Payments gateway PayU Biz is planning to launch its own point-of-sale (POS) terminals in India by April 2016. Speaking to MediaNama, PayU Biz’s head of business Rahul Kothari said that the solution will be a separate device which will be connected to the cloud via software.
“We have been pretty aggressive in acquiring merchants, adding more than 10,000 online merchants every month now. Right now we have close to 1.40 lakh merchants. While we are pretty active in the online space, we have a lot of ambitions to get offline merchants as well. Our POS solution will be launched in April,” he added. Kothari also said that the pilot for the POS terminals already has about 200 merchants on board.
Kothari said that the company is also looking at other payment methods than ones like swiping the magnetic stripe or dipping the card on the POS terminal. “There are a few options that we are finalizing on. Like payment through a wallet or an OTP. More details will be provided when we launch in April,” he said.
It’s worth noting earlier in February 2016, PayU announced a partnership with Turkish payments company CallPay and launched an mPOS app. The application reads the card details and PayU mPOS can process transactions in multiple currencies and supports installment sales in Turkey. Merchants can then email or SMS transaction receipts to their customers.
Developments in the POS space
– Earlier this month, hyperlocal marketplace Zopper acquired EasyPOS Solutions in a cash and stock deal. EasyPOS Solutions is a cloud based point of sale software for billing, inventory, employee and loyalty management.
– In February, Ezetap partnered with FreeCharge to accept wallet payments on their mobile POS terminals. Earlier in October 2015, Ezetap had announced universal mobile wallet acceptance on its platform. Around the same time, the company partnered with the State Bank of India to launch ‘Chota ATM’, a solution that can double as an ATM device as well as a PoS terminal that can accept payments from any debit and credit card.
– Payment solutions provider Oxigen Services introduced ‘Super PoS’, a device that will upgrade a network of 200,000 locations under the Jan Dhan Yojana. According to the company, it will bring the platforms of financial inclusion, cards payment and recharge/bill payments on the PoS device.
– In July 2015, Mumbai-based mPOS solutions provider Mswipe raised $25 million in a series C round of funding from new investors Falcon Edge Capital, Ola Cabs and Meru Capital, and existing investors Axis Bank, Matrix Partners India and DSG Consumer Partners.
– In June 2015, payments company iKaaz launched a new new point-of-sale terminal which would allow tap-and-pay transactions through smartphones without Near field communications (NFC) enabled. The device called MOWA Wave would be available for all merchants in Bangalore and is expected to be rolled out by August.