“Honeywell Smart Pay gives sales associates and service employees the power to finalize payments on-the-spot in retail, parcel delivery, public transportation services and other businesses where mobile payment can be used,” the company said in the release.

Nonetheless, it’s a little late to the game with its new software strategy. Honeywell is jumping into a fiercely competitive ring, taking on companies with extensive experience in taking payments in mobile environments, including Block’s Square and PayPal. Those competitors are also constantly enhancing their offerings.

For instance, San Francisco-based Square introduced two new applications last month that expands its devices’ functionality, concentrating more capabilities on the company’s mobile devices, regardless of where they’re used. That company has long catered to small businesses, but more recently has been adding larger clients as well.

Meanwhile, PayPal also rolled out the availability of its all-in-one point-of-sale terminal, called Zettle, in the U.S. last month, after having launched it in Europe last year. That product is aimed at allowing small businesses to accept payments.

Honeywell cited the decline of the use of cash and the rise of contactless payments in rolling out the new software, but those trends have been going on for quite some time.

Perhaps more importantly, Honeywell argued that its new payments software, incorporated into the handheld computers, will save merchants and retailers money over existing devices by cutting out the need for accessories, like card readers and encryption keys. “Smart Pay software point of sale eliminates these added costs and the bulk and weight of the accessories while keeping customer data secure,” the release said.

And Honeywell isn’t completely new to the world of payments. It has in the past partnered on products with other companies in the payments business, including Payfirma. It has also designed barcode scanning and decoding software for mobile payment devices. That software was used in mobile payment products sold by Infinite Peripherals. Those one-time allies are companies Honeywell may now face as competitors.

By Lynne Marek on Nov 1, 2022
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