India-based Cashfree Payments, a payments and application programming interface (API) banking company, has rolled out an industry report highlighting the importance of softPoS, which can reportedly help in adding new digital payments.
The report, “Supporting digital payments adoption via the promise of softPoS,” was created in partnership with The Digital Fifth.
According to a Wednesday (March 16) press release emailed to PYMNTS, while point of sale (POS) terminals have become more easy to use, they have also become more sophisticated, available at varying price points.
However, with softPoS, a simple app and software development kit can create an easily-distributed, low-cost payments acceptance infrastructure. Merchants will be able to accept pay through an app download and make it into a PoS terminal without using any other software.
Per the release, smaller businesses may also find it easier to save time and costs. Previously, cash payments were sometimes preferred over dealing with acquisition and maintenance of PoS models.
“We are pleased to launch this insightful report in partnership with The Digital Fifth,” Akash Sinha, CEO and co-founder of Cashfree Payments, said in the release. “We believe that softPoS can be one of the major solutions that will help drive digital payments in India and enhance customer experience.
“We, at Cashfree Payments, are already working towards offering smart and simple softPoS solutions for a sustainable digital payments ecosystem and intend to provide merchants with an easy, safe and instant payments infrastructure.”
In other POS news, Canadian company Tabit has launched its buy now, pay later (BNPL) POS system for the B2B space, as PYMNTS reported last month.
The company, based in Vancouver, reportedly works with smaller companies to give them payment options, integrating a card offering at the POS.
“Bank loans for small businesses are notoriously hard to get,” Tabit founder and CEO David Gens said in a news release. “It is also very difficult for many small businesses to obtain credit from their suppliers. Tabit was created to fix that.”
Gens said newer smaller business owners are looking more at BNPL as an option to get things done.