The country is witnessing increased volume of transaction through card payment at point-of-sale (PoS) terminals. Recently, the Reserve Bank of India announced capping of fee at merchant outlets on debit card transactions. Before demonetization move in November 2016, cash accounted for 96% of the monetary transactions in the country. The demonetization move was aimed to curb the black money in the economy and making it a “cashless economy”. It has also resulted in increased volume of card payments in the country.
The Indian PoS market is growing tremendously, backed by factors such as increased penetration of debit and credit cards in the country, growing e-commerce market, government initiatives of moving towards cashless economy and increasing disposable incomes. The number of PoS machines is anticipated to further lush, and drive the growth of the Indian PoS market. However, cash still continues to remain the predominant form of transaction, as per RNCOS analysis.
"The initiatives by the governing bodies are aimed at exposing the various mode of payment apart from cash" said, Shushmul Maheshwari, CEO - RNCOS. He further added with favourable demographics and rising awareness, Indian PoS market is poised to scale newer acmes. Moreover, introduction of novel PoS services, benefits, drive to move towards cashless economy and entry of Indian players, are set to further boost the market’s growth.
According to the report ‘Indian PoS Devices Market Outlook 2022’, installation of a PoS machine in all the industries has been escalating significantly after demonetization in India. Also, E-payments are getting more popular among the youth in the country. The Reserve Bank of India is also working towards making India a cashless economy, and to bring in accountability and transparency in each financial transaction. Therefore, m-PoS are gaining importance with the growth of e-commerce industry. Almost all the e-tailing players in Indian context have started taking card on delivery through m-PoS device to attract customers and making convenient for them in the period of cash shortage.
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