The number of point of sale (POS) machines increased to 3.59 million in December 2018, up 19% from 3.03 million in December last year, according to data published by the RBI. Note that the RBI data only shows machine statistics from banks and does not include the number of devices from third-party players like MSwipe, Ezetap, ItzCash and Oxigen. The rise in the number of POS machines was due to a concentrated effort by the government to improve the number of terminals, following the demonetization of Rs 1000 and Rs 500 notes in 2016. 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, Axis Bank, Ratnakar Bank, HDFC Bank and ICICI Bank continued to have the highest number of POS terminals, accounting for almost 71% of all terminals in the country. In addition, Ratnakar Bank has 0.65 million (652,068) machines, which is the highest among the top five banks. Prior to demonetization, there were around 1.5 million POS machines. In December 2018, that number has now climbed to 3.59 million. The impact of demonetization could be seen between November 2016 and March 2017. In this period, more than 1 million POS machines were installed. In terms of net additions, the number of POS machines grew by 0.08 million (81,565) in December 2018. In the previous month (November 2018), the…
- Indian crypto exchanges plan to collect identity details for crypto transfers to private wallets: Report June 3, 2023
- Jugalbandi, A Chatbot for Rural India by Microsoft and EkStep: What to Know and Think About? June 3, 2023
- Hopeful to See Action Against E-Pharmacies Selling Medicines Online Without Licenses: Pharmacy Body Writes to States and UTs June 3, 2023
- Meta to give advertisers more control using AI and content filters June 2, 2023
- Transparency Report: Here’s all Facebook, Instagram, Twitter and Google had to say about user complaints in April June 2, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is it safe to consider all "publicly available data" as public?
PhonePe launched an e-commerce buyer app for ONDC called Pincode. We, however, believe that it should also launch a seller app.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
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...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...