e-Payment – A new must-have platform for all retail merchants in 2022

In recent decades, the development of electronic payments has become more and more advanced. Most countries around the world are gradually moving towards a cashless society and creating a paperless economy. From credit cards to Octopus, customers are slowly getting used to using electronic payment methods to pay for daily expenses, such as transportation and small retail transactions and shopping expenses, etc. In recent years, various related mobile applications have emerged, such as Alipay, WeChat Pay, etc., which can also be used to pay for purchases or direct transfers.

However, the popularity of electronic payment has brought some challenges to retail stores. The current mobile payment technology in Hong Kong is not consistent, with different payment systems having their own card readers. Due to the lack of a unified transaction platform, merchants must install different card readers for customers to use. The increase in collection costs has discouraged merchants from using e-payment, preferring to continue to transact in cash and failing to meet new market and consumer demands.

In order to reduce the cost of electronic payment for retailer customers, iBS developed TPOS Retail Wholesale Inventory Management System to provide a one-stop electronic payment terminal that supports a variety of electronic payment tools, including Visa and Master credit cards, Octopus, Wechat Pay and AliPay, which are most used by Hong Kong people, to meet most customers’ electronic payment needs. The system provides card tapping or card insertion, QR Code scanning or displaying, and cell phone NFC sensor-based payment, which is easy to understand and practical to save time.

By using the one-stop payment system, customers do not need to install additional payment devices and save the time and money of applying to each payment service provider, thus reducing the cost of payment. TPOS Retail & Wholesale Inventory Management System provides customers with a faster and more flexible collection experience than ever before.

From the consumer voucher scheme introduced by the government earlier and the popular “contactless” payment method under the epidemic, we can see that electronic money and payment tools will become the new norm in the retail and consumer industry. Retail stores must keep up with the times and choose TPOS retail wholesale inventory management system with comprehensive collection functions to cope with the long-term development in accordance with the market trend, so as to prepare for the future of cashless transactions, keep enhance the competitiveness of business.