Update: Nitin Gupta, PayUmony's CEO, told MediaNama that the company charges a flat 2% transaction fees to merchants. Of which, PayUmoney keeps 0.3% and the rest will be divided by bank issuing the card and the bank accepting the payments. He added that PayuMoney has not added NFC technology on their POS terminals as it would increase the cost of the device. Merchants can add NFC capabilities to their machines by adding a module if they wish. Earlier: Payment gateway PayUmoney has launched its POS terminal in a bid to acquire more merchants. The company had told MediaNama that it would be launching the product in April 2016. PayUmoney's POS terminal will not charge a monthly rental to customers or a minimum balance and an option to link with any bank account. Most POS terminals require merchants to open a current account with the acquiring bank. The machine costs Rs 7,000 and says it will accept all credit and debit cards. Note that PayU Biz’s head of business Rahul Kothari said that the company would also be looking at payment through a wallet or an OTP. PayUmoney's POS terminal does not come with bundled SIMs and merchants can choose their telecom operator. The company says that the machine does not use paper to print a receipt, but instead a transaction acknowledgement will be sent to the buyer's mobile with a link that opens up a soft copy of an e-slip. The merchant gets an email copy of the same, every time a…
