A leading news paper has reported that digital eWallet Payment Bank PayTm is now entering in the Point of sales (PoS) terminal business plan and is planning to roll out PoS machines at merchant outlets across the country. PoS terminal business will open card payments addition to QR payment at merchant locations as well for PayTm.
Paytm has not disclosed any pricing plan or MDR for PoS terminal but they have maintained that the QR based payment will be free. Paytm is offering PoS business in competition to Phonepe which deploys Bluetooth enabled PoS terminals at merchant outlets.
Paytm is thought to be trying to bring in both traditional PoS terminals, which work on GPS or landline as well as mobile PoS terminals, which mostly work through a smartphone.
Currently the total active PoS terminal in the country is 3.1 millions where as government has set a target of 5 million terminals by the end of this year.
PayTm’s entering in the PoS terminal business is surely a major disruption in the PoS space for existing major players like SBI, ICICI, Axis Bank and HDFC Bank.