The banking regulator has prescribed a penalty of Rs 100 per day to be paid by the bank for delay beyond the timeframe set for auto reversal of such transactions.
The company will likely introduce both traditional PoS terminals, which work on GPS or landline, and mobile PoS terminals, which are operated through smartphones
As per the RBI guidelines, the withdrawal limit from PoS machines at retail outlets in Tier 1 and 2 cities per card per day is Rs 1,000 and Rs 2,000 for smaller towns.
As per the IRDAI guidelines, life insurers can sell pure term insurance products, immediate annuity products and non-linked non-participating endowment products through the point of sale persons.
After mobile wallets and point of sale machines, Paytm has set up QR codes at places of worship.
Elcina Electronic Industries Association of India said the exemption should be only for short-period to meet immediate needs to address shortages of such machines. In the long-term can, exemption to such machines can be detrimental for local manufacturing.
PoS devices and sealed secondary cell/batteries containing alkaline or other non-acid electrolytes for use in portable applications have to be mandatorily registered with BIS.
This is to help the small merchants overcome the apprehensions towards joining this journey by installation of Point of Sale (PoS) terminals in their shops.
Govt mulling the creation of a special corpus to fund PoS-based and digital payment systems in rural and remote areas; announcement in Budget 2017-18 likely
Cashless payments can be carried out beyond an area of 1.2 metre, on either sides of the dipensing machine, and at a height of 45 cm from the ground, the official said.
The debit and credit cards transactions at PoSes were worth Rs 352.4 billion in value terms in November and Rs 181.3 billion till December 13, compared to Rs 511.2 billion in October.
The government is working with banks and international companies to ramp up point-of-sale (PoS) machines for cash transactions, Union Minister Piyush Goyal said today.
Speaking to CNBC-TV18, Manish Mandhana, Managing Director of the company said sales had dropped in November, but have recovered this month. Second half of the year is expected to be better with festivals and wedding season.
In order to promote digital transactions across the country, government has asked banks to install 10 lakh additional point of sale (PoS) terminals within four months.
Nucleus Software launched the world's first offline digital cash solutions - PaySe - this year and MD & CEO Vishnu R Dusad says this system will connect rural areas for e-payments.
RuPay card usage jumped by over 118.6 per cent in the week following demonetisation that took effect from November 8 mid-night while the overall debit and credit card transactions recorded an increase of 70.5 per cent.
More than 60,000 retailers across India depend on Pine Labs to securely and reliably manage their Payment Acceptance.
In order to promote a 'less cash' economy, the government had yesterday removed 12.5 percent excise duty and 4 percent SAD (Special Additional Duty) on PoS machines and goods required for their manufacturing.
Maharashtra government has decided to supply 30,000 Point of Sale (PoS) machines to its 'Apale Sarkar' (Your Government') centres, mostly in rural areas, to support digital transactions and help the rural economy.
Even though Paytm claimed that the service was completely secure, just a day after the launch, the company announced its rollback in a blog.
Paytm is now aiding around 70,000 merchants fight the money crunch with the new PoS (point of sale) update on its mobile app, says Founder Vijay Shekhar Sharma. Before the high denomination notes were discontinued, Paytm was only serving 40,000.
Users will be able to use debit and credit cards across associated merchant outlets which use Paytm app. The Noida-based company is registering 5 lakh users per day after demonetisation.
The move follows huge rush at banks and ATMs following the ban on old high-value notes of Rs 500 and Rs 1000.
There are over 300 million RuPay Debit Cards in circulation and on an average these cards record over 10 lakh transactions on PoS and e-commerce every day, NPCI said.
During last two days, RuPay usage on PoS / e-Commerce was around 8 lakh transactions a day compared with a daily average of 4 lakh transactions earlier. The value of transactions almost doubled.