Banks suffering in payments business

The government has been pushing banks to install more PoS machines, but there is a question of viability of the entire business

Soumya Kanti Ghosh 

Soumya Kanti Ghosh Banks have installed more than 13 lakh PoS (point of sale) terminals from October 2016 to July 2017, resulting in debit and credit card transactions at PoS increasing to Rs 685 billion in July 2017, from Rs 519 billion in October 2016 (with a peak of Rs 892 billion in December 2016). This exorbitant increase in the number of PoS terminals has incurred a huge amount of cost to banks in creating the payments infrastructure in the country. Most of us may not have adequate knowledge that every transaction at PoS is routed through a system of channels, which requires a well-equipped payments ...

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First Published: Wed, September 27 2017. 22:39 IST