In the era of technological sophistication, the retail market is embracing a modern-day Biometric Point of Sale (POS) System to carry out faster, secure and efficient business operations. The pace of digital transactions has increased over the year 2016 across the nation. The Indian POS terminal market witnessed a significant growth with the rapid adoption of POS machines by the retail players.
In the digital payment industry, owing to the security threats like card cloning/skimming, risk of payment conflicts and plastic card fraud, the retailers stand in need of including the next-generation biometric technology based POS systems.
Biometric POS machine can assist the retailers in managing cash flow, carrying out the billing process efficiently, handling transactions without compromising on the accuracy and much more. Furthermore, the biometric POS machine fosters productivity, security, accountability and improved customer experience.
Benefits of Biometric POS System
In the fast-changing world, varied industries such as healthcare, banking, telecom, law enforcement and others are endorsing biometric technology to a greater extent. Do you ever wonder how biometric technology can assist the retail industry in managing operations?
Let us have a look at some of the substantial merits of incorporating the biometric-based POS system in the retail industry.
1. Fast and Secure Digital Payment
The growing want for secure and faster transactions in the retail market, propels the retailers to incorporate biometric POS terminal. Thus, the Biometric POS machine is adopted to boost security and eliminate the necessity of using unreliable PIN & card scanning digital payment method. Additionally, the device makes payment operations seamless, simpler and streamlined with secure identification or authentication of customers.
2. Protects Consumer from Theft of Card Cloning
With the traditional digital payment system like credit/debit cards, there is always a risk of card skimming or cloning on the customer’s end. The salesperson can take the consumer’s card to carry out the payment process and duplicate the card details illegally without leaving any hint of the act for the consumer. Consequently, the retailers are settling for the biometric POS machine to protect consumers from the theft of card cloning and further enhance customer satisfaction.
3. Portability and Versatility
Biometric POS terminals are portable and de-clutters the bulky cash counters. Furthermore, the device provides real-time secure payment mode. Additionally, mobile POS systems (mPOS) are handheld, compact and portable payment machines that are convenient to carry & use anywhere anytime. Today, the whole retail market is dependent on versatile POS terminals that carry out multiple payment operations such as card payments, cash withdrawals, money transfer, wallet payments and more.
4. Easy-to-use and Operate
Biometric POS machine is quite easy to operate and utilize irrespective of how large or small the business requirement is. Pertaining to handful of advanced distinctive features ranging from flawless billing, sales reporting, rapid wallet payments to pulling up older transactions with the quick biometric scanning operation.
5. Enhanced Billing Efficiency
The Biometric POS machine increases billing efficiency and offers a seamless transaction experience to both the consumers and the retailers/merchants. Moreover, biometric fingerprint and/or iris scanner stamps out any chances of billing errors or frauds and facilitates smoother billing process to the retailers.
The Indian POS Terminals Market Place
For the record, the global POS systems market shot up at $40 million in the year 2016 and around 30 million POS terminal units were shipped across the world. At the same time, the size of the Indian POS machines market was $450 million having shipments of approximately 300 thousand units.
GOI elevates the Indian POS terminals market by encouraging cashless transactions under digital initiative across the nation. Evidently, the sales of POS system in the nation witnessed a steep rise after implementation of Pradhan Mantri Jan-Dhan Yojana (PMJDY).
Furthermore, the introduction of biometric mobile POS or mPOS thresholds POS systems market and with the proliferation of smart phones, its adoption in diversified industries has increased manifold.