A POS system refers to the combination of hardware and software required to accept and process different forms of digital payments. The hardware includes a card acceptance machine and the software handles the remaining payment methods, processing and other peripheral value added services. Today, modern POS systems come in various shapes and sizes, and are equipped to accept all forms of payments including:
- Cash and cheque.
- Debit, credit and prepaid cards with a magnetic strip.
- Debit, credit and prepaid cards with an embedded chip.
- Contactless payments through mobile wallets, unified payments interface UPI or a quick response code (QR code).