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…
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