What is the future of Point of Sale Terminals?

Years ago, I remember the interviewer asking me "Khalid, how do you see the future of payment terminals 10 years from now?" very genuine intelligent question, the interviewer purposely asked this question knowing that we are going to experience dramatic technological innovation when it comes to payment checkout.

People in the industry always get asked about the future of payment terminals. Companies, regulators, banks, startups, operators, vendors, and enablers around the world are trying to keep pace with the new trends arises and how it can transformed into a payment method that is seamless; secure, to both the end-consumer and merchant.

The Point-of-Sale (POS) terminal has come a long way since its clunky, metal beginnings with imprinter machine "also known as ZIPZAP". Today, it's not just about swiping a card; it's about a seamless, secure, and even personalized experience. But how did we get here? And where are we headed? Let's take a trip down memory lane and peek into the future of these innovations:

1950s: Imprinted Machine "ZIPZAP MACHINES": Picture this: a heavy machine physically embossing "copying" your credit card details onto a carbon paper. Then getting two copy receipts, for the customer and merchant; and you sign as a customer. That, ladies and gentlemen was the imprinting machine that I believe nobody lived it is era. It might seem primitive, but it laid the groundwork for a cashless future.

1960s: Swipe Terminals: Enter the card, swipe it from top to bottom, and done! Faster processing, hello modern checkout! This little black ribbon paved the way for the efficient POS systems we know today.

1990s: Chip & PIN: Security Takes a Stand: As a result of the increase fraud during the 60s and 70s; Multiple respected schemes worked together to come up with the EMV "Europay, Mastercard, and VISA" which is an extra layer of security entering your PINS guaranteeing more security. Basically Chip and PIN (EMV) technology is embedding microchips into cards and requiring PINs for authorization. This boosted confidence and reduces the usage of cash.

2000s: Tap and Pay Revolution "Contactless NFC": The 21st century brought a whole new game: contactless payments. Near Field Communication (NFC) or called "Atheer" in Saudi turned smartphones into wallets, and we embraced the tap-and-go life. Convenience became king, forever changing the way we pay.

Present Day: Smart Terminals : Today's POS terminals are more than just payment terminals; they are data hubs, a full ecosystem. Just imagine going to a restaurant with four of your friends, and wants to split the payment by 4? This is possible with smart terminals if allowed. Smart terminals are faster, secure, and easily integrated via SDK with other systems if needed. The checkout is no longer just a transaction, it's an interactive experience.

Future of POS: Beyond Imagination: So, what's next? Buckle up in MENA and the world, because the possibilities are endless! We're talking:

• Biometric Authentication: Fingerprint scanners, facial recognition, even voice verification – imagine a checkout that knows you before you swipe!
• Advanced Checkout: Just imagine going to a grocery store, and once you take anything from the shelf, it will be added to your virtual cart; and once you leave it will be deducted from your e-wallet that is integrated to your virtual cart. This is happening currently in some countries and some are in the pilot stages.
• AI-Powered Insights: Imagine an AI assistant analyzing your shopping habits in real-time, suggesting personalized products and optimizing inventory. Mind-reading checkout.
• Blockchain-Based Payments: Security and transparency could be revolutionized by blockchain technology, making transactions faster and more secure than ever before.

The future of POS terminals is a bright one, promising a world of seamless, secure, and personalized experiences. As technology continues to evolve, one thing remains constant: the POS terminal will be at the heart of every transaction, silently witnessing the ever-changing story of commerce.

So, the next time you tap your phone to pay, take a moment to appreciate the journey of this checkout. It's a testament to human ingenuity, a symbol of progress, and a glimpse into a future where every transaction is an opportunity for innovation.