Posted on 05/22/2014 at 08:45
Wirecard presents its concept for future point-of-sale infrastructure
Internet technologies are changing the face of point-of-sale: Software replacing hardware
Wirecard AG, a leading global technology company engaged in the field of payment processing, is presenting an innovative, future-oriented concept “Wirecard ePOS” relating to internet-based point-of-sale (POS) infrastructure. In this way, online software for mobile phones could replace the traditional hardware terminals within a few years. Whether expensive cash handling or long queues: High operating costs are generated at the point of sale. In the near future retailers will be able to reduce these costs in the long term and at the same time advertise mobile marketing promotions during the payment process.
The “customer controlled checkout” vision creates a checkout, accessible everywhere, because it is located on a customer’s mobile device. The customer uses Bluetooth (BLE) on their mobile phone to check in at the retailer, uses an in-store scanner to scan their goods and finally pays via self-checkout using the retailer’s store app, which is based on an integrated technology – no matter where in the store the customer is.
“In the foreseeable future we will experience the next stage in the evolution of POS. Online technologies and apps are changing the face of retail, becoming an ever greater driving force of this global, digitised economy. Our visionary concepts in relation to payment processing allow us to help our customers make the technological advancements needed on the markets of the future,” says Wirecard CEO Dr Markus Braun, adding, “We are confident that retailers will be able to significantly reduce costs in trading with this innovative concept.”
The background to Wirecard’s ePOS concept: the majority of app-based payment processes are only available today using digital card data (card not present). Using HCE technology, Wirecard provides retailers with the technological infrastructure to securely process EMV transactions (card present). Wirecard emulates a unique token on the customer’s mobile phone for each transaction, which is connected to the retailer’s checkout system using Wirecard’s multi-channel payment gateway. Alternatively the transactions can be processed using the SIM card or handset based secure element. In this way, retailers can accept EMV transactions even without using a POS terminal, although the customer is not using a physical card. The smart connections created by the new mobile payment technologies have the following advantages for retailers: it enables the customer to pay via an independent, fast self-checkout without queuing and can even increase conversion rates. In addition, retailers spare the acquisition and operating costs of traditional hardware terminals, without compromising risk profile in the payment process. Transaction costs remain the same as those incurred using traditional payment processes over a physical checkout device. In contrast to the proprietary technical platforms of cash register manufacturers, appealing bonuses including customer loyalty points and vouchers can be integrated relatively easily into the payment process for mobile public platforms, such as the Android operating system.
Wirecard is presenting its innovative Wirecard ePOS concept at the DLDcities conference in San Francisco, California, USA on 12 June 2014.Download Press Release