Point-of-Sales Devices May Soon Be Wearable
Consumers are already using wearable devices to pay for goods and services, but merchants may soon be accepting payments using similar equipment.
A startup called LibriSpark is behind a wearable POS solution. CEO Jeremy Feldman told PYMNTS that the wearable device will accept NFC, magstripe cards, QR codes and other traditional payment methods. The hope is that customers will be able to pay on the spot and will not have to wait in line.
Feldman explained that traditional POS systems are problematic, because they drive all customers to a single point, which can cause congestion.
“Busy times are a critical time for a business. The more efficiently the POS can work, the better the user experience while minimizing the loss in sales due to waiting,” he said.
The technology is currently targeted towards the restaurant and bar industry, as it will make it easier for bartenders and servers to accept payments while making deliveries. Feldman believes this technology can be useful for many businesses, though, including retailers, farmers markets, cab drivers and car dealerships.
However, Feldman admits that LibriSpark may not be right for all merchants initially.
“For a lot of businesses the dedicated tabletop solution will remain necessary — it really all depends on the spatial integration of the business,” he said.
In other words, if a business is designed for a single POS, a wearable might speed up the line but will do little to prevent congestion during busy times.
“I don’t see it having that big of an impact with businesses maintaining the traditional spatial or physical configuration,” Feldman explained, but added that owners may change the layout of their business once they see the benefits of this sort of POS system.