India's ItzCash Further Invests in POS Terminals

India's ItzCash Further Invests in POS Terminals
03.04.2017 12:30 pm

India's ItzCash Further Invests in POS Terminals

Payments , e-Payments

ItzCash India’s leading player in the digital payment space and a pioneer in prepaid card industry, today, announced further investment and scale up of its Point-of-Sale terminals. It will enable to pay, transact and withdraw money at local kirana store with ItzCash’s Point-of-Sale machine.

The new move strengthens the company’s presence in the PoS segment further to the 30,000 units deployed immediately in the first three months post demonetization. This is expected to enable 1 Lac small merchants and shopkeepers to accept payments digitally, making it convenient for customers in semi-urban and rural areas. 

The device accepts payments from any cards such as credit, debit, prepaid cards and m-wallets. It also allows customers to dispense cash and select instant EMI options to pay their expenses. Merchants owning ItzCash PoS terminal are also eligible to avail a pre-approved loan of Rs. 25,000 for working capital requirements. 

For the company which already offers digital wallets and prepaid cards, the PoS vertical further strengthens its payments ecosystem thereby offering customers a wider choice of convenient and secured payment options. The strategic initiative is in line with the company’s omni-channel strategy basis which the company aims for a growth of 60% CAGR over the next year. 

Demonetisation and Digital Push created a huge demand for businesses to have sustainable payment infrastructure to support less-cash India. ItzCash’s mass reach and robust network quickly supported these small merchants and business that were under serviced and under-penetrated. 

Mr. Ravi Singh, Chief Business Officer of ItzCash, said, “Earlier many small merchants would discourage customers to use plastic money for payment. However, post demonetisation, we have seen a massive behavioural change in the mind set of traditional brick and mortar retail merchants towards digital payment movement. Furthermore, as per RBI data, we have only 1.5 million POS machines in India; which together underline the existing huge opportunity in the POS payments segment.”

Mr. Singh added, “With this initiative, we are aiming to digitise 100,000 small merchants and shopkeepers by leveraging our robust network of 75,000 outlets present across 3000 cities and towns across India. Within the past 3 months we have already deployed 30,000 units”

Other unique features of ItzCash PoS machine include electronic charge slip which allows customers to store electronic receipts directly on mobiles, captures digital signature and runs on GPRS/Wifi network.

ItzCash has further partnered with MRL Posnet as its PoS technology solution provider.

 

Related News

STMicroelectronics and Fingerprint Cards Cooperate to Develop and Launch an Advanced Biometric Payment Card Solution

World-leading biometric company Fingerprint Cards AB (Fingerprints) has teamed with STMicroelectronics (NYSE: STM), a global semiconductor... Read more »

Businesses will risk recovery unless $20 billion online payments hole is plugged

The economic recovery could be reduced or delayed unless businesses plug an annual $20bn hole in online transactions, according to a new study by fintech unicorn, ... Read more »

Ingenico helps digital businesses scale at pace

Ingenico Group (Euronext: FR0000125346 - ING), the global leader in seamless payments, today unveils a ... Read more »

True Name™ Card to be made available across Europe

Today, Mastercard has announced their commitment to bring the True Name card to Europe in 2020, enabling people to reflect their preferred... Read more »

Danske Bank opens up for payment initiation with Nordic API Gateway

The open banking platform, Nordic API Gateway, announces that it has extended its partnership with Denmark's leading bank to enable customers to pay from other... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel