Payment solutions provider Oxigen Services has 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.
The Super PoS will have micro ATMs according to UIDAI/NPCI specifications, a biometric reader for Aadhaar transactions and eKYC, a built in NFC with tap and pay debit card and magnetic swipe for Rupay, VISA, MasterCard debit and credit cards. The PoS has GPRS and a SIM card slot and 2 smart card slots, with LAN and WiFi options along with a built in printer for customer receipts.
It will also support money transfer, IMPS, Oxigen wallet, insurance and mutual fund services, Aadhaar and Jan Dhan accounts, merchant payments and mobile payments via SMS and USSD. The Bharat Bill payments system, a recharge and bill payment app, will be pre-installed on the machine.
Oxigen claims that the services can be used by the banking, telecom and utility bill payment industries, along with industries which use Aadhaar services like pensions and provident funds, government CSCs, chain stores, retailers, banking kiosks and money transfer agents. The Super PoS, running Linux, will be able to support a keyboard through USB. It has a battery backup of 8 hours for continuous usage and several days of standby, apparently.
Oxigen claims that the PoS currently serves 150 million customers, does 600 million transactions annually with 1.3 million Jan Dhan accounts.
NPCI tie up
In September last year, Oxigen tied up with National Payments Corporation of India (NPCI) to launch eKYC service to the market. At that time, the company had claimed to be the first non-bank to launch eKYC services. Customers could sign up for the service by providing their Aadhaar card number and swiping their finger at a biometric scanner at select Oxigen outlets connected to its point of sale terminals or PCs. Following this, Oxigen verified the customer’s Aadhaar number and their biometric information with Aadhaar database.
OxiCash Money Transfer
Oxigen had previously partnered with NPCI to launch a non-banking instant money transfer service called OxiCash Money Transfer. The company had then mentioned that this service will allow users to transfer money to any bank account and receive money from any bank to its wallet. These transfers were done through Interbank Mobile Payment Service (IMPS).
Dismal state of POS terminals in India
According to the Reserve Bank of India (RBI), currently there are only two companies in India which are prominent players in the PoS terminals market: Verifone and Ingenico. India has an abysmal number of point-of-sale terminals at merchants and according to latest RBI data, the total number of POS terminals in the country are 1,125,675 as of April 2015. Compare that to 564,707,913 debit cards and 21,288,891 credit cards in circulation. It’s therefore no wonder that an Ernst and Young report points out that the country has the lowest POS terminal penetration in the world.
Image Credit: Flickr user William Grootonk