Financial Inclusion

PayUmoney launches cost effective POS business terminal

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PayUmoney-logoPayUmoney has unveiled its innovative POS terminal which promises to connect even the smallest corner shop to the world of paperless payment. With no monthly rental, no minimum balance, and option to link any bank account, PayUmoney POS terminal, seeks to convert retail experience across millions of small merchant outlets across India.

The device costs Rs 7,000 (as opposed to Rs. 15,000-Rs. 25,000 charged by traditional channels) and accepts all credit and debit cards.

The POS terminal is easy to set up, can be operated using a pre or post-paid SIM, and does away with the use of paper receipts—making it cost and battery effective, and environment friendly. With a simple and hassle-free documentation policy, a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service. Interested users may sign up at the website or by calling 9069143747.

To explain the approach behind developing the POS terminal, CEO & Co-founder, PayUmoney, Nitin Gupta said, “If we look at the Reserve Bank of India’s December 2015 data, there are 644 million debit card holders in India. The number is 22.75 million for credit cards. Against these, there are only 1.2 million POS terminals, which shows the huge opportunity that exists in the POS payments services 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.”

“When we developed our product, we kept in mind the unique demands of the Indian merchants whether in cities, or in the country’s vibrant villages. We came at a consensus to do away with paper transaction slips. 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,” he added.

It helps merchants to save on unnecessary costs and makes the POS terminal extremely energy efficient, durable, and ideal for locations with frequent power outages.

With flexibility as the key development buzzword, PayUmoney’s POS terminal does not come with bundled SIMs. Giving merchants the liberty to choose the operator and connection type (pre- or post-paid), the POS terminal of PayU is quite unlike the traditional players that force merchants to subscribe to costly bundled connections.

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