With innovations in e-commerce and m-commerce, strong economic growth, emerging markets, and new opportunities created due to the pandemic, the Indian retail space has undergone a drastic change.
The pandemic has shifted consumer behaviors towards digital payments and from accepting payments to managing the store/ business and other operations digitally, merchants have inclined towards POS terminals and software.
As contactless payments started dominating as the fastest and best way to shop, POS became the face of the retail industry opening revenue streams.
But as the technology and payments landscape continued to evolve, it was an obligation for businesses to evolve with them, making the requirement for POS quite customizable.
The introduction of SIM-based POS made this easy.
The flexibility of these machines is that it integrates perfectly with the business requirements. This device makes payment collection easy as customers just have to swipe their credit/debit card and enter the pin to pay.
It is perfect for indoor as well as home delivery-based services, requires low space with little to no maintenance, and is extremely easy to operate for any type of staff.
Most POS terminals use a standard telephone line, wired or wireless connection, or SIM cards to enable payment transactions.
Lyra offers multi-operator SIM cards optimized for POS terminals as per the business requirements. With a private and end-to-end secure APN, Lyra’s gateway facilitates complete management of the POS fleet.
Adding to its benefits, the Point of Sales SIM Solution is one of the solutions that offer merchants excellent security and uninterrupted connectivity for every transaction.
It is specially developed to provide connectivity with various types of network connections namely, GPRS, PSTN, IP, Secured SWITCH software, 3G & 4G, LAN, and Wi-Fi.
Such a variety of connections has made it highly compatible with every kind of merchant setup or requirement.
The current market requires a technology that enables seamless integration and maintains PCI DSS compliance scope.
This technology that will act as a middleware between POS and card network should enable any 3rd party POS Systems with a broad range of direct payment processing interfaces that are certified by the payment networks and maintained by PSP.
It should also offer interfaces for direct transaction upload, reporting, digital receipt repository, risk and fraud management, other notifications, etc. Today’s scenario also evokes the need for payment software to be deployed and maintained across multiple locations and device types in addition to accepting numerous payment methods, including coupons, wallet apps, loyalty programs, and gift cards.
Many PSPs (Payment Service Providers) are currently seeking to expand their territory to eCommerce and local stores.
And considering the rising popularity of POS, the quickest way is to develop and provide payment software integration.
Lyra being one of the experienced leaders in SIM solutions is now ready to enter the POS solution market.
Our expert knowledge of the payment industries, and different technologies, along with our understanding of the pitfalls and challenges posed by markets, means that we understand how to approach each POS-PSP integration.