The new SoftPOS solution is designed to enable mobile devices to be used for contactless transactions of any amount without any additional equipment
First Data, Visa and Samsung showcase the new SoftPOS contactless payment solution at IFA 2019 (Credit: Samsung)
Fiserv’s First Data, Visa and Samsung Electronics have joined forces to unveil a new contactless payment terminal solution called Software Point of Sale (SoftPOS) at IFA 2019 in Berlin, Germany.
Developed by First Data, SoftPOS facilitates contactless payments of any amount through a smartphone or tablet. The new payment terminal solution works like a traditional payment terminal but without any additional equipment.
The new solution enables the functionality on a normal mobile device by using embedded near-field communication (NFC) functionality. According to the partners, contactless transactions from existing contactless cards, other NFC-enabled mobile phones, or other NFC-enabled devices like wearables and key fobs are accepted by merchants’ phones.
First pilot of the SoftPOS contactless payment solution to be held in Poland
A pilot programme to test the new contactless payment terminal solution is scheduled to be held in Poland by the year end. It will be expanded subsequently, with similar pilots to be initially carried out in the EMEA and APAC regions.
Visa Central Eastern Europe merchant sales and acquirer head Katarzyna Zubrzycka said: “This project could only launch in a country where contactless payments are highly popular, and Poland is among global leaders in this method of payment.
“Thanks to SoftPOS, a greater number of domestic points of sale will be able to accept contactless payments, providing consumers with quick, convenient, and secure contactless payments with a card, smartphone, or watch.”
Visa is contributing to the SoftPOS payment terminal solution with its contactless capability that facilitates fast and secure contactless transactions. Fiserv, on the other hand, is responsible for swift and secure settlement of transactions through a simple and intuitive mobile app.
Samsung Electronics, on its part, has teamed up with Samsung Knox, to offer multi-layered security protocols in hardware and software alike apart from providing a range of innovative mobile devices.
Fiserv EMEA executive vice president and head John Gibbons said: “We are embracing a new era in payments – the mobility era. As contactless payments grow in popularity it is important that merchants are able to enable these payments on mobile devices.
“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.”