The number of point of sale(POS) machines have been increased to 2.9 million, up 93% from 1.48 million as compared to last year, according to data published by RBI. Note that the RBI data only shows machine statistics from banks and does not include the number devices from third-party players like MSwipe, Ezetap, ItzCash and Oxigen. The rise in the number of POS machines has due to a concentrated effort by the government to improve the number of terminals following the demonetization of Rs 1000 and Rs 500 notes. During the 2017-18 budget, finance minister Arun Jaitley reiterated the goal of setting up 10 lakh POS terminals in the country. However, there is still a concentration of POS from the top banks in the country. State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Ratnakar Bank continued to have the highest number of POS terminals accounting for almost 72% of all terminals in the country.In addition, SBI has 0.64 million (641,938) machines which is the highest amongst top five banks. Prior demonetization, there were around 1.5 million POS machines. In September, they raised to 2.9 million machines. During demonetization, the impact could be seen from November 2016 to March 2017, between this period more than 1 million POS machines were installed. In terms of net additions, the number of Point-of-sale machines grew by 0.02 (17,616) million in September 2017 - the lowest addition ever. In the previous month (August 2017), the number of POS machines had increased by…
- Meta To Launch EU Operations Center to Combat Election Misinformation February 27, 2024
- Vijay Shekhar Sharma resigns from Paytm Bank board February 27, 2024
- Indonesia enacts regulation requiring digital platforms to pay news publishers for content February 27, 2024
- MeitY amends IT Rules, 2009 widening scope of who gets to delete interception records February 27, 2024
- Bank Record Verification to Facilitate Pension for Those Without Aadhaar: Allahabad HC Ruling February 27, 2024
This amendment widens the scope of those allowed to delete records pertaining to the direction of interception from law enforcement bodies to other authorities...
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...
The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...