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The hotly competitive point-of-sale technology arena just got more so with the launch of Elo Pay and an accompanying POS terminal from Elo Touch Solutions Inc.
Coming from Milpitas, Calif.-based Elo, Elo Pay provides payment acceptance, encryption, tokenization, and terminal-management tools in one service. Elo Pay also offers remote key injection. Elo says it provides application programming interface (API) code to make an integration easier.
Merchants can use Elo Pay Link to use APIs to integrate their software with the Elo payment hardware. Or, they can use Elo Pay Link+ to create a semi-integrated service. A new 7-inch POS touchscreen terminal that uses a version of the Android operating system also debuted. Merchants also can use EloView, a content-deployment and -provisioning service, to set up their Elo POS devices.
In related news, Juniper Research forecasts that the global transaction value made via soft POS technology will top $11.8 billion by 2028, up from $1 billion in 2023.
Much of that will be driven by Apple Inc.’s Tap to Pay on iPhone, combined with the relatively lower cost of acceptance from using soft POS, the United Kingdom-based research firm says. Soft POS enables any merchant to use a consumer-grade mobile device that has a near-field communication chip to run card payments, if a tap-to-pay app can be loaded onto it. There also is a Tap to Pay on Android service.
The tally of smart phones used for soft POS acceptance will total 61 million globally by 2028, Juniper forecasts, up 683% from approximately 7.8 million in 2023, according to Digital Transactions News calculations.
“This is largely due to Apple’s roll-out of its Tap to Pay solution in markets with high numbers of smaller merchants, such as Brazil, France, and the U.K.,” Juniper says.
