Smart terminals take control of points of sale
In that first week of 2022, news included the future of point of sale (POS), a $ 3 trillion valuation for Apple, and continued crypto developments. Carl Churchill, Owner and Managing Director of NetPay Solutions Group, joined Karen Webster of PYMNTS for This Week in Payments.
Smart point of sale terminals do more than manage payments
The global payments platform Adyen has deployed all-in-one mobile Android point-of-sale terminals that eliminate the need for cash registers, barcode scanners, and customer-facing screens. It succeeds several other vendors that offer smart terminals, and that’s where the face-to-face payments market is heading.
Read more: Global payments company Adyen deploys Android point of sale units in EU, UK and US
“I think traders are definitely looking, in much the same way we went from mobile phones to smartphones. We’re looking at what else we can do with the payment terminal, ”Churchill said. “A smart terminal, usually Android based, is really that platform for doing a lot of other things beyond just paying. “
When choosing a smart terminal vendor, traders should ensure that apps are available for the devices, he advised. There is a misconception that every Android app will work on every Android device.
“You have to try and choose a vendor that has a suite of tools that will really be able to support your business beyond that payment product,” Churchill said.
Churchill expects to see more innovations like Amazon’s Just Walk Out technology. And as smart terminals are adopted more and more, businesses will benefit from other capabilities, such as tracking customer card details for loyalty, granting rewards, and surveying their opinions. Smart terminals will be to merchants what smartphones are to consumers.
“This is the future of the POS,” Churchill said. “It’s a combination of buying without a point of sale, then some kind of more important interface with consumers with a point of sale. “
Apple continues to focus relentlessly on innovation
Also in this first week of the New Year, Apple became the first company to achieve a market cap of $ 3 trillion, tripling its valuation in less than four years. Apple became the first publicly traded U.S. company to reach $ 1,000 billion in market capitalization on August 2, 2018, and then $ 2,000 billion on August 19, 2020.
Read also : Apple breaks 3T dollar market capitalization barrier
Apple’s innovations became the cornerstone of the connected economy with the introduction of the iPhone in 2007 and the App Store in 2008.
See: On the way to a $ 3 trillion valuation, Apple helped create the connected economy
Churchill noted that Apple has created not only customers, but loyal fans who line up outside the door to be the first to get a new product when it is released. At the same time, the company never became complacent and continued to relentlessly focus on innovation.
“There are a lot of lessons we can all learn from Apple’s evolution in the business world, and that is that they continually invest in ‘what else’?
The company also introduced people who were afraid of computers to the market. It has created an easy-to-use operating system, a good app store, and a community of developers who have created apps for everyone.
“They were really able to foster adoption in a place where it never existed,” Churchill said.
Cryptocurrency continues to evolve
One topic that has been in the news not just this week, but any day of the year, is cryptocurrency. During this week, PYMNTS released its own predictions on this regarding crypto’s entry into the mainstream, its increasing accessibility, and the increased likelihood of regulatory scrutiny.
Read more: 10 predictions about the future of crypto in 2022
Churchill said he believes the value of crypto is not a currency but an opportunity for blockchain and decentralized finance (DeFi).
See: DeFi is the new big thing in crypto. But what is it? Here’s all you need to know
“As a currency? It’s difficult, isn’t it? said Churchill. “There are certainly people who provide better access to crypto, both in terms of the ability to trade it but also the ability to spend with it. Volatility is a problem for me. How sustainable is this a payment method? “
He added that regulation will also be a huge factor for crypto in 2022. This will cover not only taxation, but also security, risk insurance and other related factors. The new digital currencies of central banks and traditional big banks will also be worth watching.
“As we all keep talking about the year of crypto, I think that in 2022 there are enough advanced projects across the world, between central banks, between big financial players, to get them to show their cards and really anchor their strategy to the wall in terms of their intentions, “Churchill said.” It would be really nice to see how that comes loose; I’m excited and curious about that.