Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
iStock 1300237697 - Business Express

How SoftPoS empowers the underserved in emerging markets

How SoftPoS empowers the underserved in emerging markets

Picture132124 1 - Business ExpressBy Brad Hyett, CEO of phos

In developed markets, businesses are able to leverage cutting-edge payment technology and established payments infrastructure to meet the ever-evolving demands of modern consumers. However, in emerging markets, smaller enterprises face a number of unique challenges that are difficult and costly to navigate, hindering their growth. For these smaller merchants, utilising traditional point of sale systems creates complexities and requires the assistance of local entities to navigate restrictive money transfer regulations, creating tangible barriers to entry.

SoftPoS revolutionises this landscape and addresses a variety of these problems. By eliminating cumbersome hardware, it enables merchants to securely accept contactless payments on existing NFC-enabled devices such as iPhones and tablets, allowing them to adapt seamlessly to local market dynamics. By bridging gaps and overcoming obstacles, SoftPoS solutions empower businesses of all sizes to thrive in the face of regulatory complexities, fostering financial inclusion and economic growth.

Paving the way for financial inclusion

Studies indicate that roughly 163 million small businesses across emerging markets lack sufficient access to mainstream financial services. With numerous regulatory hurdles, entry requirements, and transfer limitations in place, these enterprises struggle to overcome initial obstacles, hindering initial progress. Furthermore, local authorities often incentivise transactions in native currency, which translates to extra costs for businesses.

SoftPoS emerges as a solution to help alleviate these costs, allowing businesses to leverage the NFC-enabled devices that they already own for payment acceptance. This also includes payment methods that have wide local acceptance. By embracing SoftPoS, businesses can reduce dependency on local entities and gain autonomy over their operations. Additionally, the solution addresses customer concerns by allowing them to conduct transactions using trusted transaction methods, fostering an environment of financial inclusion.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The logistical simplicity of SoftPoS

The payment technology landscape is constantly shifting, which poses a financial challenge for smaller enterprises in up and coming markets. However, the beauty of SoftPoS lies in the logistical simplicity its software provides, sparing small merchants the hassle of managing, upgrading, replacing and even disposing of payment terminals. This is beneficial for small merchants who would merely need to update software to resolve compliance issues.

Cost savings of this magnitude are a lifeline for smaller sized companies, freeing up resources that can be directed to more vital aspects of their operations, while enhancing their ability to offer diverse payment options to consumers. Through SoftPoS, SMEs can optimise sales opportunities while providing a seamless experience for their customers, earning their loyalty by offering flexible payment methods that cater to individual preferences.

Enhancing financial inclusion for businesses of all sizes

SoftPoS technology represents a pivotal step towards nurturing economic development and financial inclusion in emerging markets. By simplifying operations and removing bureaucratic barriers, it facilitates the participation of previously excluded vendors. This empowerment not only generates job opportunities but also stimulates regional growth, fostering entrepreneurship and expanding access to financial services in underserved communities.

The technology’s ability to streamline operations and enhance financial inclusion not only benefits individual companies, but also contributes to the overall economic development of these regions. Embracing SoftPoS isn’t just adopting a technology – it’s a decision to future-proof your business. As the world continues to shift towards contactless payments, those leading this transition will be able to maintain a competitive edge, driving economic development and shaping a more accessible financial future for all.

Recent Post: