Beware! Your Cards can be Hacked at ATMs and POS Terminals

With the recent reports of data breaches from ATMs involving over 3.5 million debit cards in India and banks rushing to block as many number of cards, warning bells should ring aloud for those who frequently flash their plastic cards anywhere and anytime to shop, specially at unauthenticated or unsecured point of sale or payment terminals.

The incident also threw open a serious debate on how far our ATMs and Point of Sale payment structures are safe when malware experts adopt all new techniques to export vital credit/debit card details from POS terminals to their far exist servers.

Though it is still not clear that how much money was siphoned off from card holders’ account and how banks are going to compensate customers, it is however, clear that debit and credit card holders can’t sit back and relax now.

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Stock Adequate POS Consumables to Avoid Checkout Fallouts

You own a retail store and have recently upgraded your point of sale or billing section with latest POS hardware and software to suit your business. Your customers are now happy to visit your (organized) store as they don’t need to spend hours and get frustrated as automated check-outs or manually-operated POS system can take care of scanning barcodes of goods, process payments and produce bills in just few seconds.

Modern technology helps retailers use mobile point of sale(mPOS) technology, which facilitates customers pay bills and take away goods from anywhere in the shop. These hand-held devices can produce instant bills like fixed Point of Sale printers but has great advantage due to its mobility factor and other features like Wi-fi and Cloud compatibility.

Read full blog here.

India to witness ten-fold rise in cashless transactions by 2020

With technology aiding the growth of retail industry, the global contactless transactions at Point of Sale (POS) through cards, mobiles and wearables will hit an all time high of $500 billion by 2017, and India whose cashless transactions currently valued at $50 billion will see a ten-fold increase by 2020, according to research reports.

Data obtained from Juniper Research has found that due to surge in contactless-enabled POS terminals across the globe which is aimed at giving customers improved shopping experience and easy check-outs, cashless transactions, which is currently at $321 billion, will surge to reach $500 billion next year.

Technology implementation has gone up globally and many card companies have obliged retailers’ demands by make POS terminals contactless-ready, said Juniper.

For example, financial services provider Visa has introduced 3.2 million terminals in Europe till April this year, which is 23 per cent more than 2.6 million terminals installed at the end of 2015, the report said.

In India, a recent report by Google India and Boston Consulting Group have predicted that by 2020, close to $500 billion worth transactions will happen electronically through e-wallets and other digital mode of payment systems, which is ten-fold increase from the present level. The driving force to wide-spread digital payment acceptance is due to sharp increase in the use of smart phones with internet connection and increase in demand for comfortable, easy and fast shopping, said the report.

The report titled “POS Terminals: Market Strategies and Segment Forecasts 2016-2021”, further said that while many countries still remain clueless about contactless payment system, several developing and developed nations are overwhelmingly using contactless payment terminals across all payment platforms.

The Juniper report has predicted that by 2020, two in every three POS terminals will be contactless enabled POS terminals paving the way for huge demand for such terminals and abundant opportunity for payment device manufacturers.

Contactless cards, the report said, will rule the major markets, and will represent one in every two payment cards issued by 2021, and smart phone and mobile-POS will witness 20 per cent of total retail POS transaction value. However, Juniper warned that despite the overwhelming growth of contactless payment market, the growth will be limited in some growing markets.

Nitin Bhas, the research author said, “This is primarily due to the less supply of POS contactless enabled POS terminals, and also that some potential markets like India and Germany are likely to remain cash-centric for few more years.”

Bhas predicts that Germany will remain cash-centric economy with around 57 per cent of in store transactions happening through cash, while in India still more than 90 per cent of retail transactions are happening through cash.

Written for JusTransact.com

MPOS can enhance your bakery business

If you are an experienced baker and running a single or chain of stores in a locality, you need to understand that just offering tasty, hand-made and fresh-baked items alone will not suffice to hold on to or improve the business, but should give immense importance to customer experience at your outlet for sustainability.

Modern customers generally go by the appearance and ease at which they could transact at Point Of Sale even during peak hours. So, it is essential that you take care of your shop’s inner and outer appearances besides improving the quality of the stuff you sell.

Technology has changed the bakery business for good. Therefore it is necessary that you adopt the right technology for your store which can automate many of your sundry/routine daily works which otherwise consume considerable man-hours and lead to errors, if performed manually. 

Read full article here.

Enrich Your Shopping Through Mobile Wallet

A new payment system in the name of ‘mobile wallet’ is gripping the new age shoppers across the world and in India, with huge penetration of smart phones and customers constantly looking for improved shopping experience, it’s no surprise that mobile wallets have become the most favoured payment option among customers, whether they pay at physical stores or on-the-go.

According to a recent survey by eMarketer, in the days to come, more consumers are likely to pull out their smart phones to pay for services and goods they receive from retailers.

Real full article here.

How to Find Perfect POS for your Business

Finding the right POS solution for a retail business can be tricky though we have several payment options available these days. If you don’t get right advice, you may end up losing money by investing in wrong and incompatible POS setup for your store.

Each POS system offers a set of distinct features. Before making a big decision, you should understand the big picture such as how it works, what it provides, how easy to execute, whether you get good after-sales support from the vendor, etc. Before you understand what makes each POS solution good or bad for your business, you need to pay attention to certain overarching points.

Read full article here

JusTransact Throws Open Online Bazaar for Indian POS Sector

Press Release

Chennai, October 5, 2016: After its successful launch of India’s first E-commerce online market place for Point of Sale (POS) technology - JusTransact.com, Millennium India has added yet another ‘first’ to its credit by unveiling country’s only online B2B portal for POS brands and distributors who can converge at one place to transact simultaneously.

Aimed at cutting down the huge supply chain losses faced by thousands of hardware and software POS products vendors across India and improve sales volume of Brands, JusTransact’s Partner Zone also aimed at ‘empowering’ small, medium and large enterprises across the nation by automating their business with affordable, scalable and world-class POS technology.

Commenting on the launch of JusTransact’s Partner Network (http://partner.justransact.com/), Bhaskar Venkatraman, Founder and CEO of jusTransact.com said: “JusTransact’s partner network throws open a unique opportunity for both POS brands and resellers who can communicate directly on a single platform, thereby cutting the supply chain losses in terms of time and money. Resellers can directly get POS products from manufacturers at much lower price and can hence pass on the cost benefit to their customers, who are predominantly small and medium retail businesses. For brands, they can find all buyers in one place and hence get great traction and growth. In short, it is a win-win condition for both brands and vendors.”

For partner network, jusTransact plays a pivotal role in connecting both POS brands across India and local vendors who can be either main/region-wise distributors, vendors, stockists, software service providers, or stores selling POS products to retail businesses.

Further listing the advantages of partner portal, Bhaskar, who is also one of the pioneers in introducing POS technology in India, said: “POS Manufacturers need not have to look for distributors for their products, but can simply register with us and sell their products. Their products can be seen only by registered vendors, who can order POS products with appropriate quantity instantly. To facilitate fast and reliable goods movement, we offer free logistics service. We pick, pack and ship to buyer’s address wherever they are.”

To make it attractive, jusTransact has kept registration ‘free’ for partners and also introduced JusMoney wallet where points are credited for every purchase which can be adjusted against the purchase value.

JusTransact currently deals with over 1000 POS products of more than 40 top brands including Epson, Honeywell, Toshiba, Posiflex, Godex, TVSE, Opticon, Casio, Bixolon, Zebra, Essae, to name a few.

Bhaskar expects that more POS brands will make use of Partner Network Zone and offer their products such as POS terminals, barcode scanners, barcode printers, automatic cash drawers, receipt printers, mobile POS, hand held terminals, etc at attractive prices to vendors, who otherwise get them from local distributors at much higher price. “The partner network will also help to speed up the automation process of India’s retail sector where more than one million traders are still following traditional transactional practices,” he said.

The Justransact partner network for POS will also create a level playing field as every vendor – from main distributors to local stockists – across India will get their goods at same price thereby avoiding unethical business practices, opined Bhaskar.

PR for: http://www.justransact.com/media/press-release/justransact-unveils-partner-network-zone-for-pos-vendors

PR Released through PR News Wire to Indian Media