INSUBCONTINENT EXCLUSIVE:
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
market is set to go through major disruptions with the adoption of UPI 2.0 and the impending entry of Reliance Jio, which have already