India’s online payment solutions provider PayUmoney launched POS terminal.
The new solution eliminates conditions like monthly rental and minimum balance. Moreover, it has the option to link any bank account and accepts all credit/debit cards.
The PayUmoney POS terminal costs a mere Rs. 7,000 as opposed to Rs. 15,000-Rs. 25,000 charged by traditional channels.
The POS terminal is easy to set up, can be operated using a pre- or post-paid SIM. The company says the solution is cost and battery effective besides environment friendly.
Citing Reserve Bank of India’s December 2015 data, PayUmoney CEO Nitin Gupta said huge opportunity exists in the POS payments services sector.
According to the RBI data, there are 644 million debit card holders in India. The credit card holders are 22.75 million. Against these, there are only 1.2 million POS terminals.
Nitin Gupta explained that the objective is to bring the smaller merchants into the ambit of payment processing services.
“When we developed our product, we kept in mind the unique demands of the Indian merchants—whether in cities, or in the country’s vibrant villages. We decided to do away with paper transaction slips: a transaction acknowledgement will be sent to the buyer’s mobile with a link that opens up a soft copy of an e-slip. The merchant gets an email copy of the same, every time a transaction takes place,” he further added.