Future Group to launch new PoS system with payment tech firm LivQuik

Topics Future Group

Photo: Shutterstock
Future Group, on of the country's largest retailers, is to launch a new point-of-sale (PoS) system, with payments technology company LivQuik. The latter, in turn, has partnered with US-based Poynt, an open commerce platform. 

The platform, based on Poynt’s 'Smart Terminals', would be an Android-based operating system and have cloud-enabled management tools. “It provides an application eco-system that empowers merchants to grow their businesses with better inventory management, supply chain integration, and loyalty programmes. For consumers, it will provide a fast and secure checkout process, using their payment method of choice,” the company said.

According to sources, Future is trying to bring in a host of merchants, traders and shopkeepers, to counter Reliance Industries' (RIL's) integrated omni-channel retail plan, via Jio’s e-commerce, which is to launch later this year.  With over 10,000 stores under the various Reliance retail brands and 2.5 million kirana (traditional) stores already tying up with it, Jio’s online marketplace would have a huge hyperlocal logistics network.

The secret sauce in RIL’s e-commerce recipe is kirana stores and GST (goods and services tax) and inventory management services powered via its PoS system. It plans to offer kirana stores GST services attached to a PoS machine.

Poynt and Future Group, through payments entity LivQuik, will form a joint venture, SabPe. This would be a full-service omni-channel payments technology platform for merchants, banks, and other acquirers in India. SabPe, based in Mumbai, will enable acceptance of both traditional and emerging payment methods, and provide access to curated business applications and support for merchants.

“Digital and physical interfaces are seamlessly merging, and the payments infrastructure is a focal point for this seamless convergence. Poynt’s commerce platform transforms the billing or PoS terminal into a smart device that empowers businesses to lead their digital transformation and gives customers more convenience and choice,” said Kishore Biyani (pictured), chief executive at Future Group. 

He says they'd be introducing Poynt smart terminals across Future Group stores.

Poynt, according to the company, surpassed $9 billion in gross payments volume (GPV) in the past 12 months, up 200 per cent over the previous year. The partnership with Future will further accelerate this.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel