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Demonetization in India has proved a lucrative opportunity for POS (Point of Sale Devices) manufacturing players. The PoS companies are flooded with thousand of orders and have reported quadruple the number of enquiries.  Public and private sector lenders, including State Bank of India, Union Bank of India, United Bank of India, Canara Bank, Axis Bank and RBL Bank, have all approached POS companies such as Ingenico and Verifone, along with payments service providers like Atom Technologies for new payment terminals.
 
The move primarily aims to curb the black money in the economy and making it a “cashless economy”. This initiative will help transfer resources from the tax evaders to the Government, which can use these resources for the welfare of the poor and the deprived. After the budget announcement of limiting cash transaction above INR 3 lakh would encourage POS demand in the country.
 
Exempting BCD, Excise/CV duty and SAD from miniaturised POS card reader for m-POS, micro ATM standards version 1.5.1, Finger Print Readers / Scanners and Iris Scanners and on their parts and components for manufacture of such devices will stimulate imports of POS machines in India and hence its supply in untapped areas.
 
The above cited exemptions will push MSMEs to manufacture point of sale terminals in India, for instance Ezetap and M-swipe are Indian companies that have introduced the mobile point of sale terminal concept in India.
 
It is expected that year 2017 will be a revolutionary year for the Indian POS market as government has announced in Union Budget 2017-18, that it will set up a mission with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards. Banks have targeted to introduce additional 10 lakh new POS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based POS by September 2017.
 
According to a new research report by RNCOS entitled, “Indian PoS Devices Market Outlook 2022”, by the end of 2022, the point of sale installation in India will grow at a CAGR of 30%. The policy change is expected to have a 10 times impact on the market, which will change the game of the Indian POS market. The number of transactions in a day is anticipated to get doubled. And that definitely means aggressive expansion for the market.
 
For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM893.htm
 
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