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Mukesh Ambani owned Reliance Jio is reportedly moving to get into the point-of-sale (PoS) segment with merchants in Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, and Pune ET reported.
According to report initially merchants have to deposit Rs 3000 to get hold of the device, however, for debit/ credit transactions of up to Rs 2,000 in value, the telco will offer a merchant discount rate of zero.
In addition to that Jio is joining hands with Hindustan Unilever Limited for acquiring merchants.
Meanwhile, Reliance Jio has added 10.5 million mobile phone users in October, followed by State-run telecom operator BSNL, as per the data released by TRAI.
To recall, a report by Global Market Insights, India POS Terminals Market share is poised to surpass $3 billion by 2024 and the shipments are set to grow at over 10 percent CAGR over the forecast timeline.
It said the demonetization drive to curb black money has led to significant growth in the digital transactions and infrastructure required to support these payments across several modes, from cards to wallets and bank transfers.
Card transactions at POS terminals have hit 60 percent post demonetization, up double from 30 percent in 2016; this is anticipated to drive the India POS terminals market growth over the forecast timeline. In order to maintain the rise in digital transactions, the RBI has proposed a significant cut in Merchant Discount Rate (MDR) charges on debit card transactions.
Furthermore, India connected POS terminals market will witness a huge demand owing to the advantages offered by technology such as enhanced security, free floor space, and minimized customer waiting time. Moreover, the demand for these machines is majorly coming from small business across retail and restaurants as the technology is becoming more affordable and approachable Connected terminals help in inventory management and provide consolidated of the card payments.
In India, POS terminals have significant penetration in Tier 1 cities, whereas Tier 2 cities and rural areas are picking up progressively. Several initiatives such as Micro ATMs, Aadhaar-enabled systems, and Jan Dhan Yojana are surging the demand in the rural areas impacting the India POS terminals market size.