October 23, 2015
This morning there were two big announcements from two very different point-of-sales (POS) providers, Verifone and Poynt. Verifone has been providing POS terminals for the last 30 years and has established a presence in 150 countries while Poynt is a POS startup founded by Osama Bedier, former head of Google Wallet and a former PayPal executive. Poynt announced its series B round of $28 million to help it build and ship terminals before the year is out. Growth equity fund Oak HC/FT led the round. Stanford-StartX Fund, Matrix Partners, Webb Investment Network, and Nyca Partners also contributed. It also announced today that both its hardware and software platforms have received PCI PTS, PCI-DSS and EMV-certification, making it the first fully certified smart terminal on the market today.
We’re leading the industry to dramatically transform the retail POS to be much more than a box that takes card-based payments, said Glen Robson, EVP, Global Head of Terminals Solutions, Verifone. The Verifone Engage family of products is a major paradigm shift in our approach to the point of sale. We are leveraging the power and performance of our open and flexible architecture to bring an entirely different level of interaction between consumers and merchants. With a two-way conversation that can happen at the counter and anywhere in store, we are making the shopping experience more profitable for merchants and more rewarding for consumers.
It will be really interesting to see how far this competition goes, and who wins. On one hand, there are experienced players like Verifone while there are startups like Poynt on the other side. Companies like Square and Revel Systems are in the middle of the boat. Even though Poynt is a startup, it has a few of the most experienced people from the industry. As already mentioned, Poynt’s founder Osama Bedier is the former head of Google Wallet and a former PayPal executive. Poynt also announced some big hires in the company today. Tony Miranz, former CEO and co-founder of VUDU, a Walmart company, was recently named Poynt’s COO. Aaron Leiba, a former Intel, Google, Apple, and Palm executive, was appointed VP of hardware engineering, and Musaab At-Taras, a former eBay and PayPal executive who most recently served as PayPal’s head of global strategic integrations, has joined Poynt as VP of software development. Verifone, on the other hand has been in the industry since a long time now and it has the industry experience rolled in with it.
Let the POS Games begin!