India-based PayUMoney, an online payment solution by PayU India, has launched its POS terminal that allows small business to start accepting card based payments.
The new terminal costs approximately INR7,000 ($105) and operates without any monthly rental, minimum balance, and can be linked to any bank account.
Capable of accepting all credit/debit cards payments, the new POS terminal aims to transform payments experience for millions of small merchant outlets across India.
Easy to set up, the new terminal can work with a pre or post-paid SIM, and does not use paper receipts. Instead a transaction acknowledgement is sent to the buyer’s mobile with a link of a soft copy of an e-slip. As soon as a transaction is completed, the merchant gets an email copy of the same.
PayUmoney CEO and co-founder Nitin Gupta said: "If we look at Reserve Bank of India’s December 2015 data, there are 644 million debit card holders in India. The number is 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 service 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."