Card swiping devices are selling like hot cakes, demand to increase multifold
Following non-availability of new currency notes, various retailers are hurrying to procure Point of Sale (PoS) machines
Following non-availability of new currency notes, various retailers are hurrying to procure Point of Sale (PoS) machines. In this backdrop, the banks, including State Bank of India, Union Bank of India, United Bank of India, Canara Bank, Axis Bank and RBL Bank, have approached PoS procuring and manufacturing firms to get card swiping machines and hand them around to the retailers.
"We have placed an order for more than 40,000 terminals and will be raising that amount subsequently as we have seen a huge jump in the number of enquiries from retailer institutions," Sangram Singh, head of cards and merchant acquiring business at Axis Bank, told ET.
The price of one PoS ranges between Rs 6,000-10,000, which is frequently borne by themselves in the instance of big retailer organisations that generate a significant quantity of business such as major retail outlets because it helps route payments through their platforms.
"We are planning to install 25,000 terminals in the next few months as it will not only help in improving our current and savings account balance, but also raise customer convenience," Rakesh Sharma, managing director at Canara Bank, which now has only 4,900 PoS terminals, told ET.
"We've received a mandate to install 10,000 terminals from United Bank of India and 20,000 from RBL Bank.We already have around 27,000 terminals installed for Union Bank of India, which I am confident will also be ramped up," Dewang Neralla, managing director at Atom Technologies, told ET.
There are currently 1.5 million PoS terminals installed in the state. Bankers said one million terminals would probably be installed using the authorities monitoring their installation on a regular basis in another six months.