The world was steadily marching toward the new dawn of digitalization since the beginning of the last decade. The Covid-19 pandemic outbreak has brought hundreds of thousands into the world of digital payments, greatly boosting the sector. India has also seen a sharp rise in digital payment transactions. India is about to create a record online transaction of INR 239.66 billion by the end of the 2021-2022 fiscal year. If you compare the figure to that of FY 2018-2019 (INR 20.7 billion), you will easily understand how popular it has become in the last 3 years.

The surge in digital transactions calls for an up-to-date mechanism to support online payments. Particularly, merchants need cutting-edge solutions to various online transactions. This is where SoftPOS chips in. If you are wondering ‘what is SoftPOS, please continue reading to know about SoftPOS and its exciting features.

What is SoftPOS?

A revolutionary system called SoftPOS, or software point-of-sale, uses near-field communication (NFC) technology to initiate transactions between customers and retailers. This is becoming exceedingly popular and relevant since it completely casts aside the necessity of a physical POS machine. Instead of swiping cards, merchants and customers can now use a completely contactless payment method.

So ‘what is SoftPOS’ should be clear to you by now. But how does it work? How exactly can one initiate and receive payments online through SoftPOS?

All you need to do is to download and install the app on your smartphone. If you install the SoftPOS app by Cashfree Payments, you can carry a virtual POS machine everywhere.

The key features of SoftPOS are:

• It is a safe and completely contactless method of online payment
• You can use any UPI ID, payment link, and QR code to receive fund
• SoftPOS also offers a feature to record in-hand cash transactions

Whatever a merchant’s line of work, SoftPOS empowers them to collect payments even while on the go. For instance, a delivery person for food can accept money while delivering an item to a buyer using a smartphone that supports SoftPOS.

Benefits of Using SoftPOS

Only when a new invention or technology is simple to use, smooth, user-friendly and complements an existing system gains market acceptance.

All of these criteria are met by softPOS, which provides its stakeholders with substantial value. Here are a few benefits of why companies ought to choose softPOS over other online payment apps. Let us see the various advantages of SoftPOS in different sectors.

SoftPOS in the Retail Sector

• Small businesses can use SoftPOS to replace card payment
• This will make transactions faster and customers won’t require to stand in a long queue for hours
• The simple ‘Tap and Pay’ option allows retailers and customers to be more flexible with transactions
• It has already proved to be of great assistance in groceries and supermarkets all over India

SoftPOS in the Restaurant Sector

• Restaurants always look for contactless and safe payment options and SoftPOS brings them the solution
• SoftPOS also enables online transactions on doorstep deliveries
• SoftPOS is an affordable option for small food outlets
• Other restaurant apps can also be integrated with SoftPOS, creating a 360-degree suite of offerings

SoftPOS in the MSME Sector

• SoftPOS drastically reduces transaction time and increases sales
• From small to big amounts, everything is accepted by SoftPOS
• Inventory management also becomes easier with the SoftPOS app
• Ongoing offers and discounts can be calculated on the payable amount and adjustments can be made instantly using SoftPOS

Road Ahead

As of now, SoftPOS is supported by Android OS only. Developers are working to make the app more universal so that anyone can use the app from any type of smartphone device. The current trend of online transactions in India has been quite encouraging and updates are expected to come very soon. Please click on the link to know about SoftPOS.