Cashless Payments in India Launches SoftPoS Report

India-based Cashfree Payments, a payments banking and application programming interface (API) company, has released an industry report highlighting the importance of softPoS, which could help add new digital payments.

the report“Supporting the Adoption of Digital Payments Through the SoftPoS Promise,” was created in partnership with The Digital Fifth.

According to a Wednesday, March 16 press release emailed to PYMNTS, while point-of-sale (POS) terminals have become easier to use, they have also become more sophisticated, available at different price points.

However, with softPoS, a simple software and application development kit can create an easy-to-distribute, low-cost payment acceptance infrastructure. Merchants will be able to accept payment through an app download and turn it into a point-of-sale terminal without using any other software.

According to the release, small businesses may also find it easier to save time and money. Previously, cash payments were sometimes preferred over the acquisition and maintenance of PoS models.

“We are thrilled to launch this insightful report in partnership with The Digital Fifth,” Akash Sinha, CEO and co-founder of Cashfree Payments, said in the statement. “We believe that softPoS can be one of the key solutions that will help boost digital payments in India and improve customer experience.

“At Cashfree Payments, we are already working to offer smart and simple softPoS solutions for a sustainable digital payments ecosystem and intend to provide merchants with a simple, secure and instant payment infrastructure.”

In other POS news, Canadian company Tabit has launched its buy now, pay later (BNPL) point-of-sale system for the B2B space, as PYMNTS reported last month.

Read more: Tabit launches first BNPL B2B point-of-sale service in Canada

The Vancouver-based company would work with smaller businesses to provide them with payment options, integrating a point-of-sale card offering.

“Bank loans for small businesses are notoriously difficult to obtain,” Tabit founder and CEO David Gens said in a press release. “It is also very difficult for many small businesses to obtain credit from their suppliers. Tabit was created to solve this problem.

People said that new small business owners are considering BNPL more as an option to get things done.

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Sara R. Cicero