Fino Payments Bank has launched an Android-based point-of-sale (POS) device in an effort to ramp up its door-to-door banking services. According to the company, more than 10,000 locations across India will be equipped with this ‘multi-utility’ POS device that bundles a tablet, a fingerprint scanner, a card reader, a camera, and a printer.
The company said that the Android-powered POS device can carry out a multitude of tasks including account opening, deposits, cash withdrawals, money transfers, purchase of financial products and services (gold, loans, insurance), and Aadhaar-Enabled Payment Systems (AEPS). The system is interoperable and will allow even customers with debit cards issued by other banks to do payments and withdrawals.
Fino and other payments banks
Fino Payments Bank, run by Fino Paytech, became operational in July 2017. It is one of the five payments banks to roll out operations after the RBI gave its in-principle approval to 11 applicants in August 2015. Apart from Fino, the payments banks that are currently in operation include Airtel Payments Bank Ltd, India Post Payments Bank Ltd, Paytm Payments Bank Ltd and Aditya Birla Idea Payments Bank Ltd. Other applicants like Vodafone m-Pesa Ltd, Reliance Industries Ltd and National Securities Depository Ltd have licenses but have yet to start operations.
Fino has more than 400 branches and 25,000 access points, including outlets of its strategic investor Bharat Petroleum (BPCL). FINO also rolled out its app, BPay, last September to ride the tide of mobile banking in India.
POS machines in India
As per Medianama’s February 2018 report on Digital Payments in India, there are 3.03 million POS machines in operation across the country (as of December 2017). The number of POS machines in the country has risen 71% since demonetisation although the monthly growth numbers have declined from 300,000 in March 2017 to 30,000 in December 2017.
Earlier this month, we had reported that India Post is planning to equip postmen with point of sale (PoS) machines that will allow postal recipients to pay for parcels with a debit or credit card.
In February, Ezetap launched an open-platform, GPRS based point-of-sale (PoS) terminal called EzeSmart, which is Aadhaar Pay enabled and has eKYC (Know Your Customer) authentication option as well. EzeSmart also supports other payment modes such as UPI and Bharat QR, besides mobile wallets, and credit and debit cards.
As of now, BigBasket is already using the EzeSmart terminal.