Nearpays Soft POS Removes Hardware Barriers, Cuts SME Costs

Nearpays has launched its Soft POS system, a move that removes the need for physical payment terminals and opens digital payments to more merchants.

The rollout comes as many SMEs across markets face rising costs tied to payment hardware and service support.

By turning a smartphone into a payment terminal, the firm says it is cutting a long-standing cost burden that has shaped how merchants accept payments.

For years, access to card payments has depended on a physical POS device. Merchants have had to buy or lease terminals, manage repairs and replace units when faults occur.

These steps have slowed the adoption of digital payments among many SMEs that rely on cash to keep their daily trade running.

Nearpays says its model changes this path by allowing merchants to install an app and begin to accept tap payments through NFC on their phones.

Nearpays said the system uses Artificial Intelligence to manage transactions, monitor performance and generate records that support credit access.

The firm argues that removing hardware costs allows merchants to use funds for stock, wages and expansion rather than for devices. In markets where traders operate with thin margins, the shift could alter how merchants plan growth and manage risk.

“The ‘hardware tax’ has stifled growth for far too long,” said Victor Daniyan. “A fruit vendor in a local market or a freelance photographer shouldn’t have to choose between buying inventory and buying a payment machine. With Nearpays, the tool they already carry in their pocket, their smartphone, becomes their most powerful business asset.”

The system routes each payment through channels that show higher uptime, based on real-time data. The firm says this routing reduces failed payments, which often lead to lost sales and disputes.

The app also updates itself and flags issues before they disrupt service, a step that replaces repair visits linked to physical terminals.

Merchants can view each payment as it occurs and track daily inflows, a record that lenders often request before they issue credit.

Industry data shows that many SMEs run without formal payment records, a gap that limits access to loans.

Nearpays states that its ledger can close this gap by turning each tap into a stored entry. The firm believes this trail will help merchants build a history that banks and fintech lenders can review when they assess risk.

The rollout also has an effect on waste. Traditional terminals rely on paper receipts and produce scrap when units reach the end of life.

A phone-based system replaces paper with digital receipts and removes the cycle of device disposal. This shift aligns with moves by regulators and payment networks that seek lower waste across payment infrastructure.

As deployment expands, Nearpays says it will focus on onboarding traders across retail, services and delivery sectors.

The company plans partnerships with banks and payment schemes to widen acceptance and settle funds without delay. For many merchants, the change could mark a point where access to card payments no longer depends on owning a device, but on using the phone already in hand.

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