SoftPoS: The technology making payments more sustainable

Despite the consistent growth of electronic payment methods, physical cash is still one of the most widely-used forms of payment around the world. However, between the paper used in the production of cash, the plastic waste generated during manufacturing, and the environmental impact of associated logistics, cash carries a significant environmental footprint.

There is a growing preference for sustainable lifestyles and practices amongst younger generations of consumers. A study by Deloitte revealed that climate change is the most concerning cause for Gen Z and Millennials, and with Gen Z set to become the largest generation of consumers, businesses are taking active steps to become more sustainable in a bid to maintain their interest.

A simple yet effective way for businesses to do this is by embracing software point-of-sale (SoftPoS) technology. It leverages existing smartphones and tablets, converting them into tap-to-pay terminals without the need for additional hardware. By enabling cashless payments and thus promoting a cashless and more sustainable future, the technology transcends its role as a convenient payment solution.

The hidden cost of cash dependency

With each exchange of cash comes a hidden cost; the greenhouse gas emissions associated with the production and transit of physical currency. The payments landscape is constantly evolving, and technological upgrades are being implemented to maintain customer satisfaction and reduce its carbon footprint. The growing adoption of SoftPoS technology is a prime example of this, lowering dependency on cash services while lowering the environmental cost associated with payments.

The way SoftPoS leverages existing devices, eliminating the need for additional hardware production and disposal, is a major advantage of the technology from a sustainability perspective. It reduces the environmental impact associated with plastics, silicon production, and the logistics of device manufacturing and delivery. By slashing the carbon footprint of the payments ecosystem and decreasing the environmental hazards associated with electronic waste, SoftPoS positions itself as a sustainable payment method of the future.

How SoftPoS reduces waste and streamlines operations

At its very core, SoftPoS is a digital-first way of conducting business. It eliminates the need for paper receipts and physical cash, leading to reduced demand for resource extraction, production, and transportation associated with paper currency. This has a huge positive impact on society.

Additionally, SoftPoS technology fosters organisational efficiency. By streamlining and digitising transactions, it makes it easier for merchants to improve inventory management, resource allocation, and overall operational efficiency. The solution is proven to reduce transaction times and shorten checkout queues, improving the overall customer experience while reducing the stress placed on workers, who are alleviated from repetitive tasks.

The longevity of SoftPoS solutions

SoftPoS can help businesses of any size embrace sustainable practices. By reducing paper and electronic waste, streamlining operations, and putting existing devices to new use, the technology makes the entire supply chain more sustainable. It caters to the dual consumer needs of ethical consumption practices and a frictionless payment experience.

With this in mind, merchants should look at SoftPoS as a strategic business decision; a cost-effective investment that helps them cater to their consumer needs in a better way. The solution has longevity and therefore, is a great way to future-proof any commercial enterprise.