Cash, despite its familiarity, carries hidden environmental costs. Paper production, plastic waste, and the logistical resources associated with cash contribute to a substantial ecological footprint. By Brad Hyett (pictured) , CEO of phos

A 2020 study by the University of Leeds revealed that the annual carbon footprint of cash in the UK alone is equivalent to driving a car 2.1 billion kilometres – an alarming finding that highlights the urgent need for more sustainable payment solutions.

This environmental impact coincides with a growing consumer preference for sustainable practices. According to a Deloitte survey, Millennials and Gen Z are more concerned about climate change than any other cause. With Gen Z set to become the largest generation of consumers, businesses are increasingly seeking solutions that align with their customers’ values. 

Software Point-of-Sale (SoftPoS) technology offers a powerful answer: secure contactless payments leveraging existing smartphones and tablets. It transcends its role as a convenient payment solution, promoting a cashless environment while paving the way for a more sustainable future.

A greener supply chain 

Cash-in-transit services and physical point-of-sale terminal production contribute to greenhouse gas emissions. Payment methods continually evolve, with technology and innovation striving to maintain high customer satisfaction while combating climate change. A prime example is SoftPoS adoption, which reduces reliance on cash services, minimising the carbon footprint within the payment ecosystem.

The way SoftPoS leverages existing devices, eliminating the need for additional hardware production and disposal, is a major advantage of the technology from a sustainability perspective. It reduces the environmental impact associated with plastics, silicon production, and the logistics of device manufacturing and delivery. By slashing the carbon footprint of the payments ecosystem and decreasing the environmental hazards associated with electronic waste, SoftPoS positions itself as a sustainable payment method for businesses of all sizes.

Reduced paper waste and streamlined processes

SoftPoS is a digital-first approach that eliminates the need for paper receipts and physical cash. This translates to a significant reduction in resource extraction, production, and transportation associated with paper currency. Adoption of such technologies can significantly reduce paper waste associated with traditional payment methods, with a widespread shift to digital payments having a significant impact on the environment. 

Beyond environmental benefits, SoftPoS fosters enhanced efficiency for businesses. Streamlined digital transactions empower businesses with better data insights and analytics, enabling them to optimise inventory management, resource allocation, and overall operational efficiency. Reduced reliance on cash handling also translates to faster transaction times and shorter queues, improving the customer experience while reducing stress on workforces.

The road to a sustainable future starts here

By embracing SoftPoS, businesses can demonstrably contribute to a more sustainable future. Reduced paper waste, streamlined operations, and a greener supply chain all lead to a smaller environmental footprint. Moreover, offering a frictionless payment experience aligns with the growing preference of environmentally conscious consumers.

SoftPoS is more than just a payment solution; it’s a strategic decision for businesses seeking to operate sustainably and competitively in the years to come. Embracing SoftPoS isn’t just adopting a technology – it’s a decision to future-proof your business. By transitioning towards a cashless future, businesses can shape a more sustainable world while meeting the evolving needs of their customers.