Security has always been a factor when considering things like digital wallets and mobile payments. With the increased number of financial fraud cases, it is hard to know who to trust with your digital currency. Many believe that if you are going to put your faith in anyone, it’s safe to trust Osama Bedier, former PayPal and Google Wallet employee, and active board member of Coin, Payrange, WePay and Qiwi. With more than a few years of digital finance development under his belt, Bedier believes he has succeeded in creating the missing link for retail POS.
This week Bedier launched Poynt, a complete POS system capable of accepting all forms of digital payments available to consumers. From the basic credit card strip and EMV chip, to Apple Pay, beacons and even QR codes. The device consists of a 7” touch screen for merchants, a 4.3” screen for customers, a tiny receipt printer and a 8-hour rechargeable battery. It runs on a quad-core Android tablet with a 3G/4G modem. It also integrates an open software platform that allows retailers and developers to develop their own cashier/finance applications.
It does all this while maintaining the height of security and it’s sleek appearance. The Poynt Smart Terminal utilizes PKI, 3DES, DUKPT and TLS security technologies while also securing all important data with the highest EMV and PCI requirements.
When the new mandate to enforce chip-readers in all POS machines was passed, Bedier saw an opportunity for an easier sell. By October 2015 all U.S merchants will pay a fine if they do not accept EMV payments. Often the cost of changing infrastructure is daunting and unwelcome to retailers, but Bedier capitalized on the forced change by offering a system that may not need to be replaced for years to come.
The biggest hurdle for Poynt is that they are not just looking to win over consumers and retailers. First, Poynt must gain the bank’s acceptance. Large financial institutions are known to be adverse to change, however, according to TechCrunch, two of the major five U.S banks have signed a deal with Poynt, making it their preferred payment system.
In previous posts I’ve discussed the future of retail with beacons, mobile payments, and digital wallets. If Poynt and other multi-faceted systems like it were to gain mass acceptance, we could be closer to things like omnichannel retail, than we had originally thought.