The demonetisation of specified bank notes in November and the thrust on migration to digital channels for transactions seem to have helped Karnataka Bank reach its target for installing point-of-sale (PoS) terminals three years in advance.

Post-demonetisation, the number of PoS terminals of the bank increased by 5,500 across the country. As on March 27, the bank had installed a total of 10,000 PoS terminals at merchant establishments in the country.

The bank has been offering PoS services since 2011. This service enables merchant establishments accept card payments. P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank, said that the bank had installed around 4,500 PoS terminals at merchant establishments prior to demonetisation. However, the bank added nearly 5,500 PoS terminals in the last five months. He said the bank has crossed the target set by the Finance Ministry on installation of PoS terminals.

One of the reasons for this achievement is demonetisation and migration towards digital channels of payment, he said.

“Reaching the 10,000 PoS mark is a very satisfactory feeling, which also amounts to fulfilling one of the goals set under ‘KBL Vision 2020’,” Bhat said.

The Chief General Manager of the bank, Mahabaleshwara MS, told BusinessLine that the ‘KBL Vision 2020’ document had set a target of installing 10,000 PoS terminals by 2020.

“We achieved that target by March 2017 itself. Having reached that, now we are aiming for 20,020 PoS installations by 2020,” he said.

PoS terminals across the banking industry get four hits a day on an average. However, the PoS terminals of Karnataka Bank get around nine hits a day, Mahabaleshwara said.

The bank is also providing ‘PoS Manager’, an Android mobile app, to help merchants monitor and keep track of their transactions, besides providing an interface with the bank and the service provider for further information, he added.