The number of point of sale (PoS) machines increased to 4.88 million in November 2019, up 39% from 3.51 million in November 2018, according to data published by the Reserve Bank of India (RBI). It's worth noting 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, among others. 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 1,000 and Rs 500 notes in 2016. During the 2017-18 budget, the then finance minister late Arun Jaitley had reiterated the goal of setting up 10 lakh PoS terminals in the country. However, operations of PoS machines are still concentrated among a few banks. State Bank of India, Axis Bank, Ratnakar Bank, HDFC Bank and ICICI Bank accounted for almost 76% of all terminals in the country as of November 2019. Ratnakar Bank has 1.34 million (1,340,289) machines, which is the highest among the top five banks. Prior to demonetization, there were around 1.5 million PoS machines. In November 2019, that number has now climbed to 4.88 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 0.06 million (57,944) in November 2019. In the previous month (October 2019),…
- Manipur Government Suspends Internet Yet Again After Details Of Continued Violence Surface Online September 27, 2023
- Paytm loan value increases 137 percent year-on-year, say August performance results September 27, 2023
- US government sues Amazon for illegally maintaining monpoly in online shopping September 27, 2023
- PhonePe’s Indus Appstore must integrate with Google, Facebook ads to be successful: Truly Madly CEO September 27, 2023
- MediaNama Daily: RBI Does Not Have Any Statistics On The Usage Of The Digital Rupee: RTI September 27, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
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.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
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...