Gurgaon-based PayUMoney, an online payment solution by PayU India, has launched its POS business terminal. The step aims to transform retail experience for millions of small merchant outlets across India, thus inclining them towards paperless payment.
There is no monthly rental, no minimum balance criterion, and there is an option to link any bank account. As opposed to traditional channels that cost INR 15,000-25,000, the PayUMoney POS terminal will cost INR 7,000, and will accept all credit/debit cards.
It can be operated using a pre or post-paid SIM, and does away with the use of paper receipts. A transaction acknowledgement will be sent to the buyer’s mobile with a link that opens up a soft copy of an e-slip. The merchant gets an email copy of the same every time a transaction takes place. As per the company, a merchant can start using the terminal within 48 hours of signing up for the service.
“If we look at Reserve Bank of India’s December 2015 data, there are 644 Mn debit card holders in India. The number is 22.75 Mn for credit cards. Against these, there are only 1.2 Mn POS terminals, which shows the huge opportunity that exists in the POS payments service sector. Our objective is to bring the smaller merchants into the ambit of payment processing services – the class that has so far been ignored by the traditional players,” said Nitin Gupta, CEO & Co-founder, PayUmoney.
Presently, PayU serves more than 30000 businesses.. Its clientele includes Goibibo, Snapdeal, Bookmyshow, Jabong, Ferns n Petals, Freecharge, Zomato, Dominos, Redbus, Rechargeitnow, Micromax Mobiles, Groupon India and many more. Early last year, it also formed an alliance with Ratnakar Bank (RBL Bank) to launch a semi-closed co-branded virtual wallet.
PayUIndia, the flagship company of Naspers Group, was established in 2011 and is led by co-founder & CEO Nitin Gupta and co-founder & COO Shailaz Nag.