Since Apple Pay went alive in South Korea in March, a significant impact has been made on this country’s payment landscape. Meanwhile, SoftPOS, the tap-to-phone solution enabling users to accept NFC payments without extra hardware, is winning more favor. Is SoftPOS the next big thing in South Korea?
What impact has Apple Pay made on South Korea’s payment industry?
- Improved convenience and security
The alive of Apple Pay provides a convenient and secure payment method to users in South Korea. By banding their cards to Apple devices, users don’t have to carry physical cards outside anymore and could complete the payments by simply tapping their phones to the payment-acceptance device.
- Increased use of mobile payments
South Korea is one of the countries that have the highest penetration of smartphone users, which provides adequate conditions for Apple Pay’s entry into the market. Apple Pay provides a convenient and secure mobile payment method through iPhones and Apple Watches and encourages more users in South Korea to turn to mobile payments and contactless payments from traditional payment methods.
- Digital Transformation in South Korea
The South Korean government has been actively promoting the shift towards a cashless society, and the entry of Apple Pay caters to it. Meanwhile, the introduction of Apple Pay stimulates other mobile payment service providers to offer more benefits to customers by improving features and providing more promotions. The increased competition among the service providers also encourages more customers and businesses to embrace mobile payments.
What is SoftPOS?
SoftPOS, or Software POS, refers to a software-based payment solution that enables businesses or merchants to accept various payments without the need for purchasing additional hardware. What Software POS relies on is installing a Software application rather than introducing a traditional POS terminal. In the previous articles, we discussed the Software POS in detail. You could click the following links to get more access to Telpo’s insights.
How Much Do You Know About SoftPOS?
SoftPOS VS Mobile POS, Will SoftPOS Take Over Mobile POS?https://www.telpo.com.cn/blog/softpos-s-mobile-pos.html
Why do merchants in South Korea have an increasing demand for SoftPOS?
- Increasing demand for supporting Apple Pay
As Apple Pay went alive in March, more Apple users activates their Apple Pay services. However, not all businesses have the necessary NFC-enabled hardware to accept in-store payments using Apple Pay, especially the small and medium-sized businesses. With an increasing Apple Pay user group, businesses need to accept contactless payments to satisfy the growing needs.
- Lower hardware costs
It can be costly to introduce an NFC-enabled hardware to accept multiple payment methods like debit cards, credit cards, digital wallets, etc. By contrast, Software POS payment solutions can turn merchants’ mobile devices like smartphones and tablets into fully functional POS terminals. Using a smartphone as a payment-acceptance tool saves the extra costs for merchants to purchase an additional terminal.
- Enhanced flexibility and mobility
As long as merchants have a mobile device connecting the Internet, they could accept payments anywhere anytime. The Tap-to-Phone solution provides the maximum flexibility to users running on-the-go businesses, such as street vendors, taxi drivers, individual sales agents, businesses with a mobile workforce, etc. They don’t have to worry that they will forget bringing their equipment dedicated to accepting payments.
Is SoftPOS the next big thing in South Korea?
SoftPOS has shown great potential and is very likely to be the next big thing in South Korea. With the expansion of Apple Pay, the increasing popularity of digital payments and the government’s promotion of a cashless society, SoftPOS is thought to be a game changer in the payment industry in South Korea by virtue of its ease of use, convenience and cost-effectiveness.
However, using a smartphone as a payment-acceptance terminal has its limitations. Smartphones are designed for communication and personal use rather than accepting payments, which makes a smartphone may not meet the needs of processing a high volume of transactions, battery durability, reliability, etc. Therefore, some merchants choose to introduce a mobile terminal dedicated to be used for SoftPOS.
The Telpo M1 is a mobile POS terminal with a powerful performance and superior NFC performance and is a good option for merchants to introduce SoftPOS.
- High performance. Running on Android 12 OS, the Telpo M1 supports a 64-bit processor and thus delivers a seamless and efficient user experience.
- Superior NFC performance. With an NFC reader built-in, the Telpo mobile POS terminal has a superior ability to accept contactless payments and provides a fast transaction processing speed.
- GMS certifications. The Telpo M1 has obtained GMS certifications and users could get access to more Google applications and enjoy more convenience.
Telpo is a smart terminal and solution provider founded in 1999. With 24-year customization and manufacturing experience, Telpo has served customers from 120+ countries and won wide recognition. Welcome to contact us for more details.
Tag: SoftPOS, Software POS, tap to phone, mobile POS terminal