PayUmoney has launched POS terminal which will enable small corner shops to carry out paperless payment.
With no monthly rental, no minimum balance and the option to link any bank account, the PayUmoney POS terminal, costing Rs. 7,000 accepts all credit/debit cards.
The company claims that a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service.
Nitin Gupta, CEO & Co-founder, PayUmoney said, "If we look at the Reserve Bank of India's December 2015 data, there are 644 million debit card holders in India. Against the number of 22.75 million for credit cards, 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."
"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.
PayUmoney's POS terminal does not come with bundled SIMs and gives merchants the liberty to choose the operator and connection type.