Cashless POS systems – advantages and disadvantages

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Many people want to pay cashless at the checkout. The solution here is: cashless cash register systems. But is that practicable at all? We have examined the topic in more detail for you.

Cashless POS systems – already in use more frequently in Northern Europe

In Sweden and Denmark, it is already a reality. Shops, petrol stations and catering facilities are increasingly switching to cashless payment transactions. And in the rest of Europe, too, there is increasing talk of the fact that in future payments will only be made by card or mobile. Large companies such as REAL or IKEA have already converted some of their cash registers to cashless payment transactions. From a purely technical point of view, cashless cash register systems would no longer be a problem. In addition, companies such as Apple and Google are constantly busy developing new processes.

What advantages do cashless POS systems offer?

On the one hand, in the long term it will surely be easier for most people to use a card or mobile phone to pay. You no longer have to go to the bank to withdraw extra money, then count it time-consuming at the till and wait for change. Without cash payments, the checkout lines would be significantly smaller and self-service checkouts are also being used more and more frequently. This also reduces the transmission of bacteria, viruses and other germs, which are often passed on from coin to coin or via banknotes.

Another advantage would be the simplified proof of all outgoing payments and incoming payments on the accounts. In this way, tax returns can be drawn up more quickly and checked more easily and quickly by the tax office. The market for undeclared work, which often only takes place through cash payments, would also be made much more difficult by the abolition of cash.

Disadvantages of cashless POS systems and revel pos review

Although there are some arguments in favor of cashless POS systems, there are still many concerns. For example, on the subject of security. When paying with a smartphone or tablet, security gaps can arise due to the lack of updates, which can lead to data misuse. In addition, a large part of the population does not yet have mobile Internet access, for example older people, so that they can pay with it. For merchants, many payment service providers, for example with the PayPal payment method or for the use of card machines, add additional fees for each purchase. This would then have to be added to the prices for end customers. The introduction of cashless POS systems would be too costly, especially for small shops or market stalls.

Many people are also reluctant to have total monitoring of cashless payment transactions, on the one hand by the tax office but also by the banks. However, so many people already pay for their goods online today that at least in this medium one no longer has any problems with them. Today it is completely normal for the younger generation in particular to order and pay for a lot online. Since the mobile Internet is also becoming more and more widespread, the advantages of cashless payment are likely to outweigh the benefits in the long term. There will likely always be cash unless it is completely abolished by law. It remains to be seen whether and when this will be the case. The trend towards cashless payments is clear, however.

25% of people have already made mobile payments

The stock corporation PwC carried out a survey about mobile payment via smartphone or tablet. With the result that every fourth has already tried it at least once. As more and more people choose to use mobile internet, this trend is likely to increase. Most of them are familiar with payment services such as PayPal or grope, but at least they are used far less than is already the case in other countries.