With the sudden spurt in demand for Point of Sale (PoS) or card swipe machines, banks are racing against time to reach the target of installing 10 lakh by the end of this fiscal year (March 31, 2017).
The demand for PoS machines has gone up by a staggering 300% since demonetisation. But banks are unable to meet the growing demand. Recently, the Central government asked banks to instal 10 lakh PoS machines to facilitate a smooth transition to cashless economy.
"There is a sudden spurt in the demand for PoS machines from all categories of customers, including micro-merchants and small self-employed individuals. The demand for PoS machines has increased by 300% compared to October 2016," Rajni Mishra, chief general manager, State Bank of India (Bangalore Circle), told DH.
Nemiraja H C, State Bank of Mysore general manager (PS, RB, FI, CCSD, and Inspection and Audit), reflected on the changing mindset of businesses following demonetisation. "Earlier, we used to plead with traders to purchase PoS machines. That has changed now with many businesses, small and big, requesting banks to provide PoS machines," he said.
The SBI has ordered more than three lakh terminals to meet the demand. The cost of a PoS machine ranges between Rs 5,000 and Rs 10,000 depending on the model.
Citibank Chief Economist Samiran Chakraborty opined, "As per the RBI data, the credit and debit card usage on PoS machines is growing at the phenomenal rate of 50-60%. Today, our estimation is that on an annualised basis, about Rs 6 lakh crore of credit and debit card transaction is happening through PoS machines."
Canara Bank has seen substantial rise in daily transaction value on PoS machines from a mere Rs 68 lakh on November 8, 2016, to Rs 6.64 crore by December 9, 2016.![]( "The SBI has ordered more than three lakh terminals to meet the demand. The cost of a PoS machine ranges between Rs 5,000 and Rs 10,000 depending on the model. File photo. For representation purpose")
With the sudden spurt in demand for Point of Sale (PoS) or card swipe machines, banks are racing against time to reach the target of installing 10 lakh by the end of this fiscal year (March 31, 2017).
The demand for PoS machines has gone up by a staggering 300% since demonetisation. But banks are unable to meet the growing demand. Recently, the Central government asked banks to instal 10 lakh PoS machines to facilitate a smooth transition to cashless economy.
"There is a sudden spurt in the demand for PoS machines from all categories of customers, including micro-merchants and small self-employed individuals. The demand for PoS machines has increased by 300% compared to October 2016,” Rajni Mishra, chief general manager, State Bank of India (Bangalore Circle), told DH.
Nemiraja H C, State Bank of Mysore general manager (PS, RB, FI, CCSD, and Inspection and Audit), reflected on the changing mindset of businesses following demonetisation. "Earlier, we used to plead with traders to purchase PoS machines. That has changed now with many businesses, small and big, requesting banks to provide PoS machines,” he said.
The SBI has ordered more than three lakh terminals to meet the demand. The cost of a PoS machine ranges between Rs 5,000 and Rs 10,000 depending on the model.
Citibank Chief Economist Samiran Chakraborty opined, "As per the RBI data, the credit and debit card usage on PoS machines is growing at the phenomenal rate of 50-60%. Today, our estimation is that on an annualised basis, about Rs 6 lakh crore of credit and debit card transaction is happening through PoS machines.”
Canara Bank has seen substantial rise in daily transaction value on PoS machines from a mere Rs 68 lakh on November 8, 2016, to Rs 6.64 crore by December 9, 2016.
The demand for PoS machines has gone up by a staggering 300% since demonetisation. But banks are unable to meet the growing demand. Recently, the Central government asked banks to instal 10 lakh PoS machines to facilitate a smooth transition to cashless economy.
"There is a sudden spurt in the demand for PoS machines from all categories of customers, including micro-merchants and small self-employed individuals. The demand for PoS machines has increased by 300% compared to October 2016," Rajni Mishra, chief general manager, State Bank of India (Bangalore Circle), told DH.
Nemiraja H C, State Bank of Mysore general manager (PS, RB, FI, CCSD, and Inspection and Audit), reflected on the changing mindset of businesses following demonetisation. "Earlier, we used to plead with traders to purchase PoS machines. That has changed now with many businesses, small and big, requesting banks to provide PoS machines," he said.
The SBI has ordered more than three lakh terminals to meet the demand. The cost of a PoS machine ranges between Rs 5,000 and Rs 10,000 depending on the model.
Citibank Chief Economist Samiran Chakraborty opined, "As per the RBI data, the credit and debit card usage on PoS machines is growing at the phenomenal rate of 50-60%. Today, our estimation is that on an annualised basis, about Rs 6 lakh crore of credit and debit card transaction is happening through PoS machines."
Canara Bank has seen substantial rise in daily transaction value on PoS machines from a mere Rs 68 lakh on November 8, 2016, to Rs 6.64 crore by December 9, 2016.
With the sudden spurt in demand for Point of Sale (PoS) or card swipe machines, banks are racing against time to reach the target of installing 10 lakh by the end of this fiscal year (March 31, 2017).The demand for PoS machines has gone up by a staggering 300% since demonetisation. But banks are unable to meet the growing demand. Recently, the Central government asked banks to instal 10 lakh PoS machines to facilitate a smooth transition to cashless economy.
"There is a sudden spurt in the demand for PoS machines from all categories of customers, including micro-merchants and small self-employed individuals. The demand for PoS machines has increased by 300% compared to October 2016,” Rajni Mishra, chief general manager, State Bank of India (Bangalore Circle), told DH.
Nemiraja H C, State Bank of Mysore general manager (PS, RB, FI, CCSD, and Inspection and Audit), reflected on the changing mindset of businesses following demonetisation. "Earlier, we used to plead with traders to purchase PoS machines. That has changed now with many businesses, small and big, requesting banks to provide PoS machines,” he said.
The SBI has ordered more than three lakh terminals to meet the demand. The cost of a PoS machine ranges between Rs 5,000 and Rs 10,000 depending on the model.
Citibank Chief Economist Samiran Chakraborty opined, "As per the RBI data, the credit and debit card usage on PoS machines is growing at the phenomenal rate of 50-60%. Today, our estimation is that on an annualised basis, about Rs 6 lakh crore of credit and debit card transaction is happening through PoS machines.”
Canara Bank has seen substantial rise in daily transaction value on PoS machines from a mere Rs 68 lakh on November 8, 2016, to Rs 6.64 crore by December 9, 2016.