Online payments solution provider PayUmoney has launched a brand new, innovative POS terminal with the aim of connecting even the smallest of merchants to the world of paperless payments and the trove of opportunities it offers. With no monthly rental and no minimum balance, the P-O-S terminal has the potential to change the way India shops.
The system is pretty simple. On signing up for the service, the merchant receives a P-O-S terminal — even as early as 48 hours –that can be operated by using a pre or post-paid SIM card. The rest, you are probably familiar with. You make your purchases, swipe your card and voila!
What’s more, the terminal also does not produce paper-receipts thus providing the dual benefits of battery efficiency and an eco-friendly system. Instead of a paper-receipt, the buyer will receive a transaction acknowledgement on his/her mobile along with a link that will turn up an e-slip. The merchant will also receive an email copy of the receipt every time a transaction takes place.
Speaking on the topic, Mr. Nitin Gupta, CEO & Co-founder of PayUmoney said,
If we look at the Reserve Bank of India’s December 2015 data, there are 644 million debit card holders in India. The number’s 22.75 million for credit cards. Against these, there are only 1.2 million POS terminals, which shows the huge opportunity that exists in the POS payments services sector. Our objective is to bring the smaller merchants into the ambit of payment processing services—the class that has so far been ignored by the traditional players.
The terminal costs Rs. 7,000 to install — which PayU says is almost half of what is charged by traditional channels. Apart from an initial installation charge, the company charges a flat 2% transaction fees to merchants. Of the said 2%, the company keeps 0.3% with the rest divided by the card issuing bank and the bank accepting the payments
If you are interested in installing the P-O-S terminal at your place of business, you can do so by either giving a missed call or by visiting PayUmoney P-O-S system’s official website.
Oh, and the next time you go out to buy some vegetables — or grab some tea at your neighbourhood chotu’s shop — don’t be surprised if the shopkeeper asks you for your debit card. Who knows, they may even have some special deals running for plastic payment.