After installing maximum number of ATMs across the country the government owned State Bank of India (SBI) is aiming to become the market leader in the POS (Point of Sales) segment with a target of installing five lakh swipe machines across the merchant establishments in the country. Currently in the POS market ICICI bank has over 1.5 lakh swipe machines, followed by AXIS bank with over 1 lakh machines and HDFC Bank having 75,000 machines.
Once installed POSs help banks to generate revenue, as with each swipe the bank gets its share from the small fee paid by the merchant establishments where the machine is installed. Moreover with RBI’s new proposal that cash can be dispensed through POS terminals at merchant establishments for a fee, SBI’s initiative is surely going to help them in getting a bigger share of the pie from this segment.
SBI is planning to tie-up with VISA, Royal Bank of Scotland and Global Payments to install the POS machines. The Royal Bank of Scotland has POS presence in Europe and Global Payments which is a US based company has tie up with HSBC in India. With this tie up SBI will take a giant leap forward in the payment business. Post installation SBI will become the biggest automated cash dispenser of the country with its combined strength of ATMs and POSs.
Contributed By:
Mr. KRS Mani
SWIFT Consultant
Once installed POSs help banks to generate revenue, as with each swipe the bank gets its share from the small fee paid by the merchant establishments where the machine is installed. Moreover with RBI’s new proposal that cash can be dispensed through POS terminals at merchant establishments for a fee, SBI’s initiative is surely going to help them in getting a bigger share of the pie from this segment.
SBI is planning to tie-up with VISA, Royal Bank of Scotland and Global Payments to install the POS machines. The Royal Bank of Scotland has POS presence in Europe and Global Payments which is a US based company has tie up with HSBC in India. With this tie up SBI will take a giant leap forward in the payment business. Post installation SBI will become the biggest automated cash dispenser of the country with its combined strength of ATMs and POSs.
Contributed By:
Mr. KRS Mani
SWIFT Consultant
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