Verifone will be launching a new device that will allow retailers to accept all payment methods, including mobile payments.
The payment solutions company announced in a press release that it will make available the PAYware Mobile e355, a mobile point of sale system (mPOS) that accepts payments made via Apple Pay, Google Wallet, Softcard, and a variety of other mobile payment solutions in the works, as well as EMV credit cards and the older magnetic stripe credit cards.
The device is also compatible with iOS, Android, and Windows Phone and is designed to be upgraded when these operating systems receive updates from their manufacturers. The aim is to create a future-proof device that will allow merchants and retailers to upgrade their POS systems in order to accommodate the varying modes of payments used by their customers.
"The prospect of having to purchase new mPOS devices for sales associates when smartphones and tablets are upgraded has been a major inhibitor to mPOS investment among retailers," says Verifone senior vice president of mobile solutions Mark Shockley. "Verifone's single, modular solution will offer the ultimate in mPOS flexibility, allowing it to persist across changes in devices, even if somebody wants to make a complete switch from one OS to another."
The PAYware Mobile e355 is equipped with Wi-Fi, Bluetooth, and USB connectivity and has an optional barcode scanner for multiple purchases. Verifone also touts the security of the device, saying that encrypted customer data circumvents the integrated POS system and is sent directly to the merchant's processor.
Apple Pay has certainly raised awareness in mainstream consumers that they can pay for physical goods and services using their mobile devices. With all three major credit card providers Visa, MasterCard, and American Express supporting Apple Pay as well as thousands of retailers from Whole Foods to McDonald's and Bloomingdales, Apple is slowly but steadily changing the way people do business.
However, as analysts have pointed out, Apple Pay will not change things overnight. Certain barriers still exist preventing Apple Pay from becoming as common as credit cards. For one thing, only customers who have Apple's latest iPhones can pay for goods on Apple Pay, which means lower-end markets without the money to buy a new iPhone cannot pay with Apple's mobile payments system, especially if they do not see retailers adopting new POS systems to accommodate people buying with Apple Pay.
On the other hand, retailers won't be adopting new terminals if they do not see the demand for them. And even if they upgrade their systems, most retailers will use terminals that are compatible with a few platforms or methods. With Verifone's new mPOS, however, things could change.
The new PAYware Mobile e355 will become available later in the summer. Verifone does not say how much it will charge for the device, but retailers will likely pay a substantial amount, given the company's focus on "larger" retailers.