Online payment solution provider PayUmoney has launched its POS terminal which requires no monthly rental, or minimum balance, and has the option to link any bank account.
The POS terminal costs Rs. 7,000 and accepts all credit/debit cards, and can be operated using a pre- or post-paid SIM, and does away with the use of paper receipts.
With an easy documentation policy, a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service.
RBI’s December 2015 data states there are 644 million debit card holders in India. The number’s 22.75 million for credit cards and against these, there are only 1.2 million POS terminals. “This 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,” said Nitin Gupta, CEO & Co-founder, PayUmoney.
“When we developed our product, we kept in mind the unique demands of the Indian merchants—whether in cities, or in the country’s vibrant villages. We decided to do away with paper transaction slips: a transaction acknowledgement will be sent to the buyer’s mobile with a link that opens up a soft copy of an e-slip. The merchant gets an email copy of the same, every time a transaction takes place,” he further added.
This helps merchants to save on unnecessary costs and makes the POS terminal extremely energy efficient, durable, and ideal for locations with frequent power outages.
With flexibility as the key development buzzword, PayUmoney’s POS terminal does not come with bundled SIMs.