A waypoint and a point of interest (POI) both identify a location point (latitude and longitude). For most GPS receivers, waypoints are user defined and points of interest come as a product from the manufacturer (either built-in or as part of map data).
Waypoints are commonly used to mark locations of personal interest (such as your home or a camp site). POIs usually show public locations (such as cities, towns, or businesses). POIs may also include useful details such as names, phone numbers, and addresses.
Waypoints are usually easy to add or remove. POIs usually come in a packaged database, with updates requiring use of a personal computer (if they're even possible).
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