The future of EPOS: six predictions for electronic point of sale in 2021

The events of the last 12 months have transformed the financial technology sector and catalysed a new wave of innovation that is revolutionising the way we pay, and get paid.

 

One area where this innovation is on clear display is electronic point of sale, where EPOS technology is helping businesses both large and small survive, and even thrive, during the COVID-19 pandemic.

 

This is particularly true for consumer-facing sectors such as retail and hospitality; sectors which have been among the hardest hit by the pandemic but where the greatest opportunities lie for digital transformation in the purchase journey.

 

Even prior to 2020, cash was forecast to account for less than 10% of all payments by 2028. But with the recent widespread consumer adoption of new payment technologies, forward-thinking businesses are investing in EPOS and software POS platforms like never before.

 

It is these firms that will deliver a better customer experience and grow their revenue more quickly in the race to a new, cashless normal. And it will be systems providers that pioneer the technology to support this growth.

 

Here at phos, we wanted to provide an overview of what we should all expect from the world of EPOS in 2021. So we’ve published a report on the trends that we’re likely to see take centre stage this year, as told by the industry’s leading EPOS and technology providers such as Munch, Enactor and SumUp.

 

Here are six key takeaways from our report, based on their insights:

 

1. Omnichannel fulfilment: As lockdown restrictions continue to impact consumer behaviour, customer preferences also continue to change. Businesses can adapt by offering a range of fulfilment options for online purchases. Buy online pick up in store (BOPIS), is a good example of how to still deliver a physical retail experience but minimise time in store.
2. Contactless payments: The convenience of cash alternatives amid social distancing and stringent health and safety protocols has seen contactless payments surge over the last year. As we rapidly move towards a cashless society, merchants will be investing in EPOS and software POS solutions like never before in 2021.
3. Closer integration of digital and physical retail experiences: Physical retail experiences aren’t going anywhere, but the rate of e-commerce transactions continues to rise. When footfall returns to the high street, shoppers will be looking for better integration between the two, ensuring a truly seamless customer experience.
4. Flexible payments: In uncertain times, flexibility is key. From the surging popularity of instalment payment options such as Buy Now Pay Later (BNPL) to the resurgence of QR codes, new ways to pay will continue to emerge this year as consumers demand greater choice and convenience to navigate the challenges ahead.
5. Cloud & SaaS technologies: The pandemic has catalysed years’ worth of digital transformation and consumer acceptance of contactless payments. Businesses must streamline their digital infrastructure in response, replacing outdated software with all-in-one and integrated solutions that will support future growth.
6. M-commerce: Mobile is no longer a ‘nice to have’ for merchants and is an expected component of the payments mix, thanks to the proliferation of e-wallets and mobile-first experiences. To stay ahead in 2021, smart money is on mobile and software POS technology that enables shopping ‘on the move’.

 

At phos, we’re on a mission to help merchants accept payments directly on their smartphone. Our revolutionary software POS technology turns any NFC-enabled Android device into a payment terminal, without the need for costly additional hardware.

 

If you’d like to learn more about the phos solution or opportunities to partner with us, please contact us at support@phos.cloud.

 

For more insights on electronic point of sale, you can download our full EPOS predictions report here.