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A point-of-sale (POS) system is a computerized replacement for a cash register. The system has the ability to record and process customer orders, process credit and debit card swipes, and manage inventory. Generally, a POS system has a personal computer as its core, which is provided with specialized Input/output devices and application specific programs. At the POS, merchants calculate the amount of purchase by customers and prepare invoices. It is the point where customers make payments for the goods they have purchased. After the payment is completed, customers are issued printed receipts of the transaction. Cloud-based POS allows for greater flexibility, improved information management, and greater data security.

Digital payment refers to cashless electronic monetary transactions. It includes monetary transactions made through the Internet, and mobile payments at point of sale (PoS) through mobile applications (apps). Digital payment also includes peer-to-peer transfers between consumers and private users. Adoption of digital payment has been gaining momentum of late. Various individuals and organizations prefer the digital payment mode over traditional payment modes. Traditional payment modes include check, cash, demand draft, and money order. Digital payment offers various benefits over the traditional mode of payments. For instance, it provides ease of convenience and accessibility to users. Digital payment also enables a user to mitigate thefts and losses. Cash purchase tends to be final and irreversible unless the seller agrees upon a return policy. Return policies are more user friendly in the case of digital payment. Digital payment features real time, agile, and personalized payment services. It entails the usage of application program interface (API), mobile wallets, and blockchain technologies. These advanced payment technologies enhance customer experience. Digital payment supports safer, faster, and more convenient payment methods. Thus, the global digital payment market is anticipated to expand significantly during the forecast period.

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