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Point-of-sale (POS) is the hottest topic in payment structures and its one of the most popular technology topics as well. A Point-of-sale (POS) machine is a computerized replacement for a cash register. It has ability to quickly process a customer's transaction, accurately keep the records, process credit and debit cards , connect to other systems in a network, and manage inventory. A basic POS system would consist of a computer as its core part provided with application specific programs for the particular environment in which it will serve, along with a cash drawer, barcode scanner, receipt printer and the appropriate POS software. Point-of-sale (POS) terminals are used in most industries that have a point of sale such as a service desk, including restaurants, lodging, entertainment, and museums. Due to the better track inventory and accuracy of records, the Point-of-sale (POS) machine is used worldwide and it can be easily set-up, depending on the nature of the busi...

The massive data breaches in U.S retailers ' Target ' and ' Neiman Marcus ', in which financial credentials of more than 110 million and 1.1 million customers were compromised respectively, have put a spotlight on the need for more secure transactions. To tackle this issue, the two major payment card brands, MasterCard and Visa have announced the formation of a new cross-industry group that will focus on the security of the enhancing payment system to keep pace with the expectations of consumers, retailers and financial institutions in the United States. " The recent high-profile breaches have served as a catalyst for much needed collaboration between the retail and financial services industry on the issue of payment security," says Ryan McInerney, president of Visa Inc. "As we have long said, no one industry or technology can solve the issue of payment system fraud on its own. " The joint effort aims to advance the migration to EMV chip cards, also kno...