How smart is your Point of Sale terminal?
Nicola Tesla once said: “When wireless is perfectly applied, the whole earth will be converted into a huge brain, which in fact it is, all things being particles of a real and rhythmic whole. We shall be able to communicate with one another instantly, irrespective of distance.” It sounds to me like Nicola Tesla had predicted the invention of a smart phone, doesn’t it? Or by describing a digital nervous system he basically anticipated the Internet of Things? And while a smart phone is no doubt one of the greatest smart inventions of the 21st century, instant communication in a smart way has gone far beyond personal use.
It is amazing how quickly we have gotten used to living in a smart world when it comes to consumer devices. No one is surprised when a person talks to Siri or Alexa to change a radio station; or switches on a robot vacuum cleaner to clean the apartment; or measures their blood oxygen levels by means of the latest model of a smart watch. Smart has developed from a buzz word to an expectation for modern connected products. So, there is no surprise that there is a clear trend to “smartify” all connected and digital devices that we use in everyday life, Point of Sale terminals being no exception.
But what is a Smart PoS and what is the difference to the traditional one? Isn’t the traditional PoS terminal also smart? These are two fair questions, let’s dig in to find out more.
First of all, not only does Smart PoS enable multi payment channel, but it also analyses the data in real time and provides a user with innovative use cases that bring additional value. But first things first – let’s talk a bit more about the multi payment channel and what does it mean.
Traditional Point of Sale terminals support EMV (Europay, Mastercard, Visa) payments – and that is pretty much it. On top of traditional EMV payment, Smart PoS supports QR code payment or online payment via WeChat or PayPal. In addition, Smart PoS can potentially support crypto currency transactions or even central bank digital currencies. The choice is yours.
On top of supporting several payment channels, Smart Point of Sale terminals bring various value-added services to the table. From instant messaging and after payment emails to storage and stock monitoring. Allowing to recharge pre-paid cards, or settle utility bills, the new generation of Smart terminals have the capability to do way more than simple card processing. Insights and analytics have become much more seamless enabling a true Know Your Customer experience for the Smart PoS end user. Enhanced consumer experience, improved efficiency, and flexibility of payment modes all in a nice and sleek design. What’s not to like?
And while there is a vast choice of Smart PoS terminals out there, not many realize what it takes to enable these smart functionality and sleek designs. Due to the unique architecture the Panthronics NFC controller facilitates the latest EMVCo 3 PCD compliance much easier than competing solutions, allowing for large touchscreen designs with antenna behind the display.
Panthronics NFC IC is a full-blown NFC controller enabling not only high-performance reader and card functionality but also supports the NCI interface for direct connection to the Application Processor thus simplifying the integration in Android OS. What does that mean for your Smart PoS system?
Keep on reading and stay tuned!
Authors: Evgeniia Vinogradova, David Renno