As of last Thursday, Verifone made waves throughout the payment industry with its latest product launch. Under Verifone's new line, Verifone Victa, these point-of-sale (POS) devices promise to revolutionize fast-growing markets such as POS, mobile POS, and biometric authentication by targeting mobile and multilane use. On Sunday, January 12, Victa was showcased at the National Retail Federation convention in New York, allowing finance leaders to try the products for themselves. How merchants will respond to Victa remains to be seen. Either way, these devices can significantly impact the world of fintech through their modern features and design. But what exactly does the new line offer?
Verifone's New Features
Besides large screens and a Qualcomm processor, Victa will also move Verifone into using biometric authentication technology through Verifone biometrics. This technology verifies cardholders' identities using security features such as fingerprint readers, which can be incorporated into existing devices. Not only is this great for merchants to secure the transaction process, but customers will have more protection against the real threat of credit card fraud.
Also included in this product line is the Verifone Tap SoftPOS. This device is designed to help businesses scale through faster payments and increased flexibility. According to the Verifone website, the Tap SoftPos will specifically enable merchants to accept payments on smart devices equipped with Tap to Pay (NFC) technology. With pay-at-the-table and curbside delivery features as well, Tap SoftPOS promises to streamline the checkout process, especially for those in the retail and hospitality industries.
The Future of POS
What works well for Verifone is that the future of POS devices lies in current SoftPOS trends. This shift is due to SoftPOS systems allowing merchants to accept payments anywhere, reducing shopping congestion and, as a result, enhancing the customer experience. According to PYMNTS intelligence, "The number of merchants using SoftPOS is expected to jump from six million in 2022 to 34.5 million by 2027, a 475% increase." The surge can be linked to the drastic rise in contactless payments that has only continued to rise year-to-year—especially as more businesses switch from traditional brick-and-mortar shops to mobile, on-the-go models.
SoftPOS and biometric capabilities can work well for Victa's future, but Gray Consulting Ventures principal Cliff Gray knows Verifone cannot rest on its laurels. "Verifone has been hunkering down building this stuff, but it's a tough market," Gray admits, acknowledging their stiff market competition. Also, implementing new payment software can be slow, as merchants tend to view new devices with caution before switching over. Although it may take some time to see the full results of Victa's launch, the research on POS sales seems promising. As Grand View Research shows, POS profits in the US were around $21 billion in 2022, predicting a 6.1% annual growth rate through 2030. With these stats in mind, it is clear that Verifone is expecting Victa to be a ground-breaking product for them moving forward. In addition to its Victa line announcement, Verifone continues expanding its reseller network, including signing with the processor FreedomPay.
