Source: BL
Context:
Zoho Payments, the fintech subsidiary of Chennai-based SaaS major Zoho, is set to expand its offerings by launching physical Point of Sale (POS) devices and sound boxes to enable credit/debit card and QR code-based payments. This move marks a significant step in Zoho’s strategy to deepen its presence in the payments and fintech ecosystem.
Fintech (Financial Technology): Definition, Scope & Importance
Fintech, short for Financial Technology, refers to the use of technology and innovation to improve, automate, and simplify financial services. It integrates software, data analytics, and digital platforms to make banking, investing, payments, and insurance more efficient and accessible. Examples – UPI, PhonePe, Google Pay, Paytm.
In simple terms, fintech makes financial services faster, cheaper, and more user-friendly through digital solutions.
Point of Sale (POS) Devices
A Point of Sale (POS) device is a machine or system used by merchants to accept payments from customers at the time of purchase. It serves as the final touchpoint in a sales transaction, allowing payments through credit cards, debit cards, UPI, or mobile wallets instead of cash.
Key Features of POS Devices
- Instant Digital Payment Processing
Enables card or UPI-based transactions within seconds. - Receipts Generation
Prints or sends digital receipts to customers. - Inventory & Billing Management
Advanced POS systems integrate with software to manage stock and sales. - Data Recording
Stores transaction data for accounting and analytics. - Connectivity
Works via internet, Wi-Fi, or SIM-based network for portability.
