SBI Payment plans to double PoS units to 1.2 million by March 2022

SBI Payment Services Pvt Ltd (SBIPSPL) is planning to double the number of point-of-sale (PoS) units deployed by it to 1.2 million by 2021-22 (FY22). This is part of the company’s strategy to be a key player in the Centre’s ambitious plan to increase the number of PoS terminals across the country and, thereby, garner a significant share of digital payments at merchant outlets.

As of May 19 this year, SBIPSPL had 600,000 PoS terminals. The number is expected to rise to 780,000 by the end of FY20, and double (from its current level) to 1.2 million by FY22-end. The ramp-up plan comes three months after the company became a 74:26 joint venture between State Bank of India (SBI) and Hitachi Payment Services, a wholly-owned subsidiary of Hitachi.