UPI 2.0 may disrupt PoS business

Mumbai: Banks face disruptions in their Point of Sale (PoS) device business as the UPI-based peer-to-merchant payment technology and emergence of nimble fintech players threaten to diminish the viability of an industry dominated hitherto by traditional lenders.
PoS devices are used by local vendors and retail store operators to process payments through debit and credit cards with swipe and QR code facilities. Currently, there are about 5 million PoS devices operational across the country. About 3.7 million, or more than 70 per cent of these devices have been deployed by banks.
Reserve Bank of India (RBI) data showed that there were 1.3 million operational devices in February 2016, which rose 63 per cent to 2.2 million in February 2017, driven by an uptick in digital transactions after demonetisation. Deployment growth rate has since consistently slowed, to 38 per cent in February 2018, and subsequently 18 per cent in February 2019.

Read more

You may also like

More in IT

Comments are closed.