In banking, POS stands for Point of Sale.
A Point of Sale system refers to the place where a customer executes the payment for goods or services and where sales taxes may become payable. It can be a physical location, such as a retail shop, or a virtual sales point such as a website or mobile app. When using a debit card at a physical Point of Sale, you will often be required to enter your PIN (Personal Identification Number) on a keypad to complete the transaction.
Essentially, POS systems facilitate transactions between a business and its customers. They encompass hardware, like card readers and cash registers, and software, like sales tracking and inventory management tools.
