India has 15 lakh POS machines; but market as big as 5 crore: Paynear
Sneha Gilada Demonetisation has created the need for a shift to digital transactions, its surprise element depriving cash of the security and confidence it once enjoyed as a legal tender. Fintech startups have drawn enormous benefits from the Centre's mission of less-cash India. One such startup is Paynear that offers a one-stop affordable solution for vendors who want to accept payments digitally. Dearth of POS manufacturers in India has led to Indian POS device sellers like Paynear importing the hardware from countries like China. The recent exemption in custom duties on these devices, until the end of March 2017, has led to pricing benefits and subsequent burgeoning of demand. But there are concerns regarding such a measure proving detrimental to 'Make in India', in the long run. Currently, India, with a deployment of only 15 lakh POS machines, ...
Every retailer will now have a POS machine
The Dollar Business Bureau With the Government aiming to drastically reduce cash transactions in the country with its recent move to demonetise currency notes of Rs.500 and Rs.1,000, and with the recent announcement by the Government to exempt central excise duty on Electronic Data Capture Machine (EDC) or Point of Sale (POS) machines, retailers big or small will now have to shift to accepting plastic money in their daily transactions. The Government for some time now has been laying greater emphasis on digital payments. Point of Sale (POS) devices are used for cashless transactions, both for making payments or disbursing cash. POS do not attract any basic customs duty. To further reduce the cost of such devices and thereby encourage digital payments, the ...
Indigenous currency papers, use of plastic cards to reduce imports, says Finance Minister
The Dollar Business Bureau Use of credit and debit cards instead of cash and manufacturing currency papers within the country, can help India reduce its imports of high-security papers, Finance Minister Arun Jaitley said on Tuesday. Speaking at a conference on “Indigenisation of Currency” held in New Delhi, the minister also advocated for the use of internet transactions through various payment gateways. Jaitley said that developed countries have already shifted towards using plastic cards and online payments and now it is time for India to follow suit. “The developed world has moved substantially to plastic currency and payment gateways. I think there is need for India and our determination is there to gradually take steps to move in that direction,” the minister ...
Union Minister makes a strong pitch for plastic currency
The Dollar Business Bureau The Union Finance Minister, Arun Jaitley on Friday, said that there is a need to incentivize the usage of plastic money in order to curb unaccounted currency flow and promote the use of accounted currency. He made a strong pitch for use of credit cards, Rupay cards and cheques or any other negotiable instrument against hard currency. Speaking at an event organised by the Security Printing and Minting Corporation of India Limited (SPMCIL), the Minister further said, “As a result of financial inclusion, more and more households are now connected to banks and Rupay cards have also been issued to the people, who also include those under below poverty line." In this regard, the ...
