POS Solutions

Biometric Technologies to Enhance Mobile Payments Security

GlobalData | June 23, 2022

Biometric Technologies news
The mobile payments market is expected to grow at a CAGR of more than 21% during the forecast period. Mobile payments encompass several types of payments, including mobile proximity payment, m-commerce, mobile P2P, and mobile POS. The most successful mobile payment systems in the future will be those that utilize the versatility of a mobile P2P or m-commerce system to achieve omnichannel reach, as services in Asia have already done such as the Indian services Paytm and PhonePe that utilize the national real-time payment system, as well as WeChat Pay and Alipay in China.

The Mobile Payments – Thematic Research report offered by GlobalData Plc helps us understand the impact of mobile payments on the broader payments sector and gain insight into coming regulatory changes that will affect mobile payments. It also sheds light on what the leaders and disruptors in the mobile payments segment are doing in their areas of expertise.


Biometric technologies represent a set of solutions that can help improve mobile payment security while reducing friction layers during the payment process. Biometric identifiers such as fingerprints, facial recognition, and voice recognition are difficult to replicate by criminals, which should help reduce the amount of fraud in the case of device theft compared with password-based security.

The current landscape of online cross-border payments is still dominated by MoneyGram and Western Union. But new challengers such as WorldRemit and Wise are challenging the long-established players. Both Wise and WorldRemit can offer international cross-border transactions at a lower rate than MoneyGram and Western Union. And to increase their customer reach, both of these challengers are establishing regional partnerships.

The payments industry in general has historically pushed for cashless societies in the interest of maximizing the proportion of transactions that generate revenue. Regulatory efforts to reduce cash use, such as those seen in Italy and India (usually with the aims of reducing the size of the black economy and bolstering tax revenues from easily tracked electronic payments), tend to have the full support of the payments industry. COVID-19 has accelerated this push, with mobile payment services launching.

Due to the proliferation of mobile devices, such as smartphones and wearables, consumers have become accustomed to doing almost everything on these devices, whether it is connecting with people, looking for restaurants or shops, checking subway and bus timetables, or listening to music and taking photos.

Spotlight

Learn how to view and adjust item stock levels from the Square Retail POS.


Other News
POS Retail

NovoPayment Unveils Orchestra, a Next-Gen Middleware Layer to Meet Rising Demand from Financial Institutions

PRnewswire | July 07, 2023

NovoPayment, a mission-critical financial and payments infrastructure provider, today released Orchestra 2.0, an advanced cloud-based middleware orchestration layer of its industry-leading BaaS platform. Orchestra is designed to help financial institutions quickly modernize their infrastructure in a more secure, scalable, and cost-effective way. The solution enhancements include more capabilities, new API-based use cases to help developers build and deploy new applications, and expedited implementation times. In a survey of over 200 community bank and credit union leaders conducted by NovoPayment and Forrester, 71% said their customers seek capabilities that can't be built into existing infrastructures. While most financial institutions still rely on legacy systems that pre-date the internet and are expensive to overhaul, smaller institutions are especially price sensitive and lack in-house tech capabilities. To overcome this challenge, more are adopting a middleware approach to modernizing their infrastructure and acquire more digital capabilities to bridge their internal tech gaps. "Over the past few years, we've seen a rising demand from countless organizations for our middleware orchestration layer and endpoints in digital banking, payment and card solutions as they look to improve margins and reduce costs by leveraging reliable partnerships," said NovoPayment CEO Anabel Perez. "Orchestra serves as a streamlined, convenient way to unify user experiences and fast-track innovation while ensuring compliance." Orchestra provides the opportunity for financial institutions to benefit from NovoPayment's technological depth and breadth of solutions and further capitalize on localizing experiences – such as remote customer onboarding, instant issuance of deposit accounts & payment credentials, secure remote & contactless commerce, and cash & treasury management, among others. Orchestra's expansive set of over 60 integrations spans various relevant categories including: • Customer authentication (AML, KYC & biometrics) • Core banking systems • Card payment schemes, ACH and RTP rails • Payment gateways • Open banking • FX services & money transfers • Wallets & Super Apps • ERP & CRM systems • Credit decisioning & scoring • CBDC • Security & Artificial intelligence • Top-ups & bill payment providers • Cash-in / Cash-out networks • Loyalty and rewards • Gaming • Payroll providers • Card personalization "Middleware serves as the vital conductor in the symphony of banking-as-a-service, enabling our customers to digitize their operations seamlessly and outperform their competitors," added Rama Ituarte, Chief Technology Officer at NovoPayment. "In an industry where agility, availability and scalability are the keys to success, Orchestra fosters innovation through simplified and automated business processes in agnostic, multi-cloud environments." About NovoPayment NovoPayment, a category leader in Banking as a Service (BaaS) platforms, enables digital financial and transactional services to support various use cases. The company's bank-grade solutions use APIs and other flexible delivery models to help banks, financial institutions, merchants, networks, marketplaces, neobanks, and other financial service providers to leverage their existing systems to generate new deposits, transaction streams, and customer experiences.

Read More

POS Hardware

365 Retail Markets Launches MM6 Mini Self-Service Kiosk for Dining and Micro Market Industry Applications

PRnewswire | July 13, 2023

365 Retail Markets, the global leader in unattended retail technology, today announced a new versatile kiosk, the MM6 Mini, that balances flexibility and consumer experience with any dining cafeteria or micro market location. Until now, two extremes of kiosk technology have existed in the market for Food Service Operators (FSOs). Cheap tablet-based solutions that target smaller spaces but trade consumer experience for cost. And full-sized kiosks that best address premium, high-touch, and high traffic locations. With smaller offices becoming the norm and growth in new segments like healthcare and hotels, FSOs need a middle ground to better serve a broader range of location types and their bottom line without compromising customer satisfaction. The MM6 Mini is a compact point-of-sale, with 15.6" inch display that offers unlimited placement flexibility with wall and countertop mount options. Its size is perfectly suited for midsize locations, but its price makes it attractive to cluster with additional Minis to improve throughput in larger spaces. New in the latest MM6 line of next generation kiosks from 365, the MM6 Mini helps operators cut down service time and drive additional income through digital advertising services powered by Advana™. Part of a hardware platform that supports multichannel applications, MM6 Mini offers a thoughtful, frictionless self-checkout experience for both dining and micro market applications. The 365-user interface (UI) for dining was enhanced to offer the highly desired capabilities of nutritional insight, upsell recommendations, order ahead, and custom orders. For micro markets, the industry proven UI has easy item look-up for items without barcodes, highlights transaction detail, and efficiently guides consumers through the transaction. Operators with the two concepts adjacent can use a single kiosk for both market and café purchases to further save space and cost. "Considering the transition of business & industry (B&I) towards smaller office spaces with hybrid work models, we firmly believe that the MM6 Mini is the ideal solution for catering to workplace refreshment services in this evolving landscape," said Boris Amegadjie, Chief Product Officer for 365. For operators expanding into new markets outside of B&I, Amegadjie continued, "Equipped with a flexible size that accommodates any setting and a remarkable combination of affordability and performance, operators are poised for successful outcomes wherever they take their business." Earlier this Spring, the MM6 Mini won the coveted distinction of the People's Choice Award at the NAMA Show which confirmed early operator feedback on the technology. About 365 Retail Markets 365 Retail Markets is the global leader in unattended retail technology. Founded in 2008, 365 provides a full suite of best-in-class, self-service technologies for food service operators including end-to-end integrated SaaS software, payment processing and point of-sale hardware. Today, the company's technology solutions autonomously power food retail spaces at corporate offices, manufacturing and distribution facilities, and more, in order to provide compelling foodservice options for consumers. 365's technology solutions include a growing suite of frictionless smart-stores, micro markets, vending, catering, and dining point-of-sale options to meet the expanding needs of its customers. 365 continuously pioneers innovation in the industry with superior technology, strategic partnerships and ultimate flexibility in customization and branding.

Read More

POS Solutions

Americor Introduces Cutting-Edge CRM and POS Software Solutions To Revolutionize The Client Experience

PRWeb | September 14, 2023

Americor Financial, a leading provider of debt relief solutions , is proud to announce the launch of its state-of-the-art Customer Relationship Management (CRM) and Point of Sale (POS) software systems. These cutting-edge technologies mark a significant milestone in the company's commitment to enhancing customer experience and providing comprehensive debt relief solutions to our clients. Path, the new CRM system, custom designed and built with the client at its core, elevates the way Americor interacts and engages with its clients through Path's web and mobile applications. Offering a robust and seamless interface, the CRM software streamlines communication, facilitates personalized assistance, and ensures that each client's journey towards financial freedom is smooth and well-guided. Pathway, the new POS software, is also a proprietary custom built-software tool that empowers Americor's growing sales division and our affiliate partners to better serve our clients through more efficient transaction processing and data management. This technology optimizes the company's operational processes, from initial client consultations and throughout their customized debt relief program to completion, ensuring accuracy and promptness at every step. "We are thrilled to introduce our innovative Path CRM and Pathway POS software systems, which represent a significant leap in our commitment to serving our clients with excellence," said David Norris, CEO of Americor. "These technologies will allow us to provide a tailored and streamlined experience to our clients, making their journey towards debt freedom and financial recovery smoother and more effective." The key features and benefits of the new CRM and POS software include: Personalized Client Interactions – The Path CRM system enables Americor to understand each client's unique debt situation, providing tailored advice and solutions for their financial challenges. Effortless Enrollment – Through the Pathway POS software, clients can seamlessly enroll in Americor's debt relief program, eliminating unnecessary delays and paperwork. Real-Time Progress Tracking – Clients can monitor their debt relief journey in real-time, on their computer, tablet, or mobile device – enhancing transparency and trust between Americor and its clients. Advanced Data Security – The Path and Pathway systems both are equipped with top-tier security measures to ensure the confidentiality and privacy of client information. By integrating these innovative technologies, Americor aims to further strengthen its position as a debt relief industry leader, known for its dedication to client success and continual technological advancement. About Americor Americor is a next-generation Finance Technology (FinTech) company that uses a proprietary online platform designed to provide debt relief to its clients, allowing them to restructure their unsecured debt payments, pay only a fraction of the debt they owe, and become debt-free faster than they ever thought was possible. To learn more about Americor and how it helps its clients become debt-free, visit their website at americor.com.

Read More

POS Retail

Crypto Payment App, Oobit, Announces Fireblocks Integration Ahead of European Launch

Globenewswire | June 26, 2023

Oobit, a leading provider of cryptocurrency payment solutions, is pleased to announce its integration with Fireblocks, an easy-to-use platform to create new blockchain-based products and manage day-to-day digital asset operations. This collaboration marks a significant milestone for both companies as they join forces ahead of Oobit’s Crypto Tap-to-Pay launch in Europe & UK this summer. Oobit aims to bridge the gap between cryptocurrency and traditional finance to provide a solution that will allow the seamless adoption of crypto in everyday life. By integrating with Fireblocks, Oobit gains access to an extensive network of partners, protocols, banks, and ecosystems. "Our integration with Fireblocks not only opens doors for potential collaborations but also enables us to expedite the setup process with new partners. As Fireblocks is already integrated with major players in the market, we can seamlessly connect with these entities, eliminating the need for extensive integration efforts from scratch," said Amram Adar CEO of Oobit. Stephen Richardson, Managing Director, Financial Markets at Fireblocks, said, “We are excited to support Oobit’s vision of making it easier for users to pay with crypto with the launch of their new Tap-to-Pay feature. Fireblocks employs next-generation, institutional-grade technology so Oobit users can rest assured that their digital assets are safe and secure.” Fireblocks has established itself as the leading enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets. With partnerships and integrations spanning across major players in the market, Fireblocks has earned the trust of over 1,800 financial institutions, having secured the transfer of over $4 trillion in digital assets to date. Oobit is a mobile payments app that provides a seamless crypto payment experience, comparable to Apple Pay but with crypto. With Oobit, users can conveniently make crypto payments anytime and anywhere by utilizing existing VISA/Mastercard POS terminals. Additionally, Oobit enables merchants to receive payments in their local fiat currency, eliminating the risks typically associated with crypto transactions. The feature is set to launch this summer, where European & UK Passport holders will be able to use the app for in-store transactions globally. Oobit technologies UAB, headquartered in Lithuania, strategically positions itself to access the vast and economically significant European market. With its presence in Lithuania, Oobit is well-positioned to offer its services throughout the European Economic Area (EEA) and beyond. The collaboration between Oobit and Fireblocks is expected to bring forth new opportunities and improved services for cryptocurrency users, further promoting the mainstream adoption and integration of digital assets. About Fireblocks Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks supports exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1,800 financial institutions, has secured the transfer of over $4 trillion in digital assets and has a unique insurance policy that covers assets in storage and transit. Some of the biggest trading desks have switched to Fireblocks because it's the only solution that CISOs and Ops Teams both love. About Oobit Oobit is a leading mobile payment app that offers a seamless way to pay with crypto both in-store and globally. Users can enjoy a crypto Tap-to-Pay experience as convenient and smooth as Apple Pay, utilizing existing Visa/Mastercard point-of-sale systems while ensuring merchants receive fiat currency. Since 2017, Oobit has been spearheading the mass adoption of cryptocurrencies as a means of payment for goods and services. The app is designed to provide a secure, practical, and user-friendly solution for individuals to effortlessly utilize their crypto in everyday transactions.

Read More