Point-of-sale terminals yet to fire despite repeated nudges by RBI

It's important to note that unlike ATMs, the scheme is not advertised or visible to the general public

Topics
Point-of-sales | ATMs | Debit cards

Raghu Mohan 

Imagine walking into a store near you and getting cash using your debit card on the ubiquitous point-of-sale (PoS) terminal. The idea behind the Reserve Bank of India’s (RBI’s) August 2009 initiative was to reduce the reliance on automated teller machines (ATMs) for small-ticket cashouts.

This also signalled that cash will continue to linger despite digital modes of payments making strides. Despite repeated central bank reminders, cash-out at PoS has not fired. In FY09, we had 470,237 PoS terminals and 44,857 ATMs; in FY20, it reads 5.13 million and 234,357, ...
First Published: Thu, July 16 2020. 06:01 IST