terminals, offering cost savings and flexibility compared to traditional POS systems.
  • AI-driven SoftPOS systems enhance security and fraud detection, providing real-time alerts and insights into customer spending habits.
  • Implementing SoftPOS requires careful planning, including choosing the right vendor, ensuring security compliance, and establishing cross-functional teams for successful integration.
  • Businesses must address challenges such as security measures, connectivity issues, and scalability to maximize the benefits of SoftPOS technology.
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