On December 8, 2015, Lakara released a high-profile "Internet POS+" product, and predicted that the traditional POS is likely to disappear in the next three years, causing widespread concern in the industry. This marks the official start of a change in offline merchant payment, and the merchant's receipt will enter the era of smart pos (a new generation of POS based on the Android platform). According to industry insiders, 2016 will be "smart POS first year."
First, the factors that promote the rapid warming of smart POS
1. Near-field mobile payment, especially the rapid development of Alipay and WeChat scan code payment
Since 2015, due to the expansion of Alipay and WeChat payment to expand offline merchants, and the continuous introduction of various reductions and exemptions to stimulate consumption, the scanning code transaction method has quickly become popular. Since the traditional POS does not support the scan code transaction, Alipay and WeChat once launched a dedicated scan code POS in the promotion process. However, since the dedicated scan code POS cannot be compatible with the traditional card transaction, it has not developed. Smart POS, which is compatible with scan code and credit card transactions, is the best choice.
2. Meet the demand for group coupons and coupons
In the past few years, with the rapid spread of group buying business such as Meituan, glutinous rice, and public comment, and the addition of a large number of third-party platforms specializing in electronic coupons, merchants have generated a large number of demand for vouchers and vouchers, due to manual The efficiency of entering a mobile phone or computer is relatively low, and the way of using special equipment coupons is gradually generated. The smart POS can meet such needs. In addition to the above-mentioned institutions, some commercial banks have also begun to issue electronic coupons through mobile phone applications, and tried to deploy smart POS write-off coupons to merchants.
3. Adapt to the needs of the O2O platform application landing
In the past two years, the domestic market has experienced a major outbreak of various O2O platforms. Some of the take-out platforms and queuing application platforms have also begun to purchase smart POS as a tool for application promotion.
Second, the impact of POS intelligence on the acquiring business
1. Accelerate the innovation of the acquiring business and promote the diversification of the acquiring function
Based on the Android platform, the smart POS is similar to a small computer or a smart phone, so it can support a wide range of functions, including not only payment functions such as swiping, scanning, and “flash paymentâ€, but also the marketing function of the card coupon, even superimposing. Including ordering, queuing and more complex CRM, ERP and other functions, in theory, can be infinitely superimposed.
At the same time, the new feature overlay will be as simple as downloading the mobile app, no need for on-site upgrade, even if future features require new special hardware support, often only need to carry out simple peripheral Bluetooth connection, no need for the entire device update, the innovation cost is more Low and faster.
2. Assist in the collection of business scenarios
The development of mobile payment is reflected at both ends, namely the account side and the receiving end. The intelligence of the previous account is in the front, and the account is intelligentized by the association with the mobile phone, and the receiving end is relatively lagging. The emergence of intelligent POS actually indicates that the mobile payment acceptance terminal is also intelligent, and the mobile phone and the acceptance terminal can realize richer interaction and interaction, thus generating various "chemical reactions" and deriving new business models and transaction modes. .
For example, using LBS (Location Based Service) technology, the smart POS can sense the location of the smart phone and automatically push the preferential information, and at the same time realize the convenient acceptance of the discount; the smart phone can receive the coupon from the smart POS by “shakeâ€. Smart POS will make offline transactions more interactive, more interesting, and more temperature-sensitive, allowing merchants to get more business from interacting with consumers. At the same time, smart POS can also push coupons of nearby merchants to mobile phones, making it possible for the industry's long-established business circle linkage.
3. Promote the transformation of the business model of the acquiring business
With the diversification of the functions of the acquiring business, the acquiring business will change from a single payment service to a multi-service including payment, marketing, management, data, etc., and its business model will undergo tremendous changes. The proportion of payment income in the acquiring business will gradually decrease, and the value-added service income will become the main body of income.
Merchants' insuring will infiltrate all aspects of merchant membership management, data analysis, and marketing management. These new businesses that have been brewing in the traditional POS era but have failed to make major breakthroughs will usher in explosive development in the era of smart POS. From this perspective, the merchant's acquiring business will be redefined, from the so-called "merchant receipt" to "merchant service." In fact, this change has already begun in the United States more than a decade ago. For example, both Bank of America and Wells Fargo defined their merchant acquiring business as "BankofAmericaMerchantService" (WellsFargoMerchantService).
4. Promote the reconstruction of market competition
In recent years, the offline third-party payment institutions have developed rapidly, which has solved the problem of merchants' popularity. It is that small and medium-sized merchants who have no POS have laid out their tools, which greatly improved the penetration rate of credit cards, but there is not much in service. Innovation often relies on price to compete.
The emergence of smart POS, together with the reform measures issued by the National Development and Reform Commission and the People's Bank of China, will push the merchant service market from price competition to product and service competition. The offline acceptance market will be greatly differentiated, and the market structure will appear heavy. Structure, large integration. It can be expected that a group of institutions with real innovation capabilities will rise in the midst of change.
Third, think about related issues
1. Does the function of POS overlap indefinitely?
It is unlikely that the POS function will be superimposed infinitely. At present, the industry has a view that smart POS is regarded as a distribution platform for merchant applications. Similar to the commercial big Apple mobile phone, all applications of the merchant are uniformly downloaded and used through smart POS.
From the previous observations, this assumption is a bit too idealistic. The main reasons are as follows: First, functional conflicts, such as simultaneous use of ordering, order function may interfere with the core payment function; second, operational services are difficult to achieve, business applications are significantly more complex than personal applications, often need to be downloaded after downloading Training and daily operational support; third, due to limitations in screen size, many features are more suitable for implementation through a computer.
POS adds features, and the more ideal choice is to increase around a certain radius of "payment", such as membership management, marketing offers, etc.
2. "Cloud Flash Pay" service needs to be upgraded
Recently, China UnionPay has launched ApplePay in conjunction with United Commercial Bank and Apple. It has launched Samsung Cloud and HuaweiPay products such as SamsungPay and HuaweiPay. Compared with Alipay and WeChat payment, such "Cloud Flash Pay" products have a greater advantage in the speed and security of transactions, but lack of interaction with merchant marketing and members, if not quickly passed some kind of Ways to make up for it will be its obvious shortcomings.
The reason why Alipay and WeChat payment can be quickly popularized in the past year, in addition to the convenience of mobile phone scanning code, the more important driving force is the full-scale reduction, random reduction and other marketing activities, as well as linkage business micro-signal service window and other functions to expand the business. The benefits that customers bring. Recently, the person in charge of WeChat payment said at the 2016 China Chain Industry Conference that WeChat Payment will push the “Payment + Membership†solution and will use more than 60% of the resources to promote the model. In the early stage, China UnionPay and the Bank of China launched the "UnionPay Wallet", which can be used for coupons and automatically written off when swiping. It is complementary to "Cloud Flash Pay", but the coverage of cardholders and merchants has yet to be resolved as soon as possible. expand.
3. Promotions still need to be lived
Since 2015, Alipay and WeChat have promoted preferential activities to small-scale high-frequency merchants such as fast food, supermarkets and bakeries, with small investment and quick results; while most of the preferential activities of commercial banks are concentrated in “high-rise†merchants such as department stores and hotels. The investment is large and the frequency is low. Most cardholders have insufficient perception and low participation. Therefore, building a living and commercial district, living and high-frequency preferential activities should be the future development trend.
At present, some commercial banks have begun to pay attention to the construction of business districts for credit card life. Among them, China Merchants Bank “Handheld Lifeâ€, ICBC “ICBC e Lifeâ€, and Bank of Communications “pay the bill†have their own characteristics. In the breath, cardholders can choose to download and use merchant offers in the app. However, at present, such preferential business districts mainly rely on the expansion of banks themselves, and the equipment cannot be shared. The cost is high and the speed is slow. The number of preferential merchants is very limited. Banks need to rely more on the power of smart POS and third-party service providers to realize the preferential rights. The scale of the event is more widespread.
Not only that, from the experience of the US market, merchants can also become an important way for commercial banks to obtain customers. Recently, the new account management method introduced by the People's Bank of China has allowed commercial banks to open an account by electronic authentication, which will help merchants to better play the customer function.
4. The acquirer is an important force in the innovation of the acquiring business.
From the experience of mature markets, a large number of innovative services for acquiring orders are not directly introduced by the acquirer, but are created by the joint payment processor of the acquirer, such as the dynamic currency conversion (DCC) function commonly used in foreign card receipts. It is developed by a professional payment processor. The payment processor refers to the acquiring service provider who has the technology platform and participates in the transaction processing process. The system and qualifications need to be certified by the bank card organization. Both Visa and MasterCard have established a relatively complete payment processor certification mechanism.
At present, there are cases of “two skins†in policy and market in the domestic acquiring market. The regulatory policy is extremely strict, which stipulates that the acquiring system cannot be outsourced, which in fact denies the possibility of payment processors; but the actual situation in the market is that a large number of uncertified outsourcing service agencies participate in the transaction processing, and there is considerable risk.
From the perspective of the global market, payment processors are an indispensable part of innovation in the entire acquiring ecological chain. Especially in the era of smart POS, the innovation of acquiring business is more abundant, and it is more necessary to play the role of payment processor. The pragmatic approach is to open the main door to the payment processor, but establish strict certification and supervision standards. Only in this way can the risk be truly controlled, and the era of innovation in the acquiring business can really come.
In the era of smart POS, POS also needs to be redefined. The English corresponding to POS in the past is “PointofSale†(point of sale). It seems that the more accurate English definition is PointofService (service point terminal). Correspondingly, smart POS will become the engine of “merchant’s receipt†to “merchant serviceâ€. As a veteran who has been in the acquiring industry for more than ten years, I am honored to witness and participate in a wave of reintegration in the acquiring industry. I believe that this time the acquisition industry will use the mobile Internet to jump, which will surely be for the majority of merchants and consumers. And account (issuing) institutions bring greater convenience and create greater value.
Huang Jianjun, founder and CEO of Beijing Xinyi Technology Co., Ltd.
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