The Point of Sale (POS) system has been an integral part of commercial transactions for decades, reflecting the speed of technological advancement across various sectors. From its humble beginnings, POS technology has advanced in leaps and bounds, continually integrating the latest tech developments that help streamline retail operations, enhance customer experience and foster business growth.
In this blog post, we will look at what’s on the horizon for point of sale innovation in 2024, examine the key trends in POS development and find out what’s on the horizon for what we like to call “POS 2024”.
1. POS accepting cryptocurrency payments
As the financial landscape evolves, so does the currency we transact with. Cryptocurrencies are now gaining undeniable acceptance, compelling a shift.
Decentralised and digital, cryptocurrencies offer autonomy and security that traditional fiat currencies cannot. Cryptocurrencies influence how consumers make payments, particularly regarding privacy, efficiency, and global access.
The most immediate impact on payment habits is the expectation of instant, cross-border payments without exorbitant fees. In today’s world, transferring cryptocurrency is as easy as sending an email, and consumers expect this level of efficiency. In addition, blockchain, the technology underpinning cryptocurrencies, provides consumers with a sense of control and safety as they become increasingly concerned about fraud and identity theft.
This wave of change is starting a new era for POS systems. Future POS systems need to acknowledge and embrace this shift, morphing into next-gen POS platforms that cater to the specificities of digital currencies, such as currency fluctuations, autoconversion and additional service fees.
2. Cloud-based POS
The cloud has become a buzzword for modernisation across various sectors, with POS being no exception. An increasing number of businesses are migrating to cloud-based POS systems, enticed by their multiple advantages.
Early adoption can unlock doors to greater accessibility, enhanced scalability, fortified security, and, importantly, real-time analytics.
Accessibility is one of the greatest advantages of cloud-based POS. These systems allow business owners and staff to access sales data, inventory levels, and customer information anywhere in the world.
Cloud-based solutions also allow businesses to grow easily without investing in substantial hardware. Cloud-based POS systems typically offer enhanced security features as providers invest heavily in protecting their infrastructure against data breaches and cyber threats.
As a result of this security, businesses can perform real-time analytics, enabling them to make data-driven decisions to improve service and profitability by understanding sales trends, customer preferences, and operational efficiency. These factors position cloud-based solutions as the leaders of innovative POS systems, reshaping POS tech and setting new POS technology trends.
3. Mobile POS
In the palm of every customer lies potential – and mobile POS systems are a good way to take advantage of this potential. Since the Coronavirus pandemic, mobile payments have grown to over 10 million in the UK, accelerating the transition to cashless. In fact, the Mobile POS Payments market in the United Kingdom is projected to grow by 17.86% in the next 4 years, and the number of users is expected to amount to 19.5m users by 2027.
About £259bn worth of digital transactions were made in the UK last year, with over a third (35%) of purchases completed using digital wallets. PWC forecasts that the volume of cashless payments will double by 2030:
By examining the expansion through the volume of transactions and the growing user base, we see a clear trajectory for these new POS systems. They represent not just an innovative point of sale system but a trendsetting movement within POS technology trends.
4. AI-powered POS
2023 marked a significant milestone in the convergence of AI and commerce by introducing platforms like ChatGPT. This trend is set to deepen in 2024, with AI-powered POS systems predicted to become more prevalent.
These AI-powered POS systems can offer a personalised touch, leveraging AI and machine learning, suggesting recommendations and promotions tailored to individual customer histories. These AI-based POS systems also eliminate human error while providing a consistent experience every time. Moreover, by tracking metrics and return values automatically, they can provide comprehensive insights into consumer preferences.
They elevate the shopping experience and represent the culmination of innovative point of sale systems, defining the next generation POS systems and the latest POS technology.
5. Biometric authentication in POS
Biometric authentication technologies such as fingerprint scanning and facial recognition have become standard in smartphones, setting the stage for their integration into POS systems.
This adoption is anticipated to streamline transactional processes while elevating security measures to new heights, marking a significant trend in pos tech and reinforcing the position of innovative pos systems within the current pos trends.
By using biometrics as an authentication method, POS systems can strengthen security. POS systems are always a target for information theft because they process a lot of credit and debit card transactions. Biometric authentication ensures user accountability if an incident occurs.
Embracing the innovative POS of 2024
We hope you have enjoyed reading our POS 2024 predictions and it has become clear that we are on the verge of transformation. From embracing cryptocurrencies to leveraging the cloud, and the ubiquity of mobile POS together with the sophistication of AI and biometrics, these developments promise to redefine how businesses transact.
At Trust Payments we are committed to equipping businesses with a point of sale system that not only meets the demands of today but is also tuned into the innovations of tomorrow. Our dedication to point of sale innovation, POS development, and investing in technologies to propel the future pos systems makes us a forward-thinking ally for any business poised to embrace POS in 2024. Book a demo today!
