Introduction to POS

Question 1

Is the technology used by businesses to process sales transactions. It typically includes hardware like a register, card reader, and software to track sales, inventory, and payments.

Answer 1

Point of Sale (POS) System

Question 2

Is a small chip embedded in a payment card, such as a credit or debit card, that stores data and processes transactions securely. It provides higher security compared to magnetic stripes by encrypting information.

Answer 2

IC (Integrated Circuit)

Question 3

Is a technology that allows devices to communicate wirelessly over short distances, typically less than 4 inches. It’s commonly used for contactless payments, like when using a smartphone or card to make purchases.

Answer 3

NFC (Near Field Communication)

Question 4

This system refers to the ability to offer customers the option to pay for their purchases in installments, rather than in single payment. The POS system processes these installment payments by splitting the total amount into equal monthly payments, which may include interest or fees.

Answer 4

Equated Monthly Installment (EMI)