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Transforming Payments Down Under: SoftPOS in Australia & New Zealand

Tue Apr 09 2024#Blog
EduBlog ANZ

Payment service providers (PSPs) in Australia and New Zealand stand at the precipice of a transformative technology: SoftPOS, the ability to turn any NFC-enabled smartphone or tablet into a contactless payment terminal. This innovation presents exciting opportunities for businesses of all sizes to accept contactless payments, streamline operations and enhance customer experience.

SoftPOS accelerates the access to contactless payments, promoting financial inclusion and economic growth. The technology mostly relies on cellular or mobile data networks for internet connectivity, which are more accessible than fixed-line internet connections in certain areas. While internet coverage may still be limited in certain regions, cellular networks are continually expanding their coverage, providing a more feasible connectivity option for SoftPOS compared to traditional POS terminals.

Major banks in ANZ have been actively exploring and investing in their own SoftPOS technology and with Apple’s introduction of the Tap to Pay feature on iPhone to Australia, SoftPOS is set to unlock value across the unique landscapes of Australia and New Zealand.

Boosting the Small Business Ecosystem

Imagine food truck vendors, pop-up markets, and home-based businesses accepting tap-and-go payments without bulky, expensive hardware. SoftPOS empowers these micro-merchants to cater to the growing preference for contactless payments, boosting sales and accessibility.

For budget-conscious businesses, SoftPOS eliminates the upfront cost of implementing traditional POS systems. Additionally, lower transaction fees compared to traditional terminals can result in significant savings.

Flexibility for Any Season and Place

Businesses like outdoor adventure guides, pop-up festivals or Christmas markets face fluctuating activity according to the seasons. SoftPOS eliminates the need for dedicated infrastructure, empowering these businesses to cater to the cashless preferences of locals and international tourists, to accept payments seamlessly during peak seasons without long-term commitments.

Enhancing Customer Experience for Large Retailers

SoftPOS can also reduce waiting times, improve customer satisfaction, and free up cashiers for more personalized service in-store. Staff equipped with SoftPOS tablets or smartphones can approach customers anywhere on the shop floor to provide a more personalized shopping experience. They can answer questions, assist with product selection, and accept payments seamlessly without leaving the customer’s side. This translates to shorter queues and a more convenient checkout experience especially during peak hours.

Aside from keeping up with high transaction volumes, SoftPOS also allows for integration with the store’s omnichannel services and loyalty programs to further enhance the shopper’s experience both online and offline.

Are You Ready for SoftPOS?

SoftPOS holds immense potential and is poised for a breakout performance in Australia and New Zealand. For Payment Service Providers (PSPs), this presents a golden opportunity. By embracing this technology and tailoring solutions to local needs, PSPs can create a win-win situation for themselves, merchants, and ultimately, the entire payments ecosystem.

While developing and deploying SoftPOS solutions requires investment, the potential cost savings and long-term benefits are undeniable. Find out what is the best SoftPOS development and implementation approach for you and cut your time to market with MineSec’s white-label SoftPOS solutions.